March 2022 Crypto Summary:
As the market has been extremely volatile since early 2022 with economic concerns rising with inflation and possible interest rate hiking by the Fed, the cryptocurrency and Stock Market was in panic mode. At one time, Russell 2000 even hit the bear market.
Russia invades Ukraine issue came at the end of February 2022, which brings another uncertainty in the market. Numerous analyst believes that maybe the US Federal Reserve may not be extreme on hiking the interest rate as it could risk the market going into recession mode, especially when there is a global issue going on. The United States of America and other EU countries starts sanctions on the Russian banks which plummets the Russian Index funds and its Ruble currency.
CryptoCurrency Usecase For Russia – Safe Haven:
As Ruble plummets, Russians start deploying their cash into the cryptocurrency such as Bitcoin, Ethereum, and other crypto coins. Bitcoin was trading around $38,000 on February 28, 2022, and as Sanctions start rolling out to the Russian economy, cash was rolling into crypto.
Bitcoin jumps higher than $44,000 at beginning of March 2022.
Top Crypto in March 2022:
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