Cryptocurrencies edged higher for a second day on Tuesday, as markets globally picked up overnight despite the shock from the heavy sanctions impose
Cryptocurrencies edged higher for a second day on Tuesday, as markets globally picked up overnight despite the shock from the heavy sanctions imposed on Russia by much of the world.
The leading crypto, Bitcoin, soared 13% to US$43,420 during today’s early changings of hands.
The economic sanctions announced over the weekend sent the Russian rouble tumbling and closed Moscow’s stock exchange on Monday, something that has sparked a surge in crypto activity, according to Ipek Ozkardeskaya, Swissquote senior analyst.
“[Bitcoin], which was moving along with the risk assets less than a couple of days ago is now the asset that Russians and Ukrainians rely on to get their funds out of the traditional system which has become very hostile to them.
“It is reported that Bitcoin purchases using roubles and hryvnias soared as Russia imposed sanctions on its citizens.”
Meanwhile, Bitcoin’s closest rival by market value, Ethereum, was slightly outpaced but still surged 11% to US$2,923.
Both digital tokens are between 35% and 40% below all-time highs seen in November, as rising inflation, global interest rate hikes and the escalating tensions between Russia and Ukraine left previously bullish speculators seeking safer havens.
However, the start to March has so far offered some relief, as Bitcoin and Ethereum leapt forward and remained comfortably above seven-month lows seen in January following its colossal selloff.
Alt-coins BNB, Terra, and Avalanche advanced 12%, 21%, and 15% respectively.
Outside of the top 10, Wrapped Bitcoin, Cosmos, and Near Protocol all jumped 14%.
Overall, 94 of the leading 100 cryptos were trading in positive territory.
Anchor Protocol led the fallers, down 3.3%, while the other five slipped by no more than 0.1%.
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