Bitcoin overtook the Russian ruble after a crypto market surge occurred alongside the crash of the mentioned fiat currency. Bitcoin reached above $44,000 earlier today, having traded below $35,000 only the previous week. The surge of crypto and the crash of the ruble is a result of the recent Ukraine invasion.
The Russian ruble crashed for a record low of 118 per dollar earlier today. Furthermore, Nikolai Arefiev, Vice Chairman of the Duma’s Committee on Economic Policy, said last week that Russia might confiscate rubles from citizens in the event of an economic collapse. As a result, people are clamoring for assets such as Gold, US Treasuries, the US dollar, and the Swiss franc.
Consequently, trading volumes between Bitcoin and the ruble increased to a nine-month high. Kaiko, a Paris-based crypto research provider, tracked data showing that ruble …
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Source: Cryptocurrency - investing.com
