Cryptocurrency Prices Soar On Possibility Of Russia-Ukraine Talks

Christian Encila

Last Updated: February 26, 2022 12:32 pm

2 mins read

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Cryptocurrency prices climbed late Friday after Russia agreed to talk to Ukrainian officials regarding the Russian invasion of Ukraine.

According to Ukrainian presidential advisor Mykhailo Podolyak, who spoke to Reuters on Friday, Ukraine wants peace and is willing to engage with Russia about its neutral stance with regard to NATO.

Russian Foreign Minister Sergei Lavrov said Friday that Russia would be open to discussions with Ukraine, but only if Ukraine’s troops had put down their weapons.

“Neo-Nazis” should not be in charge of Ukraine, Lavrov stated.

After Russian President Vladimir Putin unleashed a full-scale air assault and ground attack, Russian missiles and artillery rained down on Ukrainian cities on early Thursday.

While this was going on, investors throughout the world were scrambling to make sense of the geopolitical shifts. Even though Russia’s ruble was at its worst level on record, the S&P 500 stock index surged more than 2%.

Total crypto market cap at $1.738 trillion in the daily chart | Source: TradingView.com

Cryptocurrency Prices Up

Bitcoin trailed other alternative cryptocurrencies (altcoins) in the crypto markets on Friday, suggesting that investors have a higher tolerance for risk and expect cryptocurrency prices to take a beating.

Ripple’s XRP and Terra’s LUNA token both rose in value by 10% in the last 24 hours, while Bitcoin has remained relatively unchanged.

Some cryptocurrency investors believe that the price rebound will continue because of the recent volatility.

The expected volatility of Bitcoin’s price for the next week increased by 75% on an annualized basis. CoinDesk’s Omkar Godbole said that the cryptocurrency’s inverted volatility structure generally precedes price bottoms.

Volatility implied by investors refers to the expectation of price fluctuation over a specified time frame that they have set.

United Nations Security Council members are expected to vote on a critical resolution on the Russian military action in Ukraine this week.

Ukraine’s President Volodymyr Zelenskyy has claimed that the sanctions imposed on Russia are not adequate to stop Russian military actions in Ukraine.

He went on to say that they are protecting their nation alone.

For the 44 million people living in Ukraine, Putin’s claim that their democratic country is an illegal state carved out of Russia is an attempt to erase their country’s more than a thousand-year history.

The West has launched a slew of measures against Russia, including the blacklisting of Russian banks and the prohibition of technology exports. Instead of kicking it out of the SWIFT system, they’ve opted to leave it in.

Rating agencies S&P and Moody’s lowered Russia’s rating to “junk” status, and S&P and Fitch quickly downgraded Ukraine’s rating on default concerns following the invasion.

According to data gathered by CryptoQuant, Bitcoin’s buy volume to sale volume ratio has been somewhat higher over the past 24 hours, showing positive sentiment among traders.

Featured image from Review Geek, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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