BTC Jumps Above $38,000 After Biden Addresses Russia-Ukraine Crisis

BTC Back Above $38,000 After Biden's Announcement

Addressing the Russia-Ukraine crisis, President Biden yesterday announced sanctions on four of Russia’s largest banks from the U.S. and western allies while saying they would “limit Russia’s ability to do business in dollars, euros, pounds and yen to be part of the global economy.”

He also confirmed that he will not intervene militarily with Russia unless the Russian troops move to the NATO regions. Infact, he promised to send more forces to Germany to support the NATO alliance along the eastern flank. However, he also made clear that no troops would be sent directly to Ukraine to take part in the conflict.

Bitcoin responded immediately to the news which was trading at $36,300 just before Biden’s announcement, soaring past $39,000 exactly one hour later. At the time of writing, the flagship cryptocurrency currently sits at $38,746.

Could Russia Fight Sanctions Via Crypto?

Sanctions are a powerful weapon for the U.S. as the dollar is the world’s reserve currency and used in payments all over the globe.

Following the fresh sanctions, Russian entities could fight back by using digital currencies to bypass control points from other governments including banning cash transfers from banks.