Last week the crypto market was (finally) looking green again. After the crypto market had a pretty bad time since November, several coins and tokens have set their sails following some nice gains. Some of the top gainers of the past week are Terra – LUNA (56.6%), Cosmos – ATOM ( 28.5%) and Near Protocol – NEAR (32.5%).
Such an abrupt turnaround in the market is obviously causing a lot of speculation. How is it that the crypto market suddenly turns around in such uncertain times? Some people think it is because of the sanctions imposed by the West on the Russian oligarchs. According to these people, the oligarchs would like to circumvent these sanctions through crypto. However, the German finance minister, Christian Lindner, indicates that this will not be allowed. In fact, the G7 and the European Union are said to be investigating the possibilities of preventing this. Wich will be pretty difficult.
Why is the market green again?
Since the imposition of sanctions, the trading volume of both Bitcoin, and stablecoin Tether, in rubles has increased significantly. This leads people to think that the rich Russians have turned their money into crypto. Maybe it is, maybe it isn’t.
Whatever the reason, it has at least led to Bitcoin rising by a whopping 20%, from its low point earlier this year. This rise in Bitcoin has also pulled the vast majority of the rest of the market up with it. In the top 100 crypto coins, looked at by market cap, there are only 7 coins that have not risen over the past 7 days. These are TRX, LEO, KLAY, OMI, CAKE, HEART and BIT.
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