Crypto Banter
  • ABOUT
  • CRYPTO SCHOOL
  • LIVE STREAMS
Russian oligarchs pump the crypto market

Russian oligarchs lead the market recovery, and the consequences could be serious

Yesterday brought us a 15% Bitcoin rally that amounted to the largest daily (green!) candle in a year, bringing some much-needed cheer to the markets.

Crypto Banter by Crypto Banter
March 2, 2022
in Breaking News
Share on TwitterWhatsappShare on Facebook

Yesterday brought us a 15% Bitcoin rally that amounted to the largest daily (green!) candle in a year, bringing some much-needed cheer to the markets.

Twitter has flipped bullish again. “I told you so” has become the term of the day.

The markets appear to have come to terms with inflation, especially since aggressive interest rate hikes are increasingly unlikely.

The fact that the West is clearly unwilling to engage in a military conflict has provided some reassurance.

And demand for crypto is back in a serious way. Sentiment has done a 180-degree U-turn.

Exciting as that is, let’s not get ahead of ourselves. 

Good news isn’t always good news.

  • Market recovery.
  • Russian oligarchs buying bitcoin.
  • Crypto at the center of a storm.

Big green candle

The buyers are back, Bitcoin posts its biggest daily move in months to recapture the $40k+ zone.

The move happened quickly, decisively, and with significant volume, signifying that there is an underlying bid to the market.

#BTC

Mission Accomplished$BTC #Crypto #Bitcoin pic.twitter.com/RL66M1jGGt

— Rekt Capital (@rektcapital) March 1, 2022

The woes of the past week appear to be in the rear-view mirror as investor sentiment has dramatically improved. A new term, “risk-on safe haven” has been coined, and investor sentiment has shifted from “extreme fear” to “neutral” overnight.

Bitcoin Fear and Greed Index is 51 – Neutral
Current price: $43,377 pic.twitter.com/xpOVhP2Epe

— Bitcoin Fear and Greed Index (@BitcoinFear) March 1, 2022

On top of that, bitcoin has finally, definitively decoupled from the NASDAQ and the S&P 500, exaaaactly as we were predicting it would. 

Is it only blue skies ahead? 

After all, it was the correlation to traditional markets that seemed to be weighing bitcoin down, ever since the inflation (and hawkish Federal Reserve) narrative began back in November.

#bitcoin pulling away from the S&P and Nasdaq today pic.twitter.com/jmMMC0Qrsr

— Bitcoin Magazine (@BitcoinMagazine) February 28, 2022

Any high-leveraged shorters might be quaking in their boots right now.

When bitcoin broke $44k, liquidations took out $305 million in under a day.

$305 million liquidated in 24 hours as #bitcoin broke $44,000.

— Layah Heilpern (@LayahHeilpern) March 1, 2022

If we break $46k, then all bets are off, and a short squeeze could drive bitcoin back towards the $50k region.

So, with all that said…

Why the caution?

Beware of Russians bearing gifts!

Bitcoin is back. Long may it continue.

But who is buying?

In short, Russians. And very rich ones at that.

Yesterday, we saw a massive spike in the number of BTC addresses holding 1,000+ BTC.

no comment pic.twitter.com/i2lp3dUbms

— Flood (@ThinkingUSD) March 1, 2022

While only the exchanges themselves could confirm the geolocation of these buys, it seems almost certain that it’s the Russian elite (oligarchs!) who’ve been piling into bitcoin as a safe-haven bid in order to protect their assets from foreign intervention.

This isn’t mere speculation, because BTC is trading at a 50% premium on Russian P2P exchanges, proving that demand is outpacing supply, and driving prices to pretty insane levels.

Matreshka premium is a new kimchi premium 👀 $BTC trading at Russian p2p exchanges/fiat on-ramps with about $20K premium right now 😱😱😱 pic.twitter.com/XnG3o4xcxG

— defiprime (@defiprime) March 1, 2022

Great news? Bad news? Which one is it?

It’s complicated.

Greater demand for BTC means higher prices. Russian oligarchs embracing Bitcoin is, in the short term, very bullish indeed.

However, this could prove to be a double-edged sword, with long-term implications which could change the course of global crypto adoption for years to come.

If Russian money is using BTC to bypass sanctions imposed by the EU and US, the consequences could be potentially devastating in the long term.

Crypto has had to overcome a huge amount of bad press, for years, to eradicate the misconception that it is only used for illicit activities.

