Bitcoin price has seen a sharp increase of about 15% in the last 15 hours, reaching $44,000. The cryptocurrency market has also been on the rise, following Bitcoin.
According to CoinGecko, Bitcoin price briefly surpassed $44,000 and then declined slightly to just over $43,000. Bitcoin was trading around $38,000 the previous day. As for equities, the leading indices, the S&P 500, ended Monday’s session lower, with the Dow Jones Industrial Average falling 0.24% and the Dow Jones Industrial Average tumbling 0.49%.
Bitcoin’s price surge came as the conflict between Russia and Ukraine continued. The economic sanctions have taken a dramatic toll on the Russian economy, the Ruble suffered record declines yesterday and fear gripped all Russian citizens.
Some Russian banks have been disconnected from the international payment messaging system SWIFT. There is also pressure on private firms to block transactions involving Russian customers. Remittance company Wise has suspended its services in Russia.
The Ukrainian government has urged crypto exchanges to take similar measures and they are trying to file legal claims. However, cryptocurrency exchanges generally responded negatively to this demand.
Many Altcoins Also Rise
According to Coinecko data, many altcoins have also experienced an increase along with Bitcoin. WAVES, which is in the top 100, has gained 38.2% in the last 24 hours. It was followed by Terra (LUNA) with 23%, NEO with 21.7% and THORChain (RUNE) with 21%. The cryptocurrency with the highest rise in the last 7 days was WAVES with 99%.
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