As the conflict between Russia and Ukraine began, the crypto market saw quite the impact as the prices of digital assets plunged. However, after experiencing the price correction for a brief moment, cryptocurrencies have now seen an impressive price surge.
Bitcoin is one of the crypto assets that saw a drop in its price due to the geopolitical events occurring. This is the flagship digital currency and greatly impacts the prices of other altcoins as well. However, BTC has recovered and is currently trading at $43,837 (at the time of writing).
The Russo-Ukrainian war is a fragile situation and can affect the global financial markets and crypto market at any time. Despite such uncertainty, the significance of the digital assets seems to be growing as a major company in the USA plans on changing its anti-crypto stance.
The cryptocurrency future has always been a little uncertain as it is a volatile place. However, long-term crypto investors and traders are quite familiar with the volatility as well as the importance of digital assets.
Therefore, if you are also interested in crypto investing then make sure you choose one of the most popular crypto exchanges that suit your needs the most.
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Reasons for Citadel to Change its Stance Towards Crypto
Citadel is one of the most prominent companies in the USA. It is a multinational hedge fund and financial services company that had an anti-crypto stance.
According to reports, Ken Griffin, the founder of the company now has plans to offer cryptocurrencies to clients this year.
Griffin was not in favor of the crypto assets previously and even warned the younger generation to stay away from the crypto space. However, as per reports, he has now revealed that his firm will be stepping into the crypto market this year.
In 2017, Bitcoin was trading around $10,000 and at that time, Griffin stated:
“Bitcoin right now has many of the elements of the tulip bulb mania we saw back hundreds of years ago in Holland.”
He was also certain that Bitcoin will not stay for long and the “bubble might end.”
However, during an interview where he revealed his new stance towards crypto, Griffin admitted that he was wrong to oppose cryptocurrencies.
“Crypto has been one of the great stories in finance over the course of the last 15 years,”
Griffin also added:
“And I’ll be clear, I’ve been in the naysayer camp over that period of time. But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call.”
The billionaire did acknowledge that he is still somewhat skeptical towards digital currencies but there are millions of people around the globe who will disagree with that.
The founder of Citadel stated further:
“To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto.”
What to Know Before Investing in Crypto?
The ups and downs seen for the prices of digital assets do make the novice parties a bit skeptical about crypto investing. However, people who have been in the crypto space for a long time are familiar with this volatility and remain somewhat unbothered even when the market movement is drastic.
The initiative of companies, such as Citadel, to move towards crypto even during such uncertain geopolitical events can only indicate the increasing significance of cryptocurrencies.
Therefore, if you are also interested in buying crypto, make sure you choose one of the best and biggest crypto exchanges and take a look at the price movement of the digital currency you want to purchase.
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