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We lately caught up with Ben Caselin — Head of Analysis & Technique at AAX to speak about Bitcoin and the crypto market usually amid the escalation of the continuing Russo-Ukrainian battle. In a brief interview, we requested him just a few questions, and that is what he needed to say.
Q: Ben, we all know you might be related to AAX. Earlier than we dive into the present international state of affairs and Bitcoin’s function, are you able to please present some details about your organization?
Ben: Sure, you might be proper. I’m the Head of Analysis & Technique at AAX. AAX is without doubt one of the main cryptocurrency change platforms on the planet. It holds the excellence of being the primary one to be powered by London Inventory Trade Group’s LSEG Expertise. On AAX, customers can bask in Spot and Futures buying and selling of in style crypto property, open interest-earning crypto financial savings accounts and entry DeFi merchandise. We even have a AAX Launchpad, the place we assist new, promising tasks elevate capital by token gross sales. At current, we assist greater than 100 crypto-to-crypto spot buying and selling pairs whereas providing excessive leverage on BTC and ETH futures merchandise.
Q: Are you able to inform us a bit extra about your self?
Ben: I’ve a background in artistic arts, social analysis and fintech. As head of analysis and technique, I’m deeply concerned in creating insights into Bitcoin and DeFi whereas offering strategic course for the expansion and enlargement of AAX. Along with AAX, I’m additionally a working member of the World Digital Finance (GDF) which is a number one business physique devoted to accelerating the expansion and adoption of digital finance.
Q: Thanks Ben. So, as you realize, the world is presently dealing with an unsure state of affairs because the battle between the Russian Federation and Ukraine rages on. As all markets stare at uncertainties, how do you suppose Bitcoin will fare?
Ben: It’s a worrying improvement certainly. Nonetheless, the one optimistic factor to come back out of this whole state of affairs is a transparent image of Bitcoin’s place within the international monetary ecosystem as a safe-haven asset. For my part, the worth of Bitcoin will proceed to showcase such resilience all through the battle, together with different outstanding crypto property.
Q: Are you able to please elaborate on Bitcoin’s function as a safe-haven asset within the current state of affairs?
Ben: If there’s any doubt left round Bitcoin’s standing as a safe-haven asset, the previous few days ought to remind us that within the face of battle, foreign money devaluation, or important disruption to legacy infrastructure, Bitcoin is the safe-haven asset of selection.
With the Russian Ruble shedding greater than 30% of its worth in a single day, following sanctions imposed over the weekend, we’ve seen a big surge in commerce quantity on BTC/RUB markets. This isn’t hypothesis – these are bitcoin purchases by on a regular basis individuals in addition to giant allocations supposed for the aim of wealth preservation.
Demand can also be coming from Ukraine. Donations in Bitcoin, Ethereum, and now Polkadot are instantly made to the Ukrainian authorities in what’s a worldwide present of assist. Tales additionally inform of refugees utilizing crypto to retailer their wealth and carry their funds throughout borders.
These developments as soon as once more spotlight that Bitcoin is extra than simply an investable asset for portfolio allocation and returns. The narrative of crypto as a lifeline in instances of financial misery and geopolitical turmoil is changing into obvious as the basic driver of adoption.
Q: However, what in regards to the volatility related to Bitcoin and different cryptocurrencies?
Ben: Whereas volatility continues to be integral to the market, we will anticipate a continued uptake of Bitcoin and with it among the bigger protocol property. However whereas crypto markets normally rise in unison, if fundamentals take priority over hype, we must always see extra decoupling between varied crypto markets – particularly because the state of affairs will get much more severe and the stakes are raised.
Crypto and politics have turn into more and more intertwined, with Bitcoin dominating as a foreign money of the individuals. It must be assessed alongside different open networks and digital environments the place a worldwide neighborhood of residents is ready to join, mobilize assets, and garner assist.
Q: What are your ideas on the influence of the present state of affairs on Bitcoin and crypto buying and selling?
Ben: Escalation within the ongoing battle can set off volatility each to the upside and draw back. That is no time for extreme buying and selling, particularly with leverage. Warfare and turmoil could also be driving costs up and we might see Bitcoin charting new highs this yr, however there’s nothing to be bullish about.
Finally Bitcoin’s uptake is as a lot a results of constructive adoption, as it’s an expression of world misery, dismay, and discontent with the present state of world affairs.
Photograph by Egor Myznik on Unsplash
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