For the Elizabeth Warrens of this world, Russian money could be the ultimate pretext to serve up some truly devastating legislation – and possibly without sufficient due process.

Already, we’re seeing President Biden leaning on exchanges. And that could be just the beginning.

JUST IN: 🇺🇸 U.S President Biden is calling on #crypto exchanges to ensure that Russian wallets targeted by U.S. sanctions aren't bypassing the markets.

Source: Bloomberg

— Watcher.Guru (@WatcherGuru) February 28, 2022

Mixed blessings

On the one hand, we’re seeing the West declaring economic war against Russia, and on the other, Russian money could end up flooding into crypto assets.

Which is its own unique form of economic retaliation.

Suddenly, Bitcoin could find itself at the center of a geopolitical storm, the result of which could easily be a rapid extension of supervisory and regulatory control.

And yet, we also see how crypto is serving the victims of war. The Ukrainian government has received millions in crypto donations in just a few days, from all over the world, helping to fund its resistance campaign.

Ukrainian refugees are able to store and transport their wealth across borders.

We’re also seeing how the crypto community has united, and found a way to make a tangible impact while the rest of the world sits by and watches.

The intrinsic value of #Bitcoin is now in full display on the whole world.

— Nayib Bukele (@nayibbukele) March 1, 2022

Ryan Selkis put it so well.

Yes, Russian money may evade sanctions with bitcoin, but guess what, it will always find a way.

So, we mustn’t allow regulators and heavy-handed politicians to reframe the narrative, as they surely will attempt to do.

https://twitter.com/twobitidiot/status/1498442514743054337?s=20&t=dE2V7ybgwp7oEysi9rWtZw

Other reasons for the pump?

The catalyst for yesterday’s rally may well be attributed to Russian oligarchs, but as we’ve been saying since the invasion began, the markets were primed and ready for an upwards move.

Is #btc flying again due to people turning to #Bitcoin rather than gold as a hedge or is it because Russians are buying in as the traditional markets fail? Either way this is where we truly see the value of a borderless, decentralised economy

— rainwoman.crypto (@rainwomanCrypto) March 1, 2022

However, buy pressure from the Russian elite may have been the catalyst the market needed. 

It could also provides the catalyst the US elite needs to crack down. 

The bottom line is, however much US and European regulators might want to crack down, it’s impossible to control who buys Bitcoin. 

And therein lies its power. 

A power well worth defending. 

Bitcoin—being a neutral money system—will be both savior to the oppressed, and menace to the oppressor.

Savior to the trucker convoy, menace to Trudeau.
Savior to Russian people, menace to NATO.
Savior to Ukrainian people, menace to Russia.#bitcoin

— Erik Voorhees (@ErikVoorhees) February 28, 2022

Banter’s take 

We’ve been calling for a market recovery for around a week. And it’s panning out. The move higher was the culmination of several factors that had been developing. We expected the bull cycle to resume. All the indicators were there and a plan was in place.

However, we have to be prepared for the unintended consequences. 

We’re not saying any of this will happen, only that it could. We must remain vigilant to the possibility. 

Whilst the case for the new bullish cycle remains intact, we’ll be following the political fallout of Russian money embracing Bitcoin with a close and careful eye. 

Tags: BTC
Crypto Banter

Crypto Banter

World's fastest growing Crypto YouTube channel and consistently bringing you credible crypto wisdom.

  • Home
  • Live Stream
  • Community
  • Crypto School
  • Banter Bubbles
  • Banter Capital
  • Crypto Banter
  • VIP Communities
  • Our Ethics
  • Work with Us
  • Fulfillment Policy
  • Terms of Service
  • Privacy Policy
© 2022-2025
Crypto Banter.
All Rights Reserved.
Intro to Crypto School
DaviddTech School
Whale Trading School
SNiper Trading School
Whale Trading School
Krown School

© 2022 - 2025 Crypto Banter. All Rights Reserved.

  • Home
  • Live Stream
  • Community
  • Crypto School
  • Banter Bubbles
  • Banter Capital
  • Crypto Banter
  • Our Ethics
  • Work with Us
  • Fulfillment Policy
  • Terms Services
  • Privacy Policy

© 2022 - 2025 Crypto Banter. All Rights Reserved.

  • Home
  • Live Stream
  • Community
  • Crypto School
  • Banter Bubbles
  • Banter Capital
  • Crypto Banter
  • Our Ethics
  • Work with Us
  • Fulfillment Policy
  • Terms Services
  • Privacy Policy

© 2022 - 2025 Crypto Banter. All Rights Reserved.