GB Market Commentary 10/10/2022
by Marcus Sotiriou
Uncertainty defines the current situation around global markets, as concerns of war escalation heightens.
All of Ukraine is under bombardment by Russia’s war criminal regime continues to bombard all of Ukraine, whilst Belarus have launched drones that are killing Ukrainians in Kyiv. Belarus has officially joined Russia’s side in the war, as the Belarusian President, Alexander Lukashenko, said “at least 5 Belarusian brigades totalling 10,000 men will be deployed initially. This is purely defensive as NATO plans to attack us. This won’t happen!”
Bitcoin and the S&P 500 dropped this morning after news broke about Belarus engaging in the war, but Bitcoin’s dip below $19,200 was quickly bought up.
Many crypto firms are struggling to make it through the market turmoil, as South Korean firm Blockwater defaults on $3 million loan from TrueFi. Unfortunately, TrueFi allows crypto borrowers take loans without using collateral. Blockwater is another example of chaos caused by centralised entities taking on too much leverage and risk.
Crypto brokers, like GlobalBlock, who have been careful and diligent with taking on no leverage, have managed to remain healthy businesses. Other examples are the likes of Binance and FTX, the former planning to potentially spend over $1 Billion this year on deals according to CZ. FTX are also partnering with Visa to provide infrastructure for crypto payments in 40 different countries.