Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say

Using crypto as shield to save the country’s financial system from further collapse may not be the best solution for Russia in its ongoing invasion of Ukraine. As Russia continues to pound the country with bombs and missiles, many expect this would deal a heavy blow on cryptocurrencies as well. But, nope. Bitcoin, as it turns out, has just breached the $40,000 mark while Russia’s currency sank to a record low and Moscow was hit with new economic sanctions. Related Article | Criminal Whales Hold $25 Billion In Crypto Assets: Chainalysis Report According to the latest data from CoinMarketCap, Bitcoin had jumped 14% over the last 24 hours to $43,163, hitting a record high since February 20. Other cryptocurrencies also rose in value. Ethereum climbed to 10% Tuesday and reached $2,878 while Dogecoin moved up to about 6%. Terra and Solana also experienced significant value spikes. Terra moved up by 9.5%, while Solana peaked by nearly 8%. On Explosions And Sanctions After Russia’s invasion of Ukraine on February 24, Bitcoin’s value sank together with other crypto. In the first day of the occupation, the crypto market plummeted to a total of $1.6 trillion in market capitalization, roughly around 5%. An hour after the war broke, Bitcoin fell by $2,000, to $35,000. Aside from the crypto industry, stock markets also took a beating during the ongoing crisis, with the Dow Jones Industrial Average dropping by 1.4%. According to A...