Cryptocurrencies make money as Bitcoin overtakes the Russian Ruble amid the Ukraine crisis.

Bitcoin price rises

As the value of Bitcoin surpasses that of the Russian Ruble, the bulk of cryptocurrencies has seen significant advances.
As Russia’s invasion of Ukraine began its fifth day, cryptocurrencies saw significant rises. According to Indian platform CoinSwitch Kuber, Bitcoin commenced trading with a 10.6 per cent profit at $40,226 (approximately Rs. 30 lakh) on Tuesday, March 1. Bitcoin’s price increase coincided with the highest valued cryptocurrency on international exchanges. Bitcoin is trading at a higher value outside of India than in India, which is an uncommon occurrence. Bitcoin prices are hovering at $43,024 (about Rs. 32.4 lakh) on worldwide exchanges such as CoinMarketCap and Binance, with more than 13% advances.
In the aftermath of several sanctions imposed on Russia for waging war against its neighbour, Ukraine, the value of Bitcoin has officially surpassed that of the Russian Ruble.
The Ruble has dropped by nearly 25% and is now trading below $1. (roughly Rs. 75). RUB 1 is currently equal to $0.0096. (roughly Rs. 0.72). This is a new low for the Ruble, one of the world’s oldest currencies. People are allegedly trading Rubles for store-of-value’ digital assets like Bitcoin.
The bulk of other cryptocurrencies is also benefiting from this development.
According to Gadgets 360’s crypto price tracker, ether opened with an 8.64 per cent gain, trading at $3,012 (roughly Rs. 2.25 lakh). ETH is currently trading at over $2,908 (nearly Rs. 2 lakh) on international markets, with gains topping 11%.
Binance Coin, Ripple, Terra, Cardano, Solana, and Polkadot all saw price increases of up to 20%.
Dogecoin and Shiba Inu also managed to claw their way back up the price chart ladder after suffering consecutive losses throughout the previous week.
In an interview with Gadgets 360, the research team at Indian exchange CoinDCX cautioned investors to exercise prudence in the face of continuous macroeconomic uncertainty and the broader market.


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