Bitcoin jumps back above $40,000 as Russians switch to crypto

Cryptocurrency prices are climbing after Russia’s ruble sank to another record low and Moscow was hit with new sanctions. As of 5:25 a.m. ET on Tuesday, bitcoin had jumped 13% over the last 24 hours to $43,163, according to cryptocurrency tracker CoinDesk. Other cryptocurrencies moved higher, too. Ethereum climbed 10% Tuesday to reach $2,878. Dogecoin rose nearly 6% to about 13 cents apiece. Virtual currencies are traditionally seen as a risky bet, but as conventional assets experience curbs or greater volatility because of geopolitical tensions, some analysts believe they will gain more traction. According to Arcane Research, an Oslo-based cryptocurrency research firm, the trading volume between ruble and cryptocurrencies has spiked in recent days on Binance, one of the world’s biggest cryptocurrency exchanges.

Read more :  Bitcoin jumps back above $40,000 as Russians switch to crypto.

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