Institutional investors accumulate Bitcoin after Russia-Ukraine conflict shakes up crypto market

  • Stablecoin Tether (USDT) has recorded a new all-time high against the Russian ruble amid the rising inflation of the latter currency.
  • Institutional investors are starting to accumulate Grayscale Bitcoin Trust (GBTC) shares as the crypto product’s discount has risen to almost 30%.
  • The city of Lugano in Switzerland will start allowing its residents to pay taxes, and other goods and services in cryptocurrencies including Bitcoin, Tether and its LVGA token. However, unlike El Salvador, the city will declare certain cryptocurrencies only as “de facto” legal tender.

Did the Russian invasion of Ukraine affect the crypto market?

Data from Glassnode suggest that investors who purchased Bitcoin at nearly all-time highs have almost completely capitulated. Nearly 219,000 BTC wallets have been emptied over the past month while interest and demand have decreased for the leading cryptocurrency.

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