Russian Banks Blocked from Swift and Bitcoin (BTC) Dawns Down – Market Summary

Charlie Taylor

This Monday (28), after another bounce at about $40,000, bitcoin has dropped about -1.94% in the last 24 hours, according to Coingolive. Most altcoins are also in the red today. Check out today’s Market Summary (28) what the SWIFT system is and how the expulsion of some Russian banks from this international payment system affects the traditional market as well as the cryptocurrency market. The past week has been nothing short of a roller coaster ride for all financial markets. Bitcoin, representing a free market known for its volatility, was among the leaders in terms of improved price fluctuations. Also, governments again appeal to capital controls during the time of political tension. Kiev authorities have issued a social media appeal for information on politically-controlled cryptocurrency wallets in Russia and Belarus. On Saturday, Deputy Prime Minister of Ukraine Mykhailo Fedorov announced on Twitter that the cryptocurrency community of country will reward those who provide details leading to their identification.

The rewards will be funded by private donations, according to Artem Afian, an attorney managing the effort. Cited by Bloomberg, he said the campaign has already received tips matching political figures with cryptocurrency addresses. Another report revealed that several trading platforms have imposed restrictions on users based in the Russian Federation. The Kiev government has been calling for stronger sanctions against Moscow in the face of advancing Russian forces. The CEO of Kraken, one of the most popular cryptocurrency exchanges in the US, took to Twitter to issue his response.Kraken CEO Jesse PowellKraken CEO Jesse PowellJesse Powell he said who understands “the logic of this request, but despite my deep respect for the Ukrainian people, Kraken cannot freeze the accounts of our Russian customers without a legal requirement to do so. Russians should be aware that such a requirement could be imminent.” He explained that such a requirement could be instituted by the government itself and gave an example of what happened in Canada.Read more: Expert shows military invasion FUD can be bottom indicator However, Powell also addressed the fact that many of the cryptocurrency holders on his exchange are likely anti-war. “Bitcoin is the embodiment of libertarian values, which strongly favor individualism and human rights. In Canada, cryptocurrency was the only financial rail left for those who opposed the regime.”

markets

The ruble, the currency of Russia, lost 28% in value on Monday morning, after the United States and major European countries decided to exclude major Russian banks from the global Swift payments system.Russian ruble drops -14.53% against the dollar since December/2021 - Source: InvestingRussian ruble drops -14.53% against the dollar since December/2021 – Source: Investing. On Thursday, February 24, as Russia began an invasion of Ukraine, Ukrainian Foreign Minister Dmytro Kuleba said world leaders would have “bloody hands” if they didn’t ban Russia. of the Swift payments network, essential for value transactions around the world.Saturday (26), the European Union, France, Germany, Italy, the United Kingdom, Canada and the United States announced that the block would actually take place. “The measure will ensure that these banks are disconnected from the international financial system and undermine their ability to operate on a global level,” reads the text of the joint communiqué, which also stated that implementation would take place “in the coming days”.

What is Swift?

Swift is an artery of the global financial system that allows for the quick and easy transfer of money across borders. The Society for Worldwide Interbank Financial Telecommunication, its acronym in English, was created in 1973 and is managed by the National Bank of Belgium. Swift connects 11,000 banks and institutions in over 200 countries. It is not, however, a traditional bank. It is a kind of instant messaging system that informs users when payments have been sent and when they have reached their destination. More than 1% of these messages are believed to involve Russian payments. Therefore, expelling Russian banks from the system, used by thousands of banks, would hit the country’s banking network and its access to financial resources. Some governments fear that this will also harm their own economies and businesses, as the purchase and sale of oil and gas from Russia is hit, for example. Furthermore, payments made in the trade of its valuable energy and agricultural commodities would be seriously affected. Russia has been threatened with being pulled from Swift before — in 2014, when it annexed Crimea, then Ukrainian territory. The country said at the time that the measure would amount to a declaration of war.Read more: Fearing of being pruned in the SWIFT system, Russia considers blockchain alternatives

altcoins

This morning, the cryptocurrency that proposes an alternative to the SWIFT system, is down -3.03% this morning. Like most altcoins, XRP follows the movement of Bitcoin. Ripple CEO Brad Garlinghouse at the “DC Fintech Week” Virtual ConferenceRipple CEO Brad Garlinghouse at the “DC Fintech Week” Virtual Conference Ripple Labs CEO Brad Garlinghouse in an interview with Bloomberg in 2018 said:

“The technology that banks use today developed decades ago by SWIFT did not develop with the market… Swift said not long ago that she did not see the use of blockchain as a solution for banking communication. We have over 100 of your customers and they don’t agree.”

Despite the SEC investigations against Ripple, the XRP team says it has been trying to help banks since 2012, to help regulated financial institutions facilitate cross-border transactions. Ethereum (-4.82%), Binance Coin (-2.21%), Ripple (-3.03%), Solana (+0.76%), Cardano (-2.20%), Terra (-4.46%), Avalanche (-7.07%), Polkadot (-8.03%), Dogecoin (-2.55%) and Shiba Inu (-3.67%).According to CoinGoLive, the market capitalization of all crypto assets reached around $1.81 trillion this Monday. the crypto market news on the Cointimes Telegram group (login) and have a great trading day.Buy and sell Bitcoin and other cryptocurrencies on Coinext
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