Western countries are opposing Russia’s step of invading Ukraine by imposing sanctions on Russian banks. These sanctions may render the Russian economy vulnerable on the global forum. The recent ban on certain Russian banks from the global intercom of banks named SWIFT has impelled Russian Ruble to take a dip. The demand for Russia’s national currency is declining on the international market. The exchange price for $1 has increased by 25 Russian rubles and has become 108 Russian rubles at the beginning of this week.
Initially, when the war broke out bitcoin faced a slump but now it has shown a remarkable recovery of 17%. The largest cryptocurrency token has skyrocketed by 14% in a day. The surge in bitcoin price has coincided with the huge slump in Russian fiat currency to make BTC the 14th most important currency in the world. Bitcoin has come a long way from $35k to $44k within a week.
While the Russian ruble struggles to raise its value by doubling the Bank of Russia’s key rate to 20%. Earlier this key rate was kept at 9.5%. But this step proved to be of little help. The Russian ruble is at the 17th position in the list of top currencies. To step up and replace the Swiss Franc in the 13th position, Bitcoin would need a rise of 52%.
The market cap of BTC is higher than several popular companies of the world like Mastercard, Visa, JP Morgan Chase, Meta, etc. The Crypto market as a whole has exhibited a massive recovery this week. Global events are in favor of the cryptocurrency market right now and the crypto community is celebrating this moment of glory.
