Cryptocurrencies gain ground in Russia
The war between Russia and Ukraine has been used by cryptocurrencies to gain ground in the market and achieve historical figures. This was reviewed by Michelle Toh, from the CNN network.
One of the cryptoactives that has had significant growth in the last seven days is Bitcoin, which had an increase of 13% in the last 24 hours, to settle at $43.163.
In addition, Bitcoint other cryptocurrencies that have gained ground in the Russian market is Ethereum, which rose 10% on Tuesday to settle at $2.878.
Meanwhile, Dogecoin rose 6% and is trading at 13 cents each, experts said.
Fall of the Ruble has favored cryptocurrencies
The sanctions imposed by the governments of the United States and the European Union on Russia for the invasion of Ukraine have caused the Ruble, the official currency of the Baltic country, to plummet considerably.
This movement has given cryptocurrencies a boost, as investors look for other alternatives to move their funds.
#bitcoin/USDT – Russia/Ukrain for BINANCE:BTCUSDT by ZeroGravityGB https://t.co/W8KYod80m4 pic.twitter.com/3VREtlykDt
— BitcoinAgile (@bitcoinagile) March 2, 2022
According to Oslo-based cryptocurrency research firm Arcane Research, trading volume between the ruble and cryptocurrencies has spiked in recent days on Binance.
More people are changing
Bendik Schei, head of research at Arcane, indicated that more people have now decided to invest in cryptocurrencies, given the uncertainty in Russia.
“In the current market conditions, I am not surprised to see investors, at least in Russia, looking for stablecoins. It's about saving your funds, not investing,” explained Schei.
However, virtual currencies are often considered a risky bet due to their volatility and lack of a fixed asset to make them less vulnerable to possible attacks.
Author: Daniel Parra 8:51 am