Maxis Are ‘Praying To The Bitcoin Gods’ As Ukraine Invasion Would Send Biggest Crypto Down 10%

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The so-called Bitcoin maxis, influencers bullish on crypto, are all warily looking on while Bitcoin seems to test whether the $38-$40k level can hold (at the time of writing, Bitcoin trades at $38.3k) or whether we will go down once more this year.

Meanwhile the geopolitical tension over Ukraine continue to dominate the economic news cycle. Investors are still pouring money into crypto for the long term though, with hedge fund firm Sequioa Capital earmarking some $500 million for investment into various altcoins.

“We have a long-term view on crypto that it’s a megatrend over the next 20 years,” declared Sequoia Partner Shaun Maguire in Bloomberg. “It’s the future of money.”

$BTC Weekly Levels

$39,600 is key. When it was lost a few week ago as support, it invalidated the bullish market structure. It was a lower low.

Stay above, sir. https://t.co/WQnNSnRTE6 pic.twitter.com/6fBgqTnFTD

— The Wolf Of All Streets (@scottmelker) February 18, 2022

Profiting from by cheap electricity, Siberians have started engaging into DIY crypto mining as the Financial Times reported, just like their neighbors in Kazachstan.

Ukraine invasion sends Bitcoin down 10%

Earlier this week, Edward Moya, an analyst at Oanda declared to US business media outlet Marketwatch that:

Bitcoin is the ultimate risky asset, and a Ukraine invasion would keep crypto selling pressure going another 10-15% over the short-term.

In other words, that would mean a retest of the $30k level probably, as well as a bear market for global stocks. However it would also come with crippling economic sanctions for Russia.

Overall, Moya remained optimistic for crypto markets though, stating:

The outlook for bitcoin remains mostly bullish, but if long-term growth prospects start taking a bigger hit from aggressive Fed tightening, institutional investors might scale down their bets.

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