BlocksInform
The sanctions recently imposed on Russia have attacked its financial systems and isolated it from the rest of the world. In recent days, the russian stock market was closed and the value of the rouble fell by more than 20%. in addition to the sanctions imposed by the rest of the world, president putin has closed the economy yet again by prohibiting residents from sending or receiving money from abroad.
When Ukraine requested 6 crypto exchange giants to block Russian users today, all came forward and declined this request. BINANCE declared that they had no intention of applying sanctions during kucoin, highlighting the detachment of crypto platforms from ongoing political quarrels. said:
'As a neutral platform, we will not freeze user accounts in any country without a statutory requirement. And in these challenging times, we must not encourage actions that could increase tension to affect the rights of innocent people."
All these developments pushed Russian citizens towards Bitcoin in an effort to both cover up their losses due to falling Ruble and bypass international money transfer restrictions.
As a result, Bitcoin has shown exponential growth over the past 24 hours, increasing 14.2% and reaching 4.735 rubles compared to its lowest at 4.144 rubles. This increase in the last 24 hours has also created an 8.34% increase in Bitcoin prices in USD as well, currently the Bitcoin price at $43,939.
Increasing political tensions and financial isolation of Russia caused the traditional stock market to plummet and cryptocurrency markets have also shown a similar tendency until 24 hours ago. However, while nothing has changed for traditional markets in a day, a sudden increase has been recorded in Bitcoin prices. This contradictory movement in both markets gives a strong signal for the separation of bitcoin from the traditional market.
