Putin Holds the Cryptocurrency and Stock Markets
After a few ups and downs, the Cryptocurrency market is recovering back in its own way. After the havoc created by market fundamentals still the red signals remain slightly. Many countries have been dealing with cryptocurrency with utmost care because of its dangerous-looking importance.
Some countries tend to ban cryptocurrency and some legalized it. So with the cryptocurrency trend, most countries have launched their own digital currency.
So with the new trend, one of the most popular west indies nations Jamaica has come up with new plans. The Jamaican Prime Minister Andrew Holness declared their government will launch its digital dollar currency in 2022.
Furthermore, the Jamaican Prime Minister said the new plans of digital currency will be a positive mark for its citizens as well as it will facilitate plans like financial inclusion, a quick transaction speed and will help to reduce banking costs.
The Bank of Jamaica successfully completed a major pilot project in December 2021 issuing 230 million digital Jamaican dollars. The government includes a system for a majority of Jamaicans who are away from its financial system. This will take them apart in the new system and will include the financial benefits.
The digital currency would replace 5% of Jamaican Dollars. For the creation of this digital currency, The Jamaican Central bank has joined the Bahamas and Eastern Caribbean Central Bank. These banks are signing up with new customers to access the new digital currency. The signed customers can use the digital wallet and deposit funds in exchange for digital currency.
As the market tries to bounce back once again some fundamentals are backing up the market. Most cryptocurrencies caught a downtrend on Friday as well as stocks. Already omicron made a bad impact on the market. The market is still having some bullish and bearish signals and some good resistance levels.
Somehow Russia Ukraine’s geopolitical risk has created a bad impact on the whole economy. Most stocks, Commodities went upside down.
In the case of that cryptocurrency market also tends in an unstable mode. Especially a panic and unwanted buying power has been created in the whole market. On Friday US President Biden warned Americans to leave Ukraine immediately saying “an invasion could begin at any time.”
After the statement stock market and cryptocurrency market were down slightly compared to the previous days. However, there aren’t any major reasons so a huge pullback despite recently it depends on Russian Vladimir Putin. All the indicators and signals are neutral for Bitcoin and many other currencies.