Political Tensions Set Bitcoin Bull Run at Stake

Political Tensions Set Bitcoin Bull Run at Stake
  • Political tensions on countries like Russia, Ukraine, and Canada have been affecting the Bitcoin bull run
  • Investors are threatened that political issues may lead to risk-sensitive digital investments
  • Bitcoin’s 24-hour trading price lowered to as low as $36,500.

The ongoing political tensions in countries like Ukraine, Russia, and Canada are setting the Bitcoin bull run at stake. This is due to investors fearing economic repercussions following today’s asset price trading of as low as $36,500.

BTC/USDT 1-hr chart (source: TradingView)

Despite the legalization of Bitcoin early this February by the Ukrainian Parliament, the statement released by Russian President Vladimir Putin that they are ready to invade Ukraine and that military war could happen in days, investors offloaded their digital assets in fear of investment loss and massive price drops.

According to BuyUcoin CEO Shivam Thakral:

“The current dip in the crypto market can be seen as a knee-jerk reaction to the growing tension between Ukraine and Russia”.

Meanwhile in Canada, the state of emergency as invoked by Canadian Prime Minister Justin Trudeau last week ignited the pressure on several businesses and investors for probable freezing of personal bank accounts and assets without issuing a court order.

UK Journalist James Melville posted on his Twitter account bank graphs of the prior week in connection to the bank accounts and assets being frozen.

In fear of bankruptcies, there is a surge in bank activities where Canadians are withdrawing funds from personal bank accounts.

Amidst the threats of political events, Ukraine ranked 5th globally in terms of cryptocurrency use, while Canada continues to actively engage in cryptocurrency exchange accounts.

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