The Russian ruble has just experienced bitcoin overtaking
According to a recent report by the Central Bank of Russia, the value of the ruble has recently fallen by 65.3 trillion rubles against the U.S. dollar, which equates to a market value of about $629 billion.
This means that Bitcoin's market cap has officially surpassed that of the Russian ruble, which is now worth about $41,000, and Bitcoin's market cap is $780 billion, $100 billion more than it needs to surpass it.
For those unfamiliar, "flippening" is a cryptocurrency term that means the rank of one currency over another ……
The Russian currency is experiencing inflation as the United States and its allies impose sanctions in response to Russia's military invasion of Ukraine. Russia's central bank raised its benchmark interest rate to 20 percent from 9.5 percent on Monday, while the European Commission announced its intention to pull Russian banks out of the SWIFT payment system, Reuters reported.
On the other hand, many residents of Russia and Ukraine appear to have increased trading activity on exchanges, likely due to concerns about the stability of their respective fiat currencies and the use of cryptocurrencies to seek donations for pro-Ukrainian initiatives. According to Cointelegraph, on February 24 (the same day Russian soldiers began their invasion), Ukraine based cryptocurrency exchange Kuna saw a total trading volume of approximately $4.4 million in all tokens in a 24-hour period.
As more and more Russian and Ukrainian citizens choose to invest their cash in something other than their own currency, cryptocurrencies offer a direct and straightforward option for people who are new to digital currencies.
In the past few months, Bitcoin has had a sea change with Tesla and Facebook ……
Amazon represents the ultimate overtaking target with a market cap of $1.56 trillion and Bitcoin just over half that.
Author: Justin DeBeck New York News Desk / Global Cryptocurrency News Breaking Cryptocurrency News