The war between Russia and Ukraine: Here’s what the CEO of FTX thinks and what’s next in the cryptocurrency market?

The crypto market went through a crash after Russia declared war on Ukraine early Thursday.

Every cryptocurrency, big and small, entered the bloodbath, some even degraded by double-digit ratios.

But at the present time, Bitcoin has gradually recovered and has raised most of the alternative digital currencies with it.

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, has commented on Bitcoin’s decline.

Where he believes that the decline of Bitcoin was not surprising.

Why did the price of bitcoin fall?

In a series of tweets, the CEO of FTX tried to explain what should happen to Bitcoin now with core investors, followers and fans of the algorithms.

He justified his answer that the war led to a shortage of funds in the market, which led to the collapse of the traditional market and cryptocurrency.

2) NOT FINANCIAL ADVICE

And more importantly, there might be war. That’s really bad for the world. Fuck all this price stuff. Go outside and do something nice for someone.

—–

Seriously, do something nice. The world could use it.

I’ll wait.

—–

— SBF (@SBF_FTX) February 24, 2022

He also commented that there is a really big correlation between cryptocurrencies and stocks.

The main reason is monetary policy that moves with inflation expectations and changing interest rates for the dollar and other fiat currencies.

different perspective:

He also suggested that investors in Eastern Europe could look for alternatives due to the invasion of Ukraine which would definitely be Bitcoin and other cryptocurrencies.

According to market fundamentals, there is a huge buying opportunity because Bitcoin and other digital currencies are collapsing.

For the long-term investor, what is currently happening is a temporary crisis.

The dominant influence is just selling everything to fund wars.

Sam Bankman Fred hinted that it happens because of liquidity, and if someone is afraid of risk, they are probably selling everything they have.

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Someone paid $553,000 in gas fees to mint an NFT.