Bitcoin price surpassed $44.000 for the first time since February 17 as the demand for crypto has increased amid the Russian Ukrainian war.
Related: Ukrainian Politician Asked Crypto Platforms To Ban Russian Users
In the last 24 hours, the price of Bitcoin rose by 14% and currently stands at around $43.300. Ethereum increased by 11%, reaching $2.900. The total global crypto market cap stands at around $1.9 trillion, increasing by 11%.
One of the reasons driving the price is that people have been actively exchanging the Russian Ruble for crypto after sanctions against the country. According to some market analysis, crypto serves as a store of value amid geopolitical and economic uncertainty.
The Ruble fell by about 25%, dropping as low as $0.01 in the same price interval.
Earlier the EU, US, and other countries have decided to cut off Russian banks from the main international payment system, Swift (Society for Worldwide Interbank Financial Telecommunication).