The crypto market capitalization is up by almost $400 billion in several days while reports indicate that Russians have turned to Bitcoin.
Bitcoin went on a tear in the past day or so by surging by more than $6,000 and breaking above $40,000 for the first time since the war between Russia and Ukraine started. Most altcoins marked substantial gains as well, with Ethereum nearing $3,000 and Terra exploding by 20%.It’s safe to say that Russia’s actions to launch a special military operation against Ukraine impacted the cryptocurrency market.
However, when the West said they will not get directly involved in the war, BTC began its rapid recovery and regained all lost value in hours. Moreover, the asset kept climbing and even challenged $40,000 a few days later.
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