Bitcoin rises sharply in value | Financial

Bitcoin has gained about 17% in value in the past 24 hours, according to CoinMarketCap, which tracks the prices of digital coins. The value of most crypto coins fell sharply last week after the Russian invasion of Ukraine, but recovered quickly. The digital currency has been seen by proponents for years as a safe haven in turbulent times, as a kind of ‘digital gold’.

Sanctions

There are also those who think that Russia can use cryptocurrencies to evade Western sanctions. Binance, the largest crypto exchange in the world, is blocking the accounts of Russians that are on the sanction list. The company is not going to ban all Russians, as the Ukrainians want. Other crypto exchanges are taking similar steps.

Bitcoin is expected to fluctuate wildly for the foreseeable future. The cryptocurrency was worth less than $35,000 last week. In November, bitcoin hit a record close to $70,000.

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