Bitcoin Jumps by 15% as Treasury Imposes Fresh Sanctions on Russia

• The cryptocurrency market rose by more than 15% on Monday evening as Bitcoin broke above the $40,000 psychological barrier to $44,000

• The drastic rise in the cryptocurrency market was triggered by new sanctions that the Treasury Department imposed against Russia’s central bank

• The change in the market also extended to other cryptocurrencies as Ether added 12% and Terra, 21%

The price of cryptocurrencies increased sharply on Monday evening, as Bitcoin added more than 15% to top $44,000. The value of the flagship cryptocurrency briefly breached $44,000, before falling back to over around $43,000, according to data from CoinMarketCap.

The drastic rise means that Bitcoin has added more than 20% in the last week after falling to $35,000. BTC’s jump in value comes at a time of conflict between Russia and Ukraine, with news that a Russian convoy continues to advance towards the capital, Kyiv.

So far the market has been affected by the happenings between both nations, with the latest being the Treasury Department hitting Russia’s central bank with sanctions. The sanction was imposed by the Biden administration on Monday will prevent Americans from doing business with the Russian central bank, and freezing their assets within the U.S.

Read also: 21 Latest Happenings That you Should Know About the Ukrainian Invasion

Since the invasion began on Thursday, there have been more transactions of centralized bitcoin exchanges in both the Russian ruble and the Ukrainian hryvnia, according to data crypto company Kaiko.

Bitcoin is not the sole gainer in this positive market condition. Other assets such as Ethereum, Luna, and XRP have added more than 12%, 21%, and 6% respectively.

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