Yesterday, Bitcoin once again came close to the critical level of $20,000 per 1 BTC. Even the record-breaking increase in the interest rate of the Fed did not save the main cryptocurrency from falling. However, it could not save, since cryptocurrencies are a fairly young investment asset, which has not yet been affected by transition periods and changing phases of economic growth.
The crypto market continues to develop according to its own rules, remaining a speculative product, the high volatility of which attracts a large number of traders who are ready to take risks for the sake of quick earnings. Most often, such traders massively buy cryptocurrency during the growth phase and start to get rid of it just as massively when the market falls, which stimulates a further collapse.
But this time the situation is somewhat different. Many analysts are talking about the beginning of the “darkest time for crypto” in its entire history. The traditional opponents of bitcoin have also revived. Thus, the famous financier Warren Buffett recently stated:
“If I were now offered to buy bitcoins at $25, I would not take them. What should I do with them then? I would have to sell them back to you later. This is a dead end.”
And he added that he doesn’t know if bitcoin will rise or fall next year, in five or ten years, but he knows for sure that he does not produce anything.
The Open4business publication turned to Igor Stakovichenko, an expert in economics and finance, with a request to comment on the situation in the cryptocurrency market. According to the economist, the problem of the lack of a real resource and production base for digital assets has become especially acute in recent months. This is due to the fact that Russian aggression in Ukraine disrupted supply chains and led to higher prices for real sector products in the global economy.
“The fall in the capitalization of the largest companies and the crisis in the stock market naturally led to the collapse of the cryptocurrency market, as many investors considered this asset too risky,” the financier notes.
Stakovichenko stressed that in the current situation, the fall of the bitcoin market below 22,000 launched a new, even deeper “bearish phase” of the cycle, as it greatly shook the position of long-term holders of the asset. The long-term holders, who had held their positions during the last drops, could not stand it and started dumping the cue ball at the lowest prices.
“This shook the whole structure, and both technical and macroeconomic indicators today indicate a possible fall of the main cryptocurrency to 16,000 or even lower,” the expert said.
However, according to Stakovichenko, it is still too early to bury bitcoin, as “whales” (investors owning more than 10,000 BTC) still continue to accumulate this digital currency, which may indicate the possibility of growth in the medium and long term.
BITCOIN, CRYPTOCURRENCY, CRYPTOCURRENCY_MARKET, EXPERT, FINANCE, STAKOVICHENKO, ИГОРЬ_СТАКОВИЧЕНКО
Minister of Culture and Information Policy of Ukraine Oleksandr Tkachenko says Ukraine does not agree with the nature of the decision by the European Broadcasting Union regarding the impossibility of holding the Eurovision 2023 international song contest in the country.
“In response to the published statement of the European Broadcasting Union on the impossibility of hosting Eurovision – 2023 in Ukraine, we want to emphasize the following. Ukraine does not agree with the nature of such a decision – when we were confronted with the fact without discussion on other options. But we strongly believe that we have every reason to hold further negotiations in order to find a joint solution that will satisfy all parties,” Tkanchenko said on Facebook on Friday.
The minister said Ukraine won Eurovision and have fulfilled all the conditions within the deadlines for the process of approving its holding in Ukraine – we have provided answers and guarantees on safety standards and possible venues for the competition.
“Hosting Eurovision – 2023 in Ukraine is a strong signal to the whole world that it supports Ukraine now. We will demand to change this decision, because we believe that we will be able to fulfill all the commitments, as we have repeatedly empathized it to the European Broadcasting Union. That is why we demand additional negotiations on hosting Eurovision – 2023 in Ukraine,” Tkachenko said.
The Cabinet of Ministers of Ukraine has abolished the visa-free travel with Russia from July 1, Prime Minister Denys Shmyhal said.
“We are finally breaking ties with Russia. To counter the unprecedented threats to national security, sovereignty and territorial integrity of our state, the government, in pursuance of the order of the President of Ukraine, has just decided to terminate the visa-free agreement with the Russian Federation,” Shmyhal said on the Telegram channel on Friday.
According to him, from July 1, 2022, Russians will not be able to enter Ukraine without obtaining a visa.
Ukraine is introducing a visa regime for Russian citizens, President of Ukraine Volodymyr Zelensky told the Telegram channel on Friday.
“As part of countering unprecedented threats to national security, sovereignty and territorial integrity of our state, I proposed to the Cabinet of Ministers to work out the issue of revising the regime of entry of Russian citizens into the territory of Ukraine,” he wrote.
“And today the Cabinet of Ministers must adopt this important resolution ‘On the termination of the Agreement between the Government of Ukraine and the Government of the Russian Federation on visa-free travel of citizens of Ukraine and the Russian Federation and the application of certain international treaties of Ukraine with the Russian Federation,’” the president also wrote.
According to him, “according to the planned decision of the Cabinet of Ministers, from July 1, 2022, Ukraine will introduce a visa regime for entry for citizens of the Russian Federation.”
Turkey plans to lease land from other countries for crop production, which will help the country overcome the food crisis caused by Russian aggression against Ukraine and the consequences of the COVID-19 pandemic.
Turkey is considering leasing agricultural land in 10 countries, including Ukraine, Latin America and Africa, Turkish Minister of Agriculture and Forestry Vahit Kirişci told Türkiye.
“Part of the negotiations with 10 countries, including Ukraine and some countries of Latin America and Africa, ended with an agreement, and contacts with some of them continue. Agricultural products that cannot be produced in Turkey for climatic reasons will be grown on the leased lands or the production of which is insufficient,” the publication said.
It is specified that Turkish private business will also be involved in projects on leased lands. For example, in Sudan, Turkey will grow pineapples, mangoes, avocados, rapeseed, sunflowers, corn, cotton, sesame, sugarcane and alfalfa, the production of which is insufficient in Turkey.
Türkiye specifies that the leased areas will focus on the cultivation of plants that can be used in the production of animal feed. In addition, it is planned to establish the production of wheat there, which will be processed in Turkey and then exported in the form of biscuits, pasta and bulgur.
“We want to bring modern agriculture there. We want to produce in untouched agricultural areas. There are very serious untouched areas, especially in southern Africa. We are able to grow plants in these regions,” the Turkish minister was quoted as saying.
Based on the results of a comprehensive assessment and taking into account the ongoing war, the European Broadcasting Union (EBU) announced the impossibility of holding the final Eurovision 2023 in Ukraine in May 2023 and will start negotiations on its organization in the UK, whose representative took second place following the Ukrainian group “Kalush” at Eurovision 2022.
“After an objective analysis, the Reference Group, the governing board of the Eurovision Song Contest, has concluded with deep regret that, given the current circumstances, the security and operational guarantees necessary for a broadcaster to run, organize and produce the Eurovision Song Contest in accordance with the rules of the Eurovision Song Contest , cannot be performed by the (national broadcaster) “UA: Suspіlne movlennya,” the EBU said on Friday on its website.
According to him, as a result of this decision, in accordance with the rules and to ensure the continuity of the event, the EBU will now start negotiations with the BBC on the possible hosting of the final stage of the Eurovision Song Contest 2023 in the UK.
The priority in negotiations with the possible hosts of Eurovision 2023 will be to reflect Ukraine’s victory in this year’s contest, the release notes.
In addition, the EBU thanked Suspіlna for cooperating and exploring all possible scenarios in the weeks following Kalush’s May 14 victory in Turin and promised support in a number of areas to ensure the company continues to provide services to Ukrainians.
