[Bitcoin Now] Bitcoin Hoarding Amid Russian Ruble Collapse... Altcoins Also Up ↑

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] Bitcoin prices continue to rise as Russia intensively buys Bitcoin.

According to the cryptocurrency market tracking site CoinMarketCap, as of 11:05 AM on the 2nd, the price of Bitcoin was trading at $43,967 (approximately 52.96 million KRW), up 1.63% from the previous day.

Ethereum also showed an upward trend. As of 11:06 AM on the same day, Ethereum was recorded at $2,933 (approximately 3.53 million KRW) on Upbit, up 0.45% compared to the previous day. Sandbox and Terra were also traded at prices 5.05% and 4.51% higher than the previous day, respectively.

Until the 27th of last month, Bitcoin prices were maintained in the 46 million KRW range. However, after Russia's invasion of Ukraine, the value of the ruble plummeted, and Russians began buying Bitcoin, causing a surge of more than 14% in one day on the 28th. As the United States and Western European countries decided to remove Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network and sanctions against Russia intensified, the ruble's value dropped nearly 30%, and Bitcoin attracted attention as a store of value. If Russia is excluded from SWIFT, which is used by more than 11,000 major banks and financial institutions worldwide, it effectively expels Russia from the international financial network.

Meanwhile, the digital asset Fear & Greed Index by Dunamu, the operator of Upbit, recorded 56.54 at 11:10 AM on the same day, indicating a 'neutral' stage. However, compared to the previous day's 60.86 (greed), it fell by 4.32 due to the price surge. Dunamu's digital asset Fear & Greed Index is divided into stages of 'Extreme Fear (0?20)', 'Fear (20?40)', 'Neutral (40?60)', 'Greed (60?80)', and 'Extreme Greed (80?100)'. The greed direction indicates increased buying interest, while the fear direction indicates a chain reaction of market exits causing price declines.

This content was produced with the assistance of AI translation services.