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Market Wrap: Bitcoin Rises Despite Geopolitical Tensions
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Market Wrap: Bitcoin Rises Despite Geopolitical Tensions

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by Virtuse
2. March 2022
Market Wrap: Bitcoin Rises Despite Geopolitical Tensions

Bitcoin (BTC) and other cryptocurrencies traded higher on Monday, although some analysts remain cautious about geopolitical risks.

Talks between Ukrainian and Russian negotiators could continue over the next few days, although some officials said so far no deal on a cease-fire has been reached, according to the Wall Street Journal

Meanwhile, the U.S. and several European nations have imposed more sanctions on Russia. For example, on Monday, the U.S. Treasury Department prohibited transactions with the Central Bank of Russia and placed sanctions on a key Russian sovereign wealth fund.

In crypto markets, trading volumes between the Russian ruble and bitcoin increased to a nine-month high, according to data tracked by Kaiko. The rise in ruble-denominated bitcoin volume prompted a backlash from one Ukrainian official.

“I’m asking all major crypto exchanges to block addresses of Russian users,” Mykhailo Fedorov, vice prime minister of Ukraine and minister of the country’s digital transformation, tweeted on Sunday. “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.”

 

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