Russian RUSE?

This week saw a remarkable uprising in Russia led by Yevgeny Prigozhin, the leader of the mercenary Wagner Group, against the Russian military. Seizing military facilities in Rostov-on-Don and advancing near Moscow, the rebellion threw Russia into a state of impending civil war. Despite an initial tough stance, Putin reached a deal with Prigozhin, who agreed to go into exile in Belarus, thereby diffusing the situation. The crisis has provoked questions about Putin's control over Russia.

Putin assured the nation that those responsible would be punished, without naming Prigozhin directly. He described the rebellion as an external threat seeking to weaken Russia and extended amnesty to Wagner soldiers willing to join the Russian military.

In his first public comments since the uprising, Prigozhin defended his actions, saying the march was to prevent the disintegration of his forces, following what he claimed were attempts by the Ministry of Defense to dissolve them. He also criticized the initial invasion of Ukraine.

Despite the rebellion, Russia's Defense Minister, Sergei Shoigu, appears to retain his position. Meanwhile, experts suggest that Prigozhin's rebellion was not a power grab but a desperate act to preserve his activities, stemming from Putin's neglect. The rebellion has exposed significant vulnerabilities in the Kremlin and the Russian military, shaking the stability of Putin's regime.

In his secondvideo, Russian President Vladimir Putin responded to the recent uprising led by Yevgeny Prigozhin, the head of the Wagner Group, with a combination of condemnation, reassurance, and offers of absolution for those involved.

He declared that all necessary steps were taken to neutralize the danger and affirmed that an armed coup would have been destroyed in any circumstance. Putin criticized the organizers of the coup, accusing them of betraying the homeland and its people.

Despite this, Putin recognized Wagner fighters as patriots who had liberated land belonging to the homeland, though one of them, implied to be Prigozhin, had attempted to use them in a "dark operation."

To further defuse the situation, Putin extended an offer to Wagner operatives. They were given the choice of signing contracts with the Ministry of Defense or heading to Belarus. This move suggests an attempt to maintain the strength and allegiance of the military force.

Putin acknowledged and thanked those Wagner soldiers who held back from bloodshed, promising that his assurances to them would be honored. Lastly, Putin expressed gratitude to Belarusian President Aleksandr Lukashenko for his role in settling the rebellion, signifying a moment of international diplomacy amidst the turmoil.

Despite this international debacle, crypto and financial markets remained relatively stable over the weekend. Bitcoin's value took a downward turn on Monday, falling beneath $30,200 following a high of $31,411 just a few days earlier on Friday — a peak not seen since the previous May. This rise was a rebound from the previous week when Bitcoin dipped below $25,000, a price not witnessed since the middle of March. Over the recent weeks, the leading cryptocurrency had been hovering between $26,000 and $27,500, marking a slump from its zenith of $31,019 on April 14. Nevertheless, Bitcoin has seen an impressive 82.4% surge since the beginning of the year.

Similarly, Ethereum, the second-largest cryptocurrency, experienced a slump, settling close to $1,850 on Monday. This followed a Friday high of $1,936 — the highest in a month. Last Wednesday, Ethereum's value had plunged beneath $1,700, a level not seen since March, and had been trading around $1,900 in anticipation of the recent SEC lawsuits filed against Binance and Coinbase (COIN). Ethereum's value had soared to an apex of $2,139 on April 16 — the highest since the previous May, and crossed the $2,000 mark on April 13, a level not achieved in almost a year, following its shift to a proof-of-stake network through its Shanghai upgrade. Ethereum's progress this year has been considerable as well, with a 54.7% jump year-to-date.

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