After rising to levels beyond $41,000 on Monday, Bitcoin’s market capitalization has surpassed that of the Russian ruble.
According to data from CoinMarketCap, the market capitalization of Bitcoin (BTC) I know Shooting on Monday at around $780 billion, amid the price surging to $41,391, an increase of 5.7% in the last 24 hours. The market capitalization of BTC exceeds the money supply of the Russian ruble, which according to the Central Bank of Russia, era 65.3 trillion rubles as of February 1, regarding $629 billion at press time.
This was probably caused by the Russian ruble is suffering from inflation amid sanctions imposed by the United States and its allies in response to the country’s invasion of Ukraine. According Archyde.com, the central bank raised its key interest rate from 9.5% to 20% on Monday, and the European Commission has announced plans to withdraw Russian banks of the SWIFT payment system.
On the contrary, many residents of both Russia and Ukraine appear to have driven trading activity on the exchanges, possibly out of concern regarding the stability of their countries’ respective fiat currencies and the use of cryptocurrencies. cryptocurrencies as a means to request donations for pro-Ukrainian causes. Cointelegraph reported on Feb. 24 – the same day Russian forces launched their attack – that Ukrainian cryptocurrency exchange Kuna had a total trading volume of approximately USD 4.4 million in all its tokens during 24 hours.
The “flippening” most recent produced more than a year following BTC price hit an all-time high of $48,200 following the news that Tesla had bought a total of USD 1,500 million in the crypto asset. Bitcoin’s market capitalization rose to $871 billion, surpassing that of the Russian rublewhich was then around USD 791,000 million.
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