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Mike McGlone, Bloomberg’s senior commodity analyst, weighs in on the current geopolitical tensions in Eastern Europe.
According to McGlone, current affairs do not necessarily have to negatively impact top cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), although this week can still be a bit choppy. On Twitter, the analysts notes that rising inflation and asset prices could still be keeping Bitcoin and Ethereum prices on the rise this year.
“Digital-asset stalwarts Bitcoin, Ethereum and the proliferation of crypto dollars may find a firm foundation in 2022 on elevated inflation and asset prices, along with tension surrounding Russia and Ukraine. The number one crypto is showing divergent strength vs. equities.”
He adds that the uncertainties of a possible armed conflict in Ukraine, could be beneficial for the US Dollar and that the dollar-pegged stablecoins will have a role to play in the markets:
“The fact that Ethereum made crypto dollars possible, along with the escalating use of the technology to transact greenbacks, supports Ethereum’s price.”
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Furthermore, the current week will proof to be a hurdle for Bitcoin to take. McGlone says:
“Bitcoin indicating a rough week ahead – inflation unlikely to drop unless risk assets do. Most assets are subject to the ebbing tide in 2022, on the inevitable reversion of the greatest inflation measures in four decades, but this year may mark another milestone for Bitcoin.”