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Russia is using cryptocurrencies like Bitcoin, Ethereum, and Tether in its oil trade with China and India to bypass Western sanctions. Some Russian oil companies convert yuan and rupees into crypto before exchanging them for rubles, making transactions smoother and avoiding restrictions. Russia is now transitioning to using cryptocurrencies to conduct oil trade with China and India, helping it bypass the West-imposed sanctions. According to Reuters , some Russian oil organizations have implemented Bitcoin, Ethereum, and stablecoins, such as Tether, to exchange the Chinese yuan and the Indian rupee for Russian rubles. While it still forms a very small portion of its oil transactions, the practice is on the rise in Russia. According to the International Energy Agency, global exports and imports of oil amounted to $192 billion last year. By leveraging digital assets, companies in Russia are able to mitigate the effects of sanctions and make faster cross border payments. A normal transaction entails a Chinese trader signing a contract with a trading firm and paying in yuan through an offshore bank account. The intermediary then exchanges the money into cryptocurrency and sends it to another account before the assets enter Russia. After the receipt of the funds, the money is converted to roubles. According to sources, one Russian oil trader carries out tens of millions of dollars in crypto transactions every month. Recently, we reported that the Bank of Russia proposed guidelines for investing in the digital assets space under an experimental legal basis for a three-year period. In the proposed plan, investors would be limited to those who meet certain qualifications of ownership of securities and deposits over 100 million rubles as well as annual income of over 50 million rubles. However, Russia’s experiment in the oil exchange through cryptocurrency is not solely an exercise in evading the sanctions, and it could also herald future cooperation with the US. Russia is not the only country that relies on digital assets to facilitate oil trade. Iran and Venezuela have also sought to use cryptocurrencies, particularly in their international business ventures in a bid to cut on the use of the U.S. dollar. These sanctions have led the countries to find other methods of maintaining their economy and exporting oil. Bolivia has taken similar steps. As CNF recently reported, the Bolivian state-owned energy company Yacimientos Petrolíferos Fiscales Bolivianos (YPFB) has been approved to pay for fuel imports with cryptocurrency. Specifically, they have yet to complete more transactions, though all the necessary preparation has been done. The plan aims to sustain the fuel subsidies as domestic production falls and currency shortages slow the imports. India and the United Arab Emirates (UAE) recently pulled off their first crude oil deal away from the medium of the U.S. dollar. The trade was conducted in the XRP Ledger System’s CryptoTradingFund (CTF), which is a platform that enhances financial standards and optimizes the flow of funds. The BRICS alliance, consisting of Brazil, Russia, India, China, and South Africa, is striving to lessen dependence on the U.S. dollar in international transactions. The recently signed India-UAE crude oil deal provides a good example of this trend. These nations keep transaction and financial settlement costs low by embracing local currencies and blockchain-based platforms.

Behind Wintermute’s success as the largest liquidity provider in the altcoin world is one individual with a keen sense of opportunity: Evgeny Gaevoy. He is not just any trader; he created an empire in the digital asset market using a more nimble strategy than the established companies. But how did he arrive at this point? Imagine someone managing the ETF business out of one of the biggest trading companies worldwide and who is already at ease in the top position. Evgeny used to be the head of the European ETF division at Optiver, a company known for its high-frequency trading strategy. He is used to playing fast, catching opportunities in seconds, and ensuring that every transaction runs smoothly. Still, underlying all that was curiosity. The crypto market was beginning to stir, and even if many people were still dubious, Evgeny saw a gap that would be interesting. He came to see that many big trading firms had not touched the issue of better liquidity for digital assets. At last, he took a bold decision in 2017: leaving the world of traditional finance and starting Wintermute. Starting a company in an industry still in development is not simple. Crypto was still seen at that period as a wild market with great volatility and minimal clear regulation. But this is where Evgeny noticed a chance. Having worked in the trading industry, he developed Wintermute as a speed and efficiency-focused liquidity source. Wintermute spans decentralized platforms in addition to centralized cryptocurrency exchanges. Wintermute can complete thousands of transactions daily using their developed technology, ensuring that the market stays liquid free from significant pricing constraints. Offering a solution for institutions wishing to make significant transactions without upsetting market prices, the company has also started OTC trading. Wintermute has also begun making early-stage Web3 project investments. Evgeny is aware that this sector will keep expanding, thus early on, support of outstanding initiatives will help Wintermute to become a significant participant in the future. Wintermute’s pivotal year is 2025. Evgeny declared a significant US expansion by establishing an office in New York, signifying the maturing sector. This is a calculated action to increase their visibility in the OTC and derivatives sectors, not only about market expansion. Of course, regulation still presents difficulties. The US is well-known for its rigorous rules that are always under flux. But Evgeny thinks that a proactive strategy will enable Wintermute to negotiate the current legal scene. Having closer ties to institutional players and authorities, he is hopeful that their US operations might expand even more. Apart from his success in business, Evgeny is well-known for his candid approach toward industry trends. He frequently draws attention to the way liquidity is scattered over blockchains . Cross-ecosystem trading will always be hampered, he said, without a better solution. He also sees the memecoin phenomenon differently. Although many view it as a necessary component of cryptocurrencies, Evgeny contends that memecoins sometimes cause liquidity to be diverted from more significant projects. Efficiency and speed still top concerns for Wintermute, not only in line with passing trends. On the other hand, he also sees enormous promise in the application of artificial intelligence in the world of cryptocurrency trading. Still, he is pragmatic; he notes that artificial intelligence will not soon totally replace human traders. The crypto market is too volatile, and trading decisions still call for instincts difficult for algorithms to replicate.

At some point you need to decide for yourself. Do you want to make money or do you want to be right. I might fight the fed. But I will never again in my life fight the tape. It's only with great loss that you learn to flow with the market. You have to otherwise it will fight back and it wins every time.

JUST IN: 🇺🇸 Senator Lummis said the US needs a Strategic Bitcoin Reserve because “the dollar drops in value every year” while “Bitcoin goes up year over year.”

Since 2020, every time the Nasdaq hit an RSI of 30 (oversold), it bounced back... Is this the bottom—and will crypto follow? 👀🚀