Bitcoin surges more than $5,000 and surpasses $43,000

Bitcoin surges more than $5,000 and surpasses $43,000

The virtual currency market surged on March 1 after the US Treasury imposed new sanctions on the Central Bank of Russia.

At 8:30 a.m on March 1, Bitcoin is up more than 13% to 43.34$1while Ethereum is up more than 9% to $2,926.

The green color spread throughout the virtual currency market, with other coins in the top 10 also making strong gains. Terra is up nearly 20%, Cardano is up 12%, Solana is up 13%, and Avalanche is up 17%.

“Historically, there has been a high correlation between the sell-off in traditional assets and the decline in digital assets,” said Leah Wald. CEO of Valkyrie Funds said. “But now we don’t see that and whether this pattern is permanent.”

New US government sanctions will prevent Americans from doing business with Russia’s central bank and freeze Russian assets in the US.

This move further strengthens the role of cryptocurrencies in the Russia-Ukraine conflict. This fledgling asset class has never had a chance to show its potential.

Since February 24, when the Russian offensive began, transactions in Russian rubles and Ukrainian hryvnias on the Bitcoin exchange have risen to a multi-month high, according to data from the Kaiko company.

“Trading volume in rubles and hryvnia is growing much faster than other pairs like Bitcoin-USD. This shows that the crisis is having a direct impact on trading behavior,” said Kaiko.

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