- Following the Russian Invasion in Ukraine, the cryptocurrency market witnessed a leviathan sell-off, leading its way to the top again.
- Following the drop in the record Russian ruble, the Central bank of Russia implied an emergency course of actions that involved a major escalation in interest rates.
- As of this writing, Bitcoin was trading at a market value of $43,266.32, bullish by 21.12% in previous 7 days.
Panic Sellers Alert
Following the invasion of Russia in Ukraine, the cryptocurrency market witnessed a mammoth sell-off; however, since then, the crowned currency, Bitcoin (BTC), has made its way above the hill to trade over $44,000, a couple of weeks high.
Bill Miller, a Billionaire investor, discussed Bitcoin’s potential to act as a safe haven for crypto during the span of global unrest, with a news agency. The US investor elaborated that why Russia and other countries that don’t have a non-reserve currency make lean towards Bitcoin for fighting inflation.
Bill Miller stated that, if you are a nation without a non-reserve currency, you make think apart from it which other nations cannot make use of it for threatening the nation, that is immune to inflation or being produced in escalated quantities. This is why he has a bullish vantage over Bitcoin.
The Great Fall Of Russian Ruble
Earlier this week, Vladimir Putin, President of Russia, was scheduled to organize crises meetings with his best economic counsels after the fall of ruble to a legendary low against USD.
On 28th February, Central Bank of Russia also put the interest rates inside escalator, which then spiked to 20%, as researchers now forecasts that Russia is going to witness a contraction in its economy by 5% during this year.
The freshest sanction rounds, which the US, UK, Canada, and EU implemented on Russia, threw the country out from SWIFT, intending to paralyze the assets of Russian Central Bank.
Due to this drop in Russian Ruble-Bitcoin (RUB/BTC), volume spiked to its 9 months peak. Nevertheless, the Ukrainian Hryvnia volume on cryptocurrency market has also marked its record highs as its been vitally affected.
As of this writing, Bitcoin was trading at a market value of $ $43,266.32, bullish by 21.12% in previous 24 hours, and dominating the entire cryptocurrency market by 43.1%.