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Saturday, 24 February 17:50 (GMT -05:00)



Stock and commodities markets

Cryptocurrencies Won't Help Dictators Get Around Sanctions


According to Bloomberg, all the attempts made by authoritarian governments and dictators to get around Western sanction are vain.
 
While North Korean hackers are stealing bitcoins, Venezuela n President Nicolas Maduro is launching a national cryptocurrency while backing it with massive oil inventories to get international investors back. At the same time, the Russian Ministry of Finance is working hard to come up with legislation allowing some legal entities to enter the global international market of cryptocurrencies and trade them on online exchanges.  

The cryptocurrency craze in those countries seems to be underway. The thing is that the West imposed some sanctions on them to prevent them from entering international financial markets. So, they hope to get around them by accessing cryptocurrencies instead.

However, the experts say that while those cryptocurrencies can be used to get around any sanctions by a handful of companies and individuals, this is not going to save the day for the entire economies since the market is still too young and small. According to Coinmarketcap, the total market cap of all the cryptocurrencies altogether is around 700 billion dollars. For the sake of comparison, this is 1/7 of the daily forex turnover. By the way, forex is a legal and internationally recognized financial market, actually the world’s biggest one.

So, the U.S. Secretary of the Treasury isn’t warried about the possibility of Russia and other dictatorships using cryptocurrencies to try and get around those sanctions since online exchanges do require verification and the same info that banks do. So
, fromthisprospect, thereisnobigdifference.

On top of that, the Western sanctions are aimed at specific companies and individuals rather than assets, that’s why they work for each source of income they count on. And even if some investors get interested in Venezuela n oil-backed cryptocurrency, them may fall prey to the same sanctions as well.

Using cryptocurrencies to cheat is especially difficult for oil exporters since they still need dollars to sell crude oil anyway. However, those isolated nations may well be using cryptocurrencies to move funds worldwide. This is what the Western financial authorities should be worried about.

 

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Is crude oil really expensive today?

Oil expert Sergei Shelin decided to share with us his thoughts on the processes currently going on in the global oil market. In particular he thinks that crude oil has been struggling to consolidate around 70 dollars per barrel but the thing is that even the world's biggest oil producers and exporters don't believe in high oil prices in the future.


Publication date: 01 February 10:38 AM

Three Big Questions Related to Oil Prices

Oil prices has been continuously moving up and down over the last few decades, and this is something that keeps worrying millions of traders of investors all over the world. The most difficult thing is to figure out why exactly crude oil prices reach a certain level at any given point, especially these days. 

Publication date: 30 January 02:12 AM

U.S. DoE Predicts Oil Market Oversupply over the Next 2 Year

The United States Department of Energy doesn't believe in the OPEC+ deal and expects excessive supply in the global market over the next 2 years. In particular, the January short-term report released by the DoE confirms that. They say this is going to be long-term oversupply. 

Publication date: 16 January 11:46 AM

Brent Oil Is Getting Closer to $70/b, Provoking a Shale Storm

Brent oil has come close to $70/b. It’s interesting to note that Brent oil has reached this level for the first time since 2014. At the same time, international experts now seem to be overwhelmed by mixed feeling about that.

 
According to NordFX, ICE Brent futures (London) for March delivery cost $62,2/b after gaining 0,5% on that day and 3,1% since the start of the trading week. WTI futures cost $63,5/b after gaining 0,8% on that day.
Publication date: 11 January 11:59 AM

OPEC Nations Don’t Want $60/b

The OPEC doesn't seem to be interested in oil prices above $60/b. At least this is what the Iranian Minister of Oil said the other day. By the way, Iran is the OPEC’s third-biggest producer of crude oil.

Publication date: 10 January 03:45 AM

Investment Banks Make Controversial Oil Forecast for 2018

After the OPEC+ deal was extended not so long ago, several investment banks changed their predictions for the global oil prices in 2018. Bloomberg tried to compile those prediction into a single article. 

Publication date: 02 January 11:44 AM

CBOE Launches World’s First Bitcoin Futures

As promised, the CBOE launched the world's first Bitcoin futures on December 10th at 15 p.m. Central Standard Time (CST). The first BTC futures trading session started at 15000 USD/BTC. Within the first couple of minutes, there were 150 transactions processed. Over the first 20 minutes, the exchange rate increased up to 15940 USD/BTC. Lateronitwenttemporarilyupto 16600 USD/BTC.

Publication date: 11 December 02:26 AM

American Shale Oil Producers Enjoy OPEC+ Deal Extension

On the last day of November, the OPEC and several non-OPEC oil exporters met in Vienna to discuss the future of the global oil market during the OPEC summit. The summit ended with extending the OPEC+ deal until the end of 2018. Experts say this decision means the OPEC+ participants have lost the long-term oil war with American shale oil companies.

Publication date: 03 December 11:03 PM

OPEC Is Worried About U.S. Shale Oil Production Prospects

The OPEC is concerned that their American rivals producing shale oil may catch at the chance given them by the OPEC+ deal. The deal is aimed to cap oil production and restore the market balance in favor of higher oil prices. The OPEC+ agreement is likely to be extended during the forthcoming OPEC summit on November 30th in Vienna, Austria.

 
Publication date: 29 November 11:49 AM

U.S. Stats Pushed Oil Prices Higher

According to online source Finanz, the U.S. crude oil inventories shrank over the past week, which pushed oil prices higher. After 3 weeks of retracing, crude oil is rallying confidently again. The Brent oil futures for January delivery reached $63,29/b, which is 1,15% higher than a day before. At the same time, The WTI oil futures for January delivery gained more than 2% and reached $57,94/b, which is the highest level since July 2015.

Publication date: 25 November 01:14 AM