Major gains in Bitcoin paved the road to recovery for majority cryptocurrencies including Ether, Dogecoin, Shiba Inu, Cardano, and Polkadot among others. Due to fluctuations in fiat currencies, stablecoins are struggling with losses. The Russia-Ukraine war has reached its fifth day and the Russian Ruble has fallen below the mark of $1 (roughly Rs. 75) due to several penalties imposed by other nations.
As Russia’s invasion of Ukraine entered day five, cryptocurrencies managed to bag big gains. On Tuesday, March 1, Bitcoin opened trading with a profit of 10.6 percent at $40,226 (roughly Rs.30 lakh) as per Indian exchange CoinSwitch Kuber. The price uptick for Bitcoin also followed the highest valued cryptocurrency on international exchanges. In fact, Bitcoin is trading at a higher value internationally than in India, which makes for a rare occasion. With gains of over 13 percent, Bitcoin prices are hovering around $43,024 (roughly Rs.32.4 lakh) on global exchanges including CoinMarketCap and Binance. The value of Bitcoin has officially surpassed that of the Russian Ruble in the aftermath of several sanctions levied on Russia for waging war against Ukraine, its neighbour. The Ruble has fallen by around 25 percent and is currently trading below $1 (roughly Rs.
