The collapse of the Russian ruble after the latest round of sanctions from the United States and Western Europe could end up benefiting the price of cryptocurrencies.
That’s because the ruble’s fall is a sign that government-backed currencies, which are normally seen as relatively safe, can still be incredibly risky.
Bitcoin prices surged more than 10% on Monday, topping $41,500, their highest level in nearly two weeks.
“Western allies are enforcing tougher sanctions and restrictions on Russian banks and this is making the case for blockchain products that will compete with the Swift network,” Edward Moya, senior market analyst at OANDA, said in a report on Monday. 28).
“Bitcoin and all major altcoins are rallying today as investors realize the likelihood of massive DeFi investments following the latest round of Russian sanctions,” he added.
To that end, the price of ethereum – the second most valuable cryptocurrency in the world after bitcoin – is up by more than 8%, while the currency binance and XRP are up around 7%.
Source: CNN Brasil
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