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Cryptocurrencies maintain gains as the Ukraine security crisis worsens

The talks between the two parties appear to have come to a standstill.

While the security situation in Ukraine has worsened as a result of Russia’s invasion, major cryptos have maintained their Monday gains.

Early Tuesday, Bitcoin was hovering at $43,000, up from $38,000 just 24 hours before. Ether was trading for more over $2,900 today, up from $2,600 the day before. Bitcoin has outperformed gold during this crisis.

The two parties’ peace discussions in Minsk last night produced no publicly recognised outcomes other than a vow to meet again. The US closed its embassy in Minsk yesterday and authorised the partial evacuation of its Moscow mission’s personnel. Belarussian lawmakers had earlier opted to end the country’s nuclear non-proliferation status, allowing Russia to install nuclear weapons on its soil.

Heavy fighting erupted overnight in Ukrainian cities, including the capital of Kyiv. Early Tuesday, a 65-kilometer-long Russian military convoy was seen entering the capital.

According to the Indian embassy in Kyiv, all Indian nationals should leave “immediately today.” According to NDTV, Indian Prime Minister Narendra Modi would request the Air Force’s assistance in the evacuation, citing sources familiar with the situation.

The US has set aside $350 million for Ukraine’s defence budget, while the UK, France, Germany, Canada, Sweden, Belgium, the Netherlands, Portugal, Greece, the Czech Republic, Romania, and Spain have promised to send Ukraine ammunition or military equipment.

According to a statement posted on its website on Tuesday, Mastercard has removed “many” financial institutions from its payments network due to sanctions orders.

In punishment for Russia’s invasion of Ukraine, President Vladimir Putin, the central bank’s overseas reserves, and a plethora of banks, energy exporters, and airlines have all been sanctioned.

Russia calls the invasion a “special military operation,” and it claims it is “denazifying” Ukraine.

Some Russian banks will be excluded from the SWIFT payments network, according to the European Union, the United States, the United Kingdom, and Canada.

Meanwhile, the Ukrainian Ministry of Finance is selling war bonds to help support the military effort. Donations in bitcoin, ether, US Tether, and Polkadot have also been solicited from all across the world.

“‘The market’ frequently takes a week to grasp,” Binance founder and CEO Chanpeng “CZ” Zhao tweeted, implying that the market rally could be reversed.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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