logo logo

WWCrypto provides analysis of the crypto market. In addition to tracking updates in the industry. WWCrypto provides the community with real time information and major events.

WWCrypto

Digital Membership

Get unlimited insight reports trusted by experts around the globe. Become a Member Today!

View pricing plans

London, UK (HQ)

[email protected]
ADVERTISEMENT

Bitcoin Is Now More Valuable Than The Russian Ruble

Bitcoin has overtaken the Russian Ruble after a group of geopolitical events marked by a giant price recovery and a serious crash of the russian fiat currency

Btcoin

Bitcoin capitalization experienced a big spike in early March. Therefore, that price also boosted the worth of Bitcoin (BTC) to the extent of 41,000 US dollars per coin. The capitalisation of BTC managed to surpass the Russian ruble.

The rebound within the Bitcoin price was likely triggered by the Russian ruble experiencing inflation because of sanctions imposed by the u. s. and its allies in response to Russia's invasion of Ukraine.

According to data from CoinMarketCap, the market cap of Bitcoin (BTC) jumped to around 780 billion US dollars on Monday amid inflation to 41,391 US dollars, a rise of 5.7 percent over the past 24 hours. BTC's market capitalisation exceeds the money supply of the Russian ruble, which, per the financial institution of Russia, was 65.3 trillion rubles as of February 1 – roughly 629 billion US dollars at the time of publication.

On the opposite hand, Reuters reported the financial organization raised its key rate from 9.5 percent to twenty percent on Monday, and therefore the European Commission has announced plans to get rid of Russian banks from the SWIFT payment system.

In contrast, many residents of Russia and Ukraine appear to possess encouraged trading activity on exchanges, perhaps because of concerns about the steadiness of every country's fiat currency and using cryptocurrencies as a method of soliciting donations aimed toward supporting Ukraine.

Cointelegraph reported on February 24 – the identical day that the Russian troops launched their attack – the traditional Ukraine-based crypto exchange had around $4.4 million in total trading volume of all tokens over a 24-hour period.

The latest reversal comes over a year after BTC price surged to an all-time high of $48,200 following news of $1.5 billion in crypto assets. Bitcoin's market cap rose to 871 billion US dollars, surpassing the Russian ruble, then fell to around 791 billion US dollars. Binance Free $100 (Exclusive) : Use this link to register and receive $100 free and 10% off fees on Binance Futures first month.

CoinBase : Use this link to register and receive $10 free on CoinBase (terms).

Disclaimer: Information found on WWCrypto is those of writers quoted. It does not represent the opinions of WWCrypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.