In updates about the Russia-Ukraine crisis, a report from the Wall Street Journal says that Vladimir Putin’s announcement authorized a military operation in eastern Ukraine. A Russian military operation is underway in numerous Ukrainian cities.
The situation also hugely impacted several cryptocurrencies, particularly the meme coin, Shiba Inu. SHIB was dropped by 7.28% at $0.00002891.
Besides, the global crypto market value experienced a down. Data stated that it decreases sharply at 6.56% at $1.86 trillion. According to Coinmarketcap, crypto trading volume climbed by 25.64% to $87.52 billion.
This price movement results from the tension surrounding a full-scale war between the two countries emerging at any moment.
Previously, Shiba Inu has recorded 3-month downtrends due to the January price fall. It made SHIB struggling as sell-offs were the order of the day. The sell-offs had eased, though not completely. As a result, SHIB regained its position as it prepared for another bullish rebound.
Shiba Inu coin has experienced a massive increase in value in recent weeks. It is recouping some of its losses in the past. According to FX Street report, Binance Custody, a cryptocurrency assets insurance company, just accepted the Shiba Inu coin to its platform. This move lets more users get cryptocurrency insurance.
Moreover, SHIB has the right opportunity to rebound during February’s high volatility month. It finally recovered after falling below $0.00001. It created a major daily support zone of over $0.00002. If the digital asset can retain this level, there is a chance of another minor bounce.
However, since SHIB relies heavily on buzz, the game is far from done. The meme coin hype may subside. Thus, the cryptocurrency will need to experience considerable buy pressure and acceptability. Just then it can launch another climb that will take it beyond $0.00004.
On the other hand, cryptocurrency regulations are underway. For example, Russia’s finance ministry said it’ll consider central bank suggestions on cryptocurrencies. But it is as long as they did not contradict their own position. Therefore, laws controlling digital assets will be implemented.
The finance ministry filed legislative proposals to the government on Friday that contrasted with the central bank’s call for a blanket ban. It escalates a growing disagreement over cryptocurrency regulation in Russia.
According to a report on Yahoo Finance, US President Joe Biden may issue an executive order for several government agencies to thoroughly research cryptocurrencies and Central Bank Digital Currency (CBDC).
Stay tune for more updates about SHIB.
