Rally in cryptocurrencies continued on Wednesday, as people in Ukraine and Russia were looking to store and move money in anonymous and decentralised crypto.
Bitcoin, the world’s largest virtual currency in terms of market capitalisation, rose by more than 3 percent to trade above $44,500 (Rs33.78 lakh).
Bitcoin has gained since Russia’s invasion of Ukraine. Bitcoin trading denominated in the Russian rouble went into overdrive when the invasion began on Thursday, with daily volumes rising 259 percent from a day earlier to 1.3 billion rouble ($13.1 million), according to data from CryptoCompare.
Meanwhile, crypto exchange Kuna saw its daily trading volume more than treble to 150 million hryvnias ($5 million) in Ukraine.
Bitcoin has witnessed massive volatility this year. The cryptocurrency has hit a low of $32,950.72 on January 24.
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The global crypto market cap increased by 1.10 percent to $1.93 trillion over the past 24 hours, according to CoinMarketCap. The total crypto market volume went up by more than 4 percent to $104.67 billion.
Ether, the world’s second-largest cryptocurrency which is linked to ethereum blockchain, also gained nearly 4 percent to $3,019.82.
Meme crypto Dogecoin was trading nearly 2 percent higher at $0.135, while Shiba Inu gained nearly 4 percent to trade at $0.000027. Solana, which witnessed substantial interest from the crypto traders last year, added nearly 7 percent to trade at $104.42.
A Moneycontrl report citing experts attributed the rising price of Bitcoin to the emergence of crypto as an alternative to the traditional financial system.
The US stock markets tumbled on Tuesday amid tensions over the Russia-Ukraine conflict. Oil prices gained and crossed the $100 mark on concern that there could be supply shortage due to the conflict in the Eastern Europe.
(Edited by : Bivekananda Biswas)
First Published: IST
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