The bitcoin price rose 1.57% this morning (March 2) to $43,897.89.
While the bitcoin price continues to stand firm, the major U.S. stock markets are weakening. The Dow Jones Index closed on Tuesday (March 1) with a minus of 597 points. Negotiations between Russia and Ukraine have not yet led to an agreement.
- Dow Jones Industrial Average fell 597.65 points or 1.76% to close at 33,294.95 points.
- The S&P 500 was down 67.68 points, or 1.55%, to close at 4,306.26 points.
- The NASDAQ fell 218.94 points, or 1.59%, to close at 13,532.46.
The recent surge in bitcoin prices could be due to Russians flocking to bitcoin, emerging markets fund manager Mark Mobius and founder of Mobius Capital Partners said in an interview with Capital Connection
“I would not be a buyer, but if I was a Russian I would be a buyer. I would say that’s the reason why bitcoin has shown strength now — because the Russians have a way of getting money out, getting their wealth out,”Mark Mobius
The bitcoin price surged 10% on Monday (Feb. 28) after Russian financial institutions, including commercial banks, were hit with international sanctions in response to Russia’s invasion of Ukraine.
Kaiko, a crypto data company, stated that since Russia launched an attack on Ukraine on Thursday, February 24, transactions on Bitcoin exchanges in both rubles and Ukrainian hryvnia reached their highest levels in months.
The Spot Market is Open
Wednesday, March 2, 2022