Bitcoin price is trading nearly $41,000 as sanctions pile against Russia
Bitcoin price spiked to above $41,000 today following a phone call between the French president Emmanuel Macron and Russia’s Vladimir Putin amid talks between Ukraine and Russia. At the time of writing, BTC is changing hands at $40,899.
BTC/USD 4-hour chart | Source: TraidngView
Bitcoin price nearly $41,000 as the crypto market recovers $200 billion
Thanks to unprecedented financial sanctions from the West, Bitcoin now has a higher market capitalization than the Russian ruble. Bitcoin has flipped the Russian ruble.
Today, Russia’s currency has plummeted around 30% against the U.S. dollar, dropping from $0.012 to $0.009 before posting a slight recovery to just above one cent. The fall comes after Western nations imposed an unprecedented, crippling array of economic sanctions on Russia over its invasion of Ukraine.
The leading cryptocurrency is currently trading above $40,000 for the first time since February 20. The price of roughly $41,000 represents a near 5% jump in the last 24 hours and a 7% rise in the previous week—a period defined by market instability amid Russia’s invasion of Ukraine.
Following Russia’s invasion, which began on February 24, Bitcoin’s price plummeted along with the rest of the crypto market. In under half an hour, Bitcoin fell from $37,000 to below $35,500. During the first 24 hours of the conflict, the overall cryptocurrency market fell by roughly 5% to a figure of $1.6 trillion in market capitalization.
The broader crypto market also recovered well, with the cryptocurrency market cap hitting $1.7 trillion on the same day. At the time of writing, the market’s total market cap is $1.8 trillion.
Other top cryptocurrencies, such as Terra and Solana, have likewise experienced significant rebounds. Terra is up 9.5% today, and Solana jumped nearly 8%.
Ethereum, the second-largest cryptocurrency by market cap, has been slower to recover: ETH is up 3% on the day, trading at around $2,800.
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