The conflict continues. The Russian leadership expected a quick capitulation from the Ukrainians; a capitulation that is yet to occur. Quite the opposite, in fact. So far, it seems the Ukrainian troops have a strategic upper hand in Kyiv, with Russia on the back foot. For now.
Market update
Global markets are down across the board, with European markets, in particular, leading the way lower.
Bitcoin spent the weekend ranging between $37k and $40k, which continues to present strong resistance.
Data from Santiment shows that bitcoin remains closely pegged to equities as traders await a directional move.
Terra (LUNA) continued to showcase superb relative strength across the weekend, having rallied +58% from its February 24th lows.
Terra DEX Astroport is also showing tremendous strength, rallying close to 70% from $0.70 and reaching a weekend high of $1.11. It has since settled at around 93 cents.
Bitcoin Fear and Greed Index: 20 Extreme Fear
Bitcoin “Google” Trends: 45 (+0)
Bitcoin “Crypto” Trends: 46 (+1)
Top 5 notable gainers:
News watch
The EU’s decision to selectively ban Russian banks from the SWIFT payment system (the main messaging network for initiating international payments and transfers) could require the Federal Reserve to “be ready” to print more dollars, according to Credit Suisse.
Polkadot founder Gavin Wood has offered a $5m donation to Ukraine if the government can offer up a Polkadot address.
Meanwhile, Russia’s ruble continues to tank, with the EUR/RUB chart going parabolic.
In fact, the Russian currency has hit the lowest levels ever seen.
And in a bid to curb inflation, the Russian central bank more than doubles the key interest rate to 20%.
Global uncertainty continues and markets are reflecting the fear. However, the always-worth-listening-to Tedtalksmacro is taking a fairly bullish stance very in line with our own: namely, that upside potential outweighs downside risk.
Banter’s take
There’s a big week ahead, and it feels almost inevitable that the market will find direction. The economic sanctions imposed on Russia have been comprehensive, and the (selective) SWIFT ban is indeed an unprecedented move. However, the military conflict continues, and the market will likely react to any further escalation (or resolution). Tragically, though, the latter seems highly unlikely at this point in time.
