The crypto market somehow managed to bounce back its steep decline without any short-lived blips. Almost all major crypto prices are green, increasing about 11% in a day.
The market nearly collapsed when Russia invaded Ukraine last week. But as soon as all the western countries decided to impose multiple sanctions, the market pushed back.
Bitcoin is currently trading over $43,291 following a 15% increase in value in the last 24 hours. In fact, BTC had its value at $38,000 last morning. Meantime, Ethereum is closing to $3000 as its current value stands at $2902. And the altcoin surged more than 11% in the last 24 hours.
Cardano, Polkadot, Litecoin also surged to different extents within the day. However, the increments are somewhat lower than those of Bitcoin and Ethereum.
The most well-known stablecoin Tether went down by a mere 2.07% during the time.
The total crypto market capitalization also boosted to reach $1.9 trillion in value. Overall trading volume increased by a massive 33.62%, counting nearly $108.99 billion within the period.
Also, the volume of decentralized finance (Defi) made a significant move. Its total trading in the last 24 hours contributes to 15% of the entire crypto volume.
Ukraine raked nearly $20 million in Bitcoin donations to fight against the Russian forces. Ukrainian officials also made requests to the crypto exchange platform to impose banishment on Russian users. However, Coinbase made itself clear about no possible sanction on Russian cryptocurrency clients.
Meanwhile, in Russia, trading of Bitcoin against Ruble also increased significantly. Of course, sanctions from all over the world already hit the Russian currency badly.
Not to mention, citizens are having trouble accessing their accounts in the traditional banking system. The fact is true for Ukraine as well as Russia. And the geopolitical tension happens to skyrocket the crypto trading in these two countries.
Ruble-denominated Bitcoin boomed to a massive $1.5 billion after its invasion. Also, the Tether-Ruble trading managed to reach 1.3 billion Ruble within days.
It implies digital currencies are somewhat more reliable than traditional finance/banking systems during hard times. And it’s yet to know how much Bitcoin and altcoins will gain amidst the Russian invasion.