Earlier we reported that Yellen will attend the event tonight and make statements about cryptocurrencies. Today is extremely important because we don’t know what Yellen will be talking about in the next few minutes. However, the FOMC minutes will be published at 21:00, and we will learn about the expectations of the Fed members regarding the upcoming meetings.
Description for Yellen Cryptocurrency
US Treasury Secretary Yellen makes important statements about cryptocurrency rules at an event she attended. In his first sentences, he raised the question of whether Russian sanctions were violated through cryptocurrencies.
“So far we have not seen violations of sanctions through cryptocurrencies. We continue to monitor closely.”
On the other hand, it is known that the Russian rich, who smuggled their cryptocurrencies to Dubai, made serious investments in real estate in the region. On the other hand, companies in Iran were also free to use cryptocurrencies in their trading abroad.
We will share as explanations come in. Bitcoin continues to find buyers at a price of $43,750 at the time of writing.
“The main problem with oil exports from Russia is that many European countries are heavily dependent on it. A complete ban on oil exports could lead to an even greater increase in already high prices. We would like to cause Russia as much pain as possible, but we also have to take into account the consequences of sanctions that affect us.”
Yellen talks about tensions in Ukraine and sanctions. Speaking about China’s global lending activities, Yellen said that China should be excluded from the World Bank’s lending program. After the statements, bitcoin spun up to $43,500.
Biden’s Comments and Bitcoin
Speaking about Russian sanctions, US President Biden made important statements. Saying that they will suppress Russia’s economic growth for many years, Biden made it clear that sanctions will continue with determination.
Speaking about the fact that sanctions may intensify, Biden increased uncertainty in world markets. Risk markets, including bitcoin and cryptocurrencies, are weakening after these statements. The FOMC protocol, which will be in half an hour, will be crucial. The minutes of the upcoming meeting, which will contain important signals, will increase volatility. Investors should be more cautious, especially in margin trades, and be aware that they are taking on high risk during these hours when volatility is increasing.