Russian Military Coup Is Bullish For The Crypto Market

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Crypto Market News: Reports of the likelihood of a military coup in Russia are emerging in what could be a major geopolitical development in the face of the war in Ukraine. Based on past developments in the region and the subsequent reaction of financial markets since the outbreak of the war in 2022, global markets are most likely to react when they open on Monday, June 26, 2023. Therefore, the market crypto could also have a significant impact. impact of developments, given the ramifications that the Russian oil and gas market could have on world markets.

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Ongoing developments in Russia point to a possible feud between Yevgeny Prigozhin, the head of the Wagner Group, and the country’s President Vladimir Putin. The president warned against the coup attempt by the crushing groups, which involves marching from southern Russia towards Moscow.

The Civil War in Russia and the Impact on Cryptography

Since Russia is a major supplier of oil, gas and other raw materials to many countries, the prospects of a full-scale civil war could have a massive impact on global markets. Therefore, any decline in stock prices on Monday could potentially mean a rise in the price of Bitcoin and altcoins. However, the crypto market may take longer to react to the situation as traders are likely to favor Bitcoin as a safer asset in the wake of global uncertainty.

Furthermore, it remains to be seen how long the situation will take to normalize traders’ sentiment and how the internal coup will impact the Russian invasion of Ukraine. More importantly, there could be major liquidation attempts via the crypto market from Russian investors. It can be recalled that Russia recently prepared a bill to allow cryptography for international trade. At the time, it was seen as the country’s strategic move to target US dollar dominance as the reserve currency.

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When war in Ukraine broke out in March 2022, it was speculated that the Russian invasion could pave the way for Bitcoin to become the primary store of digital value. The possibility of a coup only strengthens this argument, as an internal conflict could only worsen the country’s financial health and liquidity.

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