Bitcoin Holds Steady As US Extends Sanctions Against Russia To Cryptocurrency Mining

Sanctions are being imposed on cryptocurrency mining companies for the first time in history. The US Treasury Department announced that it is taking action against virtual currency mining companies across Russia. This information came out when IMF issued a statement saying, “the Kremlin may employ these activities to avoid compliance with international economic punishment.” In the wake of recent sanctions, cryptocurrencies have been barely affected. Bitcoin consolidated its gains while ‘altcoins’ also performed in green. Related Reading | Crypto Quick Look: BTC Touches $42,000, ETH Notches10-Day Peak For example, Bitcoin is holding at $41,500 – $42,000. On Wednesday, it managed to reach a high since April 11th, above $42,000. But selling pressure rejected the bulls’ advance and failed to confirm the overcoming of this important resistance level. This is crucial for the virtual token par excellence to regain $45,000. Naeem Aslam, head of analysis at AvaTrade, warns that “traders know that Bitcoin has to stay above this critical price level for the’ bulls’ to succeed.” The shortest-term support is now back to $40,000. However, the expert warned that we should be careful. The IMF is in the spotlight because it says that some countries are using cryptocurrencies to avoid sanctions. Countries like Russia and Iran use cryptocurrency to sell their oil and gas. However, there ...