आईसीटी समाचार
Following Russia's incursion into Ukraine last week, Bitcoin rose nearly 10% on Monday and is currently up more than 25% in the previous week, trading above $43,900 Wednesday afternoon. Other cryptocurrencies have risen in value as well. Russians are swapping their quickly depreciating rubles for Bitcoin in order to lessen the impact of international economic sanctions imposed in response to their country's invasion on Ukraine.
Due to the government's restrictions on residents' capacity to make electronic cash transfers, Ukrainians are increasingly resorting to Bitcoin and other cryptocurrencies. They're also purchasing stablecoins, which are backed by the US dollar. Bitcoin has been moving in a similar fashion to other risky assets like technology stocks before to the Russian invasion.
In reaction to increasing inflation, investors anticipate the Federal Reserve to begin hiking interest rates shortly. They transferred money out of riskier assets like Bitcoin and into equities of banks and other companies that do well when interest rates rise. That changed following the invasion, when Western countries retaliated with a series of measures limiting Russia's government and oligarchs' access to financial systems.
These actions have repercussions for Russian nationals, who have been queuing to withdraw money from banks and ATMs. According to Coin Metrics, a blockchain data and analytics organization, Bitcoin trading volume in exchange for both Rubles and Ukrainian Hryvnia has increased in recent days, although it still still accounts for a small portion of overall turnover.
To put it another way, investors are once again seeing Bitcoin and other cryptocurrencies as a suitable location to keep assets. Crypto trade data suggests that recent geopolitical events have "more generally" raised demand for cryptocurrency, which can be moved anywhere and without the need for a third party, according to Kyle Waters, a research analyst at Coin Metrics.
