A number of economic sanctions imposed on Russia as a result of its invasion of Ukraine has seen its currency nosedive Bitcoin has surpassed the mark
A number of economic sanctions imposed on Russia as a result of its invasion of Ukraine has seen its currency nosedive
Bitcoin has surpassed the market capitalisation of the Russian rouble following a recent surge that has seen it climb to US$43,000.
The cryptocurrency has a market cap of US$777.6bn, compared to US$770.9bn for the rouble.
A number of economic sanctions imposed on Russia as a result of its invasion of Ukraine has seen its currency nosedive, dropping to a record US$0.01 on Monday, according to Yahoo finance.
The Western nations have also introduced sanctions on some Russian banks that have banned or limited their access to SWIFT, a global bank payment system.
Russia has responded by doubling interest rates to 20% to “help maintain financial and price stability and protect citizens’ savings from depreciation,” the Bank of Russia said in a statement.
Cryptocurrencies have endured a torrid few months, with the values of digital tokens falling since November.
Bitcoin, which is the largest crypto by market cap, was trading as low as US$35,000 last week but has surged since, with some analysts suggesting investors are exchanging the rouble into the digital token to store value.
Russian crypto exchange BestChange.ru went offline yesterday, with speculation a high volume of users sent the site crashing, or that it was a result of hackers.
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