Lagatar24 Desk
Mumbai, March 1: Cryptocurrencies saw significant gains on Tuesday as the Russian military operation in Ukraine began its fifth day.
According to Indian exchange CoinSwitch Kuber, Bitcoin commenced trading with a profit of 10.6% at $40,226 (approximately Rs. 30 lakh).
Bitcoin’s price rose in tandem with the most valuable cryptocurrency on foreign markets. In fact, Bitcoin is currently trading at a higher value outside of India, which is an unusual occurrence. Bitcoin prices are hovering at $43,024 (about Rs. 32.4 lakh) on major exchanges including CoinMarketCap and Binance, with advances of over 13%.
In the backdrop of multiple sanctions imposed on Russia for waging war on its neighbour Ukraine, the value of Bitcoin has officially surpassed that of the Russian Ruble.
Ruble has lost nearly 25% of its value and is now trading below $1. (roughly Rs. 75). RUB 1 is currently equal to $0.0096. (roughly Rs. 0.72). The Ruble, one of the world’s oldest currencies, has reached a new low. People are apparently trading Rubles for crypto assets that serve as “stores of value,” such as Bitcoin.
This development has benefited a large number of other cryptocurrencies as well.
Meanwhile, Ether opened with an 8.64 percent rise, trading at $3,012 (approximately Rs. 2.25 lakh). ETH is currently trading at over $2,908 (around Rs. 2 lakh) on international markets, with advances of over 11%.
Binance Coin, Ripple, Terra, Cardano, Solana, and Polkadot all saw significant price increases of up to 20%.
Following a week of losses, Dogecoin and Shiba Inu managed to climb their way back up the price chart ladder.
Stablecoins like Tether, USD Coin, and Binance USD, on the other hand, have lost value today.
