Following Russia's incursion into Ukraine last week, Bitcoin rose nearly 10% on Monday and is currently up more than 25% in the previous week, trading above $43,900 Wednesday afternoon. Other cryptocurrencies have risen in value as well. Russians are swapping their quickly depreciating rubles for Bitcoin in order to lessen the impact of international economic sanctions imposed in response to their country's invasion on Ukraine.
Due to the government's restrictions on residents' capacity to make electronic cash transfers, Ukrainians are increasingly resorting to Bitcoin and other cryptocurrencies. They're also purchasing stablecoins, which are backed by the US dollar. Bitcoin has been moving in a similar fashion to other risky assets like technology stocks before to the Russian invasion.
In reaction to increasing inflation, investors anticipate the Federal Reserve to begin hiking interest rates shortly. They transferred money out of riskier assets like...
