Bitcoin Price May Hit 50K Dollars Amid Russia And Ukraine War

Due to the Russian invasion of Ukraine, Bitcoin became a safe haven for people who live in countries affected by conflict. Its decentralized nature makes it an alternative to banks and other financial institutions. Since the invasion started, the inter-day transaction volume has increased by 259%, reaching almost 1.3 billion rubles. In Ukraine, the daily volume of cryptocurrency trading has tripled. Kuna, a leading exchange in Ukraine, reported that it handled about 150 million hryvnias worth of transactions.

Experts believe that the rise of Bitcoin as a value transfer option is being influenced by the situation in Eastern Europe and the sanctions against Russia. For instance, Bitcoin is not subject to the government’s regulations. It could be used by Russia to move its value around. Bitcoin has gained 13% since Russia started its invasion of Ukraine. Its price has also increased compared to the US S&P 500 index. According to data from Coinglass, almost $300 million in short positions were liquidated on the day of the Russian invasion.