Bitcoin climbs to $41K and flips the Russian ruble

After climbing to more than $41,000 on Monday, Bitcoin’s market cap has surpassed that of the Russian ruble.

According to data from CoinMarketCap, the market cap of Bitcoin (BTC) is increased to about $780 billion on Monday, as the price rises to $41,391, up 5.7% in the past 24 hours. The market capitalization of BTC exceeds the money supply of the Russian ruble, which according to the Central Bank of Russia used to be 65.3 trillion rubles as of February 1 – about $629 billion at the time of publication.

Russian ruble notes. Source: Pexels

The reversal likely occurred as the Russian ruble undergoes inflation amid sanctions imposed by the United States and its allies in response to the military’s invasion of the country’s Ukraine. Reuters reported the central bank on Monday raised its key interest rate from 9.5% to 20% and the European Commission has announced plans to remove Russian banks from the SWIFT payment system.

By contrast, many residents of both Russia and Ukraine appear to have ramped up trading activity on exchanges, possibly due to concerns about the stability of their country’s respective fiat currencies and the use of crypto as a means of soliciting donations for pro-Ukraine causes. Coin-Crypto reported on Feb. 24 — the same day Russian forces launched their attack — that Ukraine-based crypto exchange Kuna had about $4.4 million in total trading volume of all tokens over 24 hours.

Related: Bitcoin flips Tesla and Facebook – Will Amazon be next?

The most recent flipping came more than a year after the price of BTC soared to an all-time high of $48,200 following news that Tesla had purchased a total of $1.5 billion in crypto assets. Bitcoin’s market cap rose to $871 billion, surpassing that of the Russian ruble, which was about $791 billion at the time.

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