The value of bitcoin has officially surpassed the Russian ruble after several sanctions imposed on Russia in the wake of the war.
The ruble has fallen about 25 percent and is currently trading below $1 (approximately Rs.75). Currently the value of RUB 1 is equal to $0.0096 (approximately Rs.0.72). This is a record low for the ruble, one of the oldest currencies in the world. People are reportedly exchanging ruble for a ‘store-of-value’ crypto asset like bitcoin.
Read also: Cryptocurrencies Register Profits as Bitcoin Overtakes Russian Ruble Amid Ukraine Crisis
Most of the Altcoins are also benefiting from this. For example, Gadgets 360’s crypto price tracker suggests that Ether opened with a gain of 8.64 percent, and was trading at $3,012 (approximately Rs 2.25 lakh) as of the time of writing. On international exchanges, ETH gained over 11 percent. It was priced around $2,908 (approximately Rs 2 lakh) on the global exchange.
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Binance Coin, Ripple, Terra, Cardano, Solana and Polkadot also gained up to 20 percent in prices.
Dogecoin and Shiba Inu were also trading at profit today after seeing continuous losses last week.<!–
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