HTX Weekly (04/04-04/10): The Current Wave B Mainly Driven by Currency Substitution Effect Due to Russian-Ukrainian War
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Trading Volumes & On-chain Balances Chart
5.HTX Research Institute Analysis
With the outbreak of the Russia-Ukraine war, the Bretton Woods system II, led by the US dollar, is in danger of disintegration.
Outside of money - represented by gold and cryptocurrencies, other commodities such as oil are gaining traction.
As Russia claims to consider accepting Bitcoin as payment for natural gas exports, it would not be impossible for Bitcoin to become an international reserve currency in the future.
Since Bitcoin started its third bull market in the second half of 2020, two peaks have passed. Bitcoin is currently in the third peak rising stage (wave B) of the Triple Top pattern.
The current wave B is mainly driven by the "currency substitution" effect caused by the Russian-Ukrainian war. However, wave B is also the last "escape wave".
Currently, cryptocurrencies will face serious uncertainty in the second half of this year as the market effect of the global interest rate hike policy gradually shows.
Therefore, from the perspective of investment strategy, investors should be cautious in the short term, and it is not recommended to blindly chase the market.
In the long term, Bitcoin will still be a high-quality asset and its value will likely increase in the future.
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HTX reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice. The above is for information purposes only and HTX makes no recommendations or guarantees in respect of any digital asset, product, or promotion on HTX. Prices of digital assets are highly volatile and trading digital assets involves risk. Please read our Risk Reminder text here.
