Home Cryptocurrency Russian-Ukraine Tension Pushes Oil Prices Above $100, Puts Crypto Under Pressure

Russian-Ukraine Tension Pushes Oil Prices Above $100, Puts Crypto Under Pressure

It is expected that the threat of Russia is about to trigger oil prices and a Bitcoin slump. This is another shock after Covid 19 because it will push up the price of petrol for consumers. The oil would reach a price seven-year high. It will reach an all-time high.

Russian invasion can happen anytime

US National Security Advisor Jake Sullivan warned that an invasion could begin at any time between Russia and Ukraine, reported by News.com.

An expert, CommSec senior economist Ryan Felsman commented that oil prices had already lifted for eight successive weeks. There is an imbalance between market demand and supply due to Omicron uprisings. Mr. Felsman added that “OPEC and its allies (OPEC) also informed world oil consumption could exceed its demand forecasts this year as international travel gathers pace.”

Price high due to geopolitical tensions

Crude oil’s potential move above US$100 a barrel due to emerging geopolitical tensions in Eastern Europe.

According to market analyst Kyle Rodda, the volatility in the market is a rising concern among people because of such a conflict. The global market with surging inflation and an ascending interest rate is preparing for the risk of the war. He added that Russians might avoid the invasion before the end of the Beijing Olympics.

Meeting this weekend on the matter

US President Joe Biden and Russian President Vladimir Putin emphasized this matter. German Chancellor Olaf Scholz informed that President Biden recently warned that Nord Stream 2 would not be granted if Russia makes a move.

This conflict affects even Australians as they are paying record prices of 177.3 c/l to 185.2 c/l. It reached 199.9 c/l in Sydney.

Stocks, gold, and crypto situation

While energy stocks and Gold prices have lifted recently, Crypto will be put under pressure causing the global economy and political instability. An important point to be noted here is that Bitcoin will not be controlled by the central bank, which means citizens will have access to it even if banks are closed. An Executive US investor said that Bitcoin was insurance against a financial catastrophe that could be seen in Afghanistan and other countries.