Welcome back to the Tribe! In this post we dive into the Bitcoin safe haven narrative, and touch on the exchange sanction dilemma.

Nothing should be considered investment or financial advice. Enjoy the ride!

Bitcoin Safe Haven

The world’s leading cryptocurrency according to market cap makes a massive recovery back into the $43,000 region. Following Bitcoin’s rally, altcoins make a move to recover lost ground.

Total Cryptocurrency Market Cap Crosses $2 trillion as BTC Leads Recovery Charge

Crypto holders experienced massive gains on Monday (February 28, 2022) and Tuesday (March 1, 2022) as the whole market turned green. Bitcoin (BTC), the world’s largest digital currency broke into the $40,000 region and triggered broad-based gains across the digital assets market.

As of the time of writing this report, BTC has added more than $5000 to its current market price and surged some 15% over its two-day rally.

The move from BTC is reportedly the largest in a single day since February 2021. Data from technical analysis available on Tradingview shows that BTC made a massive $6k candle on the daily charts. Some Analysts on social media platforms like Twitter have highlighted that Bitcoin went on a parabolic run the last time markets experienced a similar surge.

Altcoins like Ethereum (ETH), Luna, Solana (SOL), and Avalanche (AVAX) also experienced massive gains as sentiment in the market moved on the uptrend. Furthermore, the total crypto market cap crossed $2 trillion and has gained over 5% in the last 36 hours.

Bitcoin: Safe-haven Amid Geopolitical Unrest in Ukraine

Although all the factors responsible for the current market surge remains unclear, technical analysts have surmised that the ongoing crisis between Russia and Ukraine has significantly contributed to the current crypto rally. Also, Bloomberg experts have opined that digital assets have reclaimed their position as a top safe-haven option for investors.

Chief executive of FRNT Financial Inc, Stephane Oullette commented that BTC gives its holders direct control over the asset as opposed to traditional financial products that involve governments and banks. Oullette added that:

“In a period where banking is destabilized in a region, which is obviously happening in Europe right now, it would make sense to see some flows into BTC as people diversify away from the banking system,” he said, adding that speculators can get in front of such trends, which can drive prices higher.”

Since the escalation between Ukraine and Russia, the Ruble has seen a significant decline in market strength. Also, the Russian stock market took a tumble and fell over 200% according to reports. Considering the growing concerns in the fiat market amid geopolitical uncertainty, Russian investors could be turning to BTC in a bid to hedge capital from a further crash.

San Fran Tribe previously also reported that the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a crucial payment portal for international trade and transactions deployed by sovereign governments, effectively cut off Russian banks from using its facilities.

Related News: Coinbase Joins Binance and Kraken in Refusing Proposed Ban on Russian Users

A spokesperson from major crypto company Coinbase has reportedly said that the firm will not institute a blanket ban on all transactions involving Russian addresses. The news comes following an unofficial request from Ukrainian authorities for exchanges to freeze user accounts and assets. 

Similarly, Binance and Kraken have recently expressed similar views and have commented that any geoblock must be facilitated by legal means. 

Bitcoin Safe Haven Narrative

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