Investors are currently sifting through a decade of market data to see if a massive spike in energy costs will sink Bitcoin and the crypto market. Related Reading: Bitcoin ETFs Pull In $56B As CEO Pitches Crypto Over Gold While many people focus on the immediate price of oil, the real damage to Bitcoin in the past often came from internal industry blowouts rather than what was happening at the gas pump. The 2014 crash happened alongside the Mt. Gox exchange failure. In 2022, the Terra-Luna collapse wiped out billions. These events, rather than just expensive fuel, played the biggest role in deepening previous bear markets. The Weight Of Geopolitics On Digital Assets Reports indicate that West Texas Intermediate (WTI) crude oil jumped above the $104 mark on Monday. This is the highest price seen in nearly four years. US President Donald Trump recently expressed a desire for the US to maintain indefinite control over the oil industry in Iran. Such statements and global tensions usually push oil higher. When energy becomes this expensive, it often acts as a drag on the entire economy. It takes money out of the pockets of everyday people who might otherwise buy digital assets. Data shows that Bitcoin miners also feel the sting because their operations require significant amounts of power. In the past 12 years, there have only been three times when oil hit this specific $104 level. Because these events are so rare, some analysts believe it is hard to say for sure that one causes the other. The first instance occurred in June 2014 when ISIS moved into northern Iraq. Bitcoin was trading around $600 at the time but lost 21% of its value over the next 10 weeks. It stayed down for a long time. It actually took more than two years for the price to climb back to where it started before that specific oil spike. Searching For Patterns In A Volatile Market The most recent example happened in May 2022. This followed a proposal by the European Commission to phase out Russian oil imports. Bitcoin did not just dip; it fell 25% in only seven days. That specific crash started a bear market that lasted for 19 months. Even though oil prices eventually dropped back below $100 for several years, the damage to the crypto world was already done. Based on reports, the current return to triple-digit oil prices has many traders on edge. They are watching to see if history will repeat itself or if the market has become strong enough to handle the pressure. Related Reading: 8.25M XRP Exit Long-Term Holders As Whales Buy $1.20–$3 A Fear Of Broad Economic Pullbacks Not every spike leads to a permanent disaster. In March 2022, Bitcoin dropped 15% after the Russia-Ukraine war began and oil soared. However, that loss was erased in less than a month. Even though oil stayed high, Bitcoin managed to recover its footing quickly. This shows that the relationship between the two is not always a straight line. Sometimes the market reacts to the news of war more than the actual cost of the commodity. Featured image from Trade Brains, chart from TradingView
WhiteBIT has actively supported Ukraine's war effort, donating $11 million to military initiatives and processing over $160 million in donations.
Polymarket and similar platforms are considered unlicensed gambling operators, leading to blocked access.
Polymarket is already restricted in 33 countries.
Ukraine has begun formal steps to legalize the crypto industry, shifting from a largely unregulated market to one with a defined legal status. On Sept. 3, Ukrainian lawmaker Yaroslav Zhelezniak revealed that he and his colleagues approved a bill that legalizes and taxes the use of digital assets in the country. According to him, the […]
The post Ukraine takes decisive steps to legalize crypto sector amid tax reforms appeared first on CryptoSlate.
In the wake of UMA’s controversial ruling on whether Volodymyr Zelenskyy wore a suit, one of Polymarket’s top traders says the dispute system is broken, and is costing the platform users.
Ukraine is taking a significant step toward adding Bitcoin to its national reserves. On June 10, the Ukrainian parliament received a draft bill proposing an amendment to the National Bank of Ukraine’s (NBU) asset reserve policy. This change would allow the central bank to add cryptocurrencies alongside gold and foreign currencies to its reserves. Ukrainian […]
The post Ukraine opens door to Bitcoin reserves as experts warn of key risks appeared first on CryptoSlate.
