Bitcoin dips to $36.4K as Ukraine move sends Russian ruble to near 6-year low...
Gold outperforms "digital gold" in the wake of geopolitical strife, analysts note, with XAU/USD passing $1,900. Bitcoin (BTC) fell to fresh lows on Feb. 22 as the aftermath of Russia's expected incursion into Ukraine triggered more market woes.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewGold comes to the rescue as Bitcoin waversData from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $36,400 on Bitstamp overnight Tuesday, its lowest since Feb. 3.Volatility had been high as Russian president Vladimir Putin delivered a speech lasting almost an hour on the....
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Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine war. Russian Federation Eyes Digital Ruble for Payments in Trade With China The Central Bank of Russia is gearing up to launch settlements with the digital ruble, the new incarnation of the Russian fiat currency that’s now being tested, as early as 2023. According to a statement by a....
Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports more expensive.” Furthermore, U.S. president Joe Biden continues to blame high gas prices on Vladimir Putin.
Vladimir Putin Says the West’s Sanctions Obviously ‘Did Not Succeed’....
A Russian bank, one of the country’s largest by assets, has conducted a successful trial with digital ruble transactions processed through its mobile app. The state-owned Promsvyazbank was one the institutions placed under Western sanctions earlier this year in connection with Moscow’s actions in Ukraine. Russian Bank Experiments With Digital Ruble Transfers via Mobile Application Promsvyazbank (PSB) is one of the first Russian lenders to join the trials of the central bank digital currency (CBDC) issued by the Bank of Russia. According to a report by the business news....
The Central Bank of Russia reported the country's money supply was 65.3 trillion rubles as of Feb. 1 — roughly $629 billion with the recent drop against the U.S. dollar. After climbing to a price of more than $41,000 on Monday, Bitcoin’s market capitalization has surpassed that of the Russian ruble. According to data from CoinMarketCap, the market cap of Bitcoin (BTC) surged to roughly $780 billion on Monday amid the price rising to $41,391, a 5.7% increase over the last 24 hours. BTC’s market capitalization exceeds the money supply of the Russian ruble, which according to the Central Bank....
Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best-performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.”
Russia’s....