The most popular cryptocurrency (Bitcoin) has equalled the Russian ruble in terms of market capitalisation by Russia’s war with Ukraine.
As Coinmarketcap reports, Bitcoin has moved up two steps in the latest ranking comparing Bitcoin to major fiat currencies appropriating the ruble and Thai baht.
The market capitalisation reported in Bitcoin showed that Bitcoin has a value of 18,990,072 BTC ($779.66 billion), while the Russian Ruble has a market capitalisation of 16,462,964 BTC ($675.90 billion).
This situation makes Bitcoin move to the 14th place of the world’s largest currencies, directly behind the Swiss franc.
The Russian Ruble is falling as a result of a series of sanctions imposed and still being imposed on Russia by European Union countries, as Vladimir Putin continues his invasion of Ukraine. The Russian stock market didn’t open for the third day in a row.
Bitcoin suffered huge losses in the first hours after President Putin announced his invasion of Ukraine, and is now up another 5%, breaking through the $40,000 resistance. On some exchanges, the price of BTC is trading around $41,000.
Cryptocurrencies have been called into action during the war, with many crypto enthusiasts sending donations in BTC to Ukrainian NGOs to support the country during the invasion. At this point, more than $10 million has been raised in BTC alone, and interest in helping is growing.
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02/03/2022 Mr.Advice TEAM