Principal sponsor Yaroslav Zheleznyak described the bill as a "step [to] integrate Ukraine into global financial innovations"
Ukraine’s crypto card market is shrinking fast. Weld Money, a fintech that let people spend crypto through a Mastercard-linked card, is closing its doors in the country. Users have been told to pull out their money by the end of next month or risk losing access. Related Reading: Tether’s 2-Year, $5 Billion Investment Blitz Fuels US Companies: CEO According to company posts on social media, military controls under martial law and unclear rules drove the decision. The startup began five years ago offering a super-app for bank accounts. In 2022, it teamed up with Unex Bank to roll out a card tied to wallets on WhiteBIT and Huobi (now HTX). You could pay with USDT, USDC, BUSD or DAI at any shop that takes Mastercard. Crypto Card Firm Faces Harsh Controls Based on reports, Weld Money saw service disruptions as checkpoints and tightened checks slowed transactions. Some users flagged problems back in March on the firm’s Telegram channel. Every delay chipped away at the smooth withdrawals and payments that cardholders expected. $WELD Money are shutting down due to military & regulatory limits in Ukraine. Please withdraw funds by June 30 from all wallets & cards. Support — via Telegram: @alexeybobok#WELD #WeldMoney #crypto #shutdown #Ukraine pic.twitter.com/vhHTkS4a0Y — WeldMoney (@MoneyWeld) May 27, 2025 Regulations Hold Back Fintech Growth In April, Ukraine’s securities regulator floated a plan to tax crypto income at 18% and hike a defense surcharge from 1.5% to 5%. Lawmakers have stalled a key bill “On Virtual Assets” that was supposed to clear the fog. Until rules firm up, any company needing stable banking ties will hesitate to launch new services. Other Players Also Pack Up Weld Money isn’t alone. In January, Kuna – a local exchange – said it would halt trading. By March, the Economic Security Bureau, citing tax evasion claims, had even taken down its site. On May 20, wallet provider Trustee Plus stopped new sign-ups, pointing to the same legal doubts. Home-Grown Innovation Faces Exit Based on statements from fintech leaders, rising costs linked to the war aren’t the only issue. New limits on cash flows make budgeting tough. When major payment rails act up, small startups can’t cover tech teams and compliance checks at the same time. Related Reading: Investors Pour $2.75 Billion Into Bitcoin ETFs As Price Skyrockets Outlook Depends On Lawmakers According to analysts following Kyiv, passing the OVA bill could turn the tide. Clear rules on profit taxes and military levies might bring back some confidence. But even then, big global firms with deep compliance staffs are more likely to stay. Ukraine wants to be a hub for blockchain work. Yet, until peace and paperwork catch up, local players may find it too risky. For now, customers will be left scrambling to move funds. And the empty desks at small crypto firms will stand as proof that, in a country under martial law, uncertainty is costly. Featured image from Gemini, chart from TradingView
Ukraine is reportedly preparing legislation to become one of the first nations to officially hold Bitcoin in its national reserves. According to Ukrainian media outlet Incrypted, Member of Parliament Yaroslav Zhelezniak confirmed that a draft law is being developed to support the initiative. Zhelezniak, who also serves as the First Deputy Chairman of the Committee […]
The post Ukraine plans first-of-its-kind Bitcoin reserves with reported support from Binance appeared first on CryptoSlate.
Under a proposal, certain crypto transactions would be taxed at the country’s standard 18% rate, as well as an extra 5% levy to support the country’s war costs.
The bet was resolved as 'yes' despite no official agreement, leading to suspicions of manipulation by a large UMA token holder, but Polymarket defended the UMA voting process.
BornTooLate.Eth has accumulated over 1.3 million UMA tokens to attack a Ukraine-themed market — but nobody has appeared to have made much money.
Also giving a boost was an easing in trade tensions between the U.S. and Canada.
Ukraine plans to legalize cryptocurrencies by early 2025, applying standard taxation rules without offering tax incentives.
If approved, the restrictions would seriously affect Russia’s crypto mining operations, as some key local industry firms have a heavy presence in regions like Irkutsk.
The dark and more ominous side of the crypto world was on display again this week when a 29-year-old foreign national became an unwitting victim in one of Kyiv, Ukraine’s brutal crimes. This incident sheds light on the risks associated with cryptocurrency holdings and exposes the severe consequences of theft in this digital age. Related […]
A study from TRM Labs says that Russia’s involvement in illegal crypto operations grew a lot in 2023. Almost 70% of all cryptocurrency earnings from ransomware came from groups of people who spoke Russian. This makes them big players in this field. Related Reading: Kamala Harris Finds Ally In Ripple CEO Amid Crypto Backlash It […]
Ukrainian national, Yaroslav Vasinskyi, also known as Rabotnik, has been sentenced 13 years and seven months in prison for his role in conducting over 2,500 ransomware attacks and demanding over $700 million in ransom payments, the Department of Justice announced Wednesday.