Bitcoin extended its upside momentum Monday morning, outperforming other cryptocurrencies as Russia’s war in Ukraine sent stocks plunging.
As of Tuesday morning, bitcoin was up 17.2% to $44,600 in the previous 24 hours, according to data from Coinbase.
Other cryptocurrencies showed smaller but still significant gains.
Ethereum is trading up 14.1% at around $3,000, while Solana spikes around 10.0% to $100 and XRP is up 8.6% at $0.06.
The cryptocurrency surge comes amid a spike in trade between bitcoin and the currencies of Russia and Ukraine, both of which have fallen since Vladimir Putin ordered his troops to invade Ukraine last week.
Unlike in some previous crypto rallies that have seen bitcoin outperform smaller cryptocurrencies and “meme coins” like Dogecoin endorsed by Elon Musk, bitcoin appears to be the winner. clear win in this week’s spike.
First Block Capital’s Marc van der Chijs told The Post, this could be an indication that the latest round of crypto buyers plans to use bitcoin to make day-to-day transactions, rather than buy bitcoin. an investment.
“I really want to use crypto to pay, bitcoin is the cryptocurrency to use,” he said. “You can get a bitcoin credit card or a bitcoin debit card these days.”
Some online retailers also accept bitcoin, and a small but growing number of ATMs around the world allow users to convert bitcoins to cash on demand.
As Russian ruble tanks and Western banking sanctions mean some credit and debit cards could stop working in Moscow and St.Petersburg, those options could become more attractive to Russians.
Russia is the world’s third largest cryptocurrency miner after the US and Kazakhstan, according to data from University of Cambridge. It is unclear how Western sanctions against the country will affect that industry.
https://nypost.com/2022/03/01/bitcoin-surges-17-percent-amid-russia-ukraine-war/ Bitcoin Rises 17% Amid the Russo-Ukrainian War