shares in this article
Forex in this article
by Nikolas Kessler, Euro on Sunday
No more Apple Pay or Google Pay, no more Visa and MasterCard credit cards, but problems with withdrawing cash – and even if the ATM still spits out some, it’s worth a third less than it was last week. The Western sanctions in response to Putin’s war of aggression are also targeting the large and small wallets of Russian citizens. No wonder that against this background the interest in Bitcoin and Co is increasing. Cryptocurrencies are also in demand in the contested areas of Ukraine – not least because the government recently explicitly called for donations using Bitcoin, Ethereum and Tether.
The narrative of decentralized, deflationary and transparent digital currencies as a crisis currency is experiencing a comeback worldwide these days and ensures that the crypto market can decouple itself from the global stock markets.
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While there have been some heavy losses in the past few days, Bitcoin has gained around 15 percent in value on a weekly basis. Starting from the correction low last Thursday, the plus even amounts to almost 29 percent. The top winner among the ten largest cryptocurrencies by market cap and currently hard to beat in terms of trend strength is Terra with a weekly plus of 60 percent.
Incidentally, industry experts do not currently share concerns that Russian corporations and oligarchs could also use cryptos to circumvent the sanctions on a large scale. The crypto market is not nearly big and liquid enough for that.
INVESTOR INFO
Coinbase’s latest quarterly figures have shown that the crypto exchange operator does not necessarily need rising prices for profits to bubble up. The turbulent end of the year on the crypto market brought the company a profit increase of 335 percent to $771 million. At $1.6 billion, sales were more than three times what they were a year ago. Supported by the numbers and the positive mood for Bitcoin and Co, the share has recently increased again and left the downward trend of the past few months. However, it is still listed well below the issue price when it went public in April 2021.
Terra has gained a whopping 60 percent on a weekly basis and is the first coin in the top 10 to show a positive performance since the beginning of the year. In addition to the friendly market environment, Terra also benefited from a so-called “token burn” – put simply, the crypto equivalent of a share buyback. The almost unbeatable trend strength gives hope for a continuation of the upward trend. However, investors should be aware that Terra is much smaller and more volatile than Bitcoin. Those who do not invest directly via a crypto exchange but via the 21Shares ETP also bear an issuer risk.
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Image sources: Wit Olszewski / Shutterstock.com, Phongphan / Shutterstock.com, Finanzen Verlag
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