Bitcoin Drops More Than 2% as Russia Turns to China’s UnionPay

The price of Bitcoin has decreased by 2.41% today (March 8) and is hovering at $38,408.31.

Bitcoin moved into negative territory this morning after the Dow Jones closed down 797 points on Monday. Fears are running high that inflation could skyrocket due to the sanctions imposed on Russia.

  • The Dow Jones Industrial Average fell 797.42 points, or 2.37%, to close at 32,817.38.
  • The S&P 500 was down 127.78 points, or 2.95%, to close at 4,201.09.
  • The NASDAQ fell 482.48 points, or 3.62%, at 12,830.96 points.

Movement in the Crypto Space

Russia goes to China’s UnionPay after Mastercard and Visa discontinue their service in Russia.

Yesterday, Visa and Mastercard joined the list of Western financial companies that announced sanctions to stop their services in Russia. In response, the country’s central bank announced that it had switched to the Chinese UnionPay service instead.

The Russian financial system has been subject to severe sanctions by the U.S. and other Western countries several times in the recent past.

This has led to locals turning to digital currency. As a result, the volume of trade has skyrocketed since the beginning of the war. The Russian Central Bank saw another solution to this problem and opted for the Chinese UnionPay system.

Besides, the central bank stated that UnionPay is able to seamlessly integrate with the Russian payment system Mir.

The Spot Market is Open

Tuesday, March 8, 2022

Crypto
Updated at
USD
Price

Change

%Change
10.50 BTC38,603.82+14.17+0.04
10.50 ETH2,540.85-24.73-0.96
10.50 LTC100.20-1.17-1.15
10.50 BNB381.67+3.90+1.03
10.50 XRP0.73-0.01-2.01
10.50 ADA0.81-0.02-2.42
10.50 DOT16.64-0.03-0.18
10.50DOGE0.120.00-1.74
10.50 UNI8.54+0.10+1.13
10.50 LINK12.87-0.34-2.57

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