Ukrainian-Russian Waves Coin Weekly Winner (+50%) While Bitcoin Stuck Between War And Inflation

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Last Updated on 13 March 2022 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Waves, the Russian cryptocoin created by Ukrainian born Sasha Ivanov, has risen ever since the start of the war. The coin, dubbed by some as the ‘Russian Ethereum’ is up already 50% over the past week and seems to attract ever more buyers and headlines. Perhaps this is where young Russians are parking their rubles?

Meanwhile Bitcoin misses direction as it is unclear whether the price will drop because of the war, or rise because of record inflation.

Advertentie.

Negative headlines

On 24 February, when Russia sent it’s troops into Ukraine, Bitcoin traded near $38k. Almost two weeks later, it seems to have become an unmovable object and changes hands for nearly the same price. While stocks have slid down, gas and oil have peaked and the VIX moves again into record territory, Bitcoin has remained steady.

Critics claim that the world’s biggest crypto coin is not living up to it’s promise of being a stable digital asset that won’t lose its value in times of uncertainty. Defenders of Bitcoin claim that the combination of record inflation in the US and war in Europe makes for a difficult choice.

Sam Bankman-Fried, the savant chief executive of crypto exchange FTX, says that the many negative media stories were to blame, particularly the claim that Russians were ‘escaping’ into crypto to avoid European and US sanctions.

Sam stated:

Headlines have been largely negative independent of actual content the last month in a reaction to statements from the industry, which I think has posed significant headwinds.

Long term investment

Alongside the war there is record inflation because of rising food prices, energy prices and probable rising interest rates (the Federal reserve will show it’s hand later this month). US consumers now have to take into account an inflation figure of 7.9%, a number not seen for more than 40 years.

Michael Van de Poppe, known as CryptoMich, believes that Bitcoin is a good choice of investment in this environment though, stating this week:

Investment thesis with such a high inflation; would you want to be in equities, $USD, commodities or Bitcoin? Maybe short-term price will drop due to panic, but long-term I think Bitcoin is by far the best bet against inflation.