Despite falling to $34,000 just last week, bitcoin is back above $40,000. Meanwhile, as politicians discuss Russia's possible use of cryptocurrencies to evade sanctions, the Eastern superpower is apparently developing a digital world currency.

  • At the time of writing, bitcoin was trading at $40,976 and briefly reached over $41,000 today. That’s less than $38,000 than it was just four hours ago.
  • The price of bitcoin plunged to $34,000 on Thursday after Russia announced a “special military operation” in Ukraine. It quickly rebounded after Biden assured Americans that they would not play a central role in the conflict.
  • Now, according to @zerohedge on Twitter, Bitcoin has broken through the $40,000 resistance level shortly after Russia revealed it was developing “one world one currency” for trade.
  • Earlier this month, Russia began piloting its CBDC program for the digital ruble, although the program mentioned today may be completely different. The price of the ruble is currently very volatile and is now worth less than $0.01.
  • The Central Bank of Russia has shown hostility towards private cryptocurrencies, advocating a ban on their entry into Russia. However, President Putin and the Finance Ministry are more open to things like Bitcoin because it can present advantages in the mining sector.
  • However, not all industry players are involved: a major ethereum mine recently stopped serving its Russian users to show solidarity with Ukraine in the conflict between the countries.
  • Some suspect that Russia may use cryptocurrencies to bypass sanctions and support itself during the war, as Ukraine did. However, no reports of this have emerged yet.
  • This month, the two sides reached an agreement to regulate cryptocurrencies as “currencies” instead of banning them.

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