DivXMaN
Invasion & Bitcoin's initial market reaction.
Bitcoin dropped to 34.5K in the initial hours as news of Russia's invasion hit the wire. The majority of sell pressure came from BTC already on exchanges, ie. traders and those who prepared to sell in advance. We did not see any rapid spikes in exchange inflows and reserves are still hovering at multi-year lows. This will be a key metric to monitor in the coming hours. This by no means dictates what happens next, but it's definitely a good sign that the news was not met with massive inflows of BTC hitting exchanges. Hash rate also remains at near all time highs meaning BTC is poised to handle a lot more network load / throughput should it's need arise. I think the coming weeks will give us our first glance at where the next decade of political power will be heading. It will also be a defining moment for Bitcoin as I suspect adoption rates will skyrocket as vulnerabilities and inefficiencies in traditional financial system / legacy banking system become very clear, very soon.