Crypto: Why bitcoin is booming amid ukraine Crisis??
The crypto market is seeing a boom for the last one week. Where the price of bitcoin touched the figure of 60 lakhs, it came to a halt at about 25 lakhs. At the same time, now it is getting fast again. On Friday, its price was $ 28,91,714, now it is trading at $32,92,741. Within just five days, there has been a huge change in its price. It has increased by about 14 percent in five days. There is a lot of enthusiasm among the investors due to this boom. Let us know why bitcoin is booming amid ukraine Crisis.
Bitcoin boom
Well-known investor Mark Mobius told that due to the boom in bitcoin, people in russia are buying it rapidly. "The Russian people need a way to send money and their wealth out," he said. On monday there was a jump of 10 percent in the price of bitcoin. It is believed that this is accelerating due to the imposition of sanctions on russia by American and other european countries.
Sanctions on Russia
Angered by Russia's attack on ukraine, American and european countries have imposed various sanctions on Russian banks and financial institutions. Because of this, the citizens of russia are not able to send their money to foreign countries. Apart from this, America has also banned the personal wealth of some of the rich of Russia.
Bitcoin is the support of the people of Russia
Mobius told that if there is no bitcoin, then the people of russia will not be able to send money outside. However, amid the ukraine Crisis, investors are being advised to diversify their portfolios. During this time investing in gold will be more beneficial.
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