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Coinbase says crypto markets resilient after Russia attacks Ukraine

2022/03/04 12:30

According to Coindesk, crypto markets have been reasonably resilient following Russia's attack of Ukraine, however it will be difficult to sustain the current performance given the shock to the broader global financial system, Coinbase said in a report on Thursday. De-risking in the months before the attack and the rapid escalation of the Ukraine conflict led to massive liquidations that forced crypto markets to reach a bottom sooner than expected, Coinbase said. This coupled with the view that the start of such large-scale conflicts tend to be buying opportunities, and the belief that it would be a relatively short lived conflict, have all contributed to the resilience, the note added. These events may have convinced investors that global central banks would take a less aggressive approach to interest rate hikes, the report said. Crypto markets have enjoyed a short term reprieve, but Coinbase said this was due to technical reasons, adding that “positioning has helped crypto markets retrace, but we think they remain in an unstable equilibrium.”
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