The cryptocurrency market has been in the green, rising steadily with the sanctions being imposed on Russia. These sanctions also include the crypto market. In a new series of events, the Biden Administration has asked the crypto exchanges to ensure that the Russian investors aren’t escaping the sanctions imposed on them using the digital currencies.
The crypto market has also been surging because the Russian stock market remained closed as the Ruble plummeted because of the sanctions imposed on the country.
On Monday, Bitcoin surged around 15% and went beyond the $44,400 margin, while the weekly surge of the crypto has been 18.24%. The crypto continues to trade at $44,455 at the time of writing. Bitcoin (BTC) had been plunging because of the increased geopolitical tensions.
Ethereum (ETH) too surged around 10% in the last 24 hrs. and trades at $2,938.16, while BNB increased by around 11% in the last 24 hrs and trades at $408.83 at the time of writing. Terra (LUNA) surged 22%, trading at $92.47 and Avalanche (AVAX) increased 15% to $87.16. The dog-face cryptos also surged significantly.
The crypto market surge was also influenced by the announcement coming from Adam Aron, the CEO of AMC Theatres. He said that the company would start accepting Dogecoin and Shibainu for movie ticket bookings from March.
Following the trend, eBay, one of the largest e-commerce marketplaces, has also started considering the acceptance of Bitcoin (BTC), Ethereum (ETH), and Altcoins for payments.
As more companies and businesses aspire to attract the gen-Z, they are looking into the possibilities for accepting cryptocurrency as it has become one of the most popular digital assets for the younger generations.
The Russia-Ukraine war situation and the imposition of sanctions on Russia have made the investors seek out crypto to evade the new sanctions. The Russian economy is receiving a backslash from the entire world.
As the situation progresses, it seems that Bitcoin will soon hit the $45,000 margin.
