[Bitcoin Now] Cryptocurrency Sanctions Proposal Causes Price Rally to Stall... Trading Volume Down 10%

[Image source=Yonhap News]

[Asia Economy Reporter Lee Jung-yoon] As Russians began to buy in large quantities, the price of Bitcoin, a representative cryptocurrency that had been soaring, is now stalling.

According to the cryptocurrency market tracking site CoinMarketCap, as of 8:13 a.m. on the 3rd, the price of Bitcoin was trading at $44,081 (approximately 53.23 million KRW), up 0.12% from the previous day.

Previously, Bitcoin prices had been weak due to the Ukraine crisis, but surged about 15% on the 1st of this month as Russians began buying amid the collapse of the Russian ruble's value. The United States and Western European countries decided to exclude Russia from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) payment network, causing the ruble's value to drop by about 30%.

On this day, Bitcoin prices appeared to be influenced by news that measures including actions on cryptocurrencies are being considered as part of sanctions against Russia. The Group of Seven (G7) announced on the 2nd (local time) that they are working on blocking individuals and companies targeted by sanctions related to the Ukraine crisis from using cryptocurrencies. Additionally, the European Union (EU) is also preparing related measures. Christian Lindner, Germany's Finance Minister and chair of the G7, stated, "We must establish measures to prevent sanctioned individuals and institutions from circumventing regulations by using unregulated crypto assets."

As the upward trend in Bitcoin prices faltered, trading volume also decreased. According to CoinMarketCap, as of 8:11 a.m. on the same day, Bitcoin trading volume recorded $29.42978 billion (approximately 35.5365 trillion KRW), down 9.8% compared to 24 hours earlier.

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