Bitcoin In Demand, Bulls Enjoy 9% Surge

Bitcoin surged as much as 9% after a weekend selloff, on anticipation that cryptocurrencies may gain popularity as a result of Russian sanctions. According to TradingView, the crypto market appears to have recovered after weeks of poor performance, with the price of Bitcoin (BTC) rising 14.5 percent in the last week to little over $43,000. At the time of publication, the world’s most popular digital currency was trading at roughly $41,200. Bitcoin Price Surge As Russian Demand Rise According to Marc van der Chijs of First Block Capital, the spike can be explained in part by Russians fleeing the ruble, which has plummeted due to severe US and EU sanctions. On Monday, Van der Chijs said he saw bitcoin trading for up to $46,000 on some Russian markets, a $5,000 premium above its US pricing. Van der Chijs said: “There’s not normally a difference [between the Russian and US price of bitcoin] because there are arbitrage possibilities. That seems to indicate that this urge in bitcoin price is because of Russian buying.” Kaiko, an enterprise market data research firm, noted that Russia’s invasion of Ukraine has resulted in an increase in Bitcoin and stablecoin volume in both nations. Even outlier altcoins and memecoins with more volatility, such as Solana’s SOL, Terra’s LUNA, and Dogecoin, moved higher on Monday. Russians concerned about the currency’s and banking system’s stability may consider bit...