Why Bitcoin prices are increasing during Ukraine & Russia War 2022

The bitcoin prices increased by 20% in past few week during the war between Ukraine & Russia

Bitcoin made a high of $44412 on 3rd Mar'22 and the entire crypto market cap bounced back to $2 trillion.

One of the major reason for increase in price was owing to war between Ukraine &Russia

The European Countries alongwith US have imposed heavy economic sanctions over Russia for invading Ukraine

US has imposed heavy financial sanctions over 5 major banks of Russia that manage $1 trillion worth of assets

Sanctions have led the Russia's currency Ruble to fall by 30% making it worst collapse in history since September 1998

To counter the sanction and fall in the exchange rate of "Ruble" the central bank of Russia raised deposit rates to 20% from 9%.

Ever since war broke out between Russia & Ukraine the prices of some cryptocurrencies especially Bitcoin have increased.

There is an influx in trading of Bitcoin because lot of entrepreneurs are converting their Ruble deposits into Bitcoin

Even Ukraine is receiving donations in Bitcoins as financial aid to fight the war with Russia from its supporters

Russians hold around $22 Bn worth of crypto assets according to a government report.

Ukraine has received around $33.8 Mn worth of donations in the form of cryptocurrencies so far from its supporters.

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