Bitcoin Surges Nearly 4% Following Russia’s Announcement to Accept Bitcoin as Payment Method for Gas

Bitcoin rises above $44,000 again, as the Bitcoin price rose 0.43% today (March 26) to $44,208.13.

Bitcoin’s uptick came after the Dow ended Friday up 153 points. Moreover, oil prices had risen again due to reports of a fire at a Saudi oil facility.

  • The Dow Jones Industrial Average rose 153.3 points, or 0.4%, to close at 34,861.24.
  • The S&P 500 rose 0.5% to 4,543.06 points.
  • The NASDAQ fell 0.2% to 14,169.30 points.

Movements in the Crypto Space

Russia plans to accept Bitcoins as a means of payment for oil and gas exports after being hit with heavy sanctions.

CNBC published on Thursday (March 24) a statement by Pavel Zavalny, the Russian chairman of the Congressional Energy Committee, that Russia is ready to expand payment options for oil and gas exports to friendly countries such as China or Turkey.

Zavalny said Russia was considering using the currency of the buyer’s country or Bitcoin as an alternative.

“When it comes to our ‘friendly’ countries, like China or Turkey, which don’t pressure us, then we have been offering them for a while to switch payments to national currencies, like rubles and yuan. With Turkey, it can be lira and rubles. So there can be a variety of currencies, and that’s a standard practice. If they want Bitcoin, we will trade in Bitcoin.”

Bitcoin has risen nearly 4% in the last 24 hours to around $44,000 shortly after Zavalny’s comments became public.

In addition, Zavalny repeated remarks by President Vladimir Putin, who said Wednesday that the “unfriendly” country would have to pay for gas in rubles. President Putin’s announcement sent gas prices soaring in Europe amid fears that the move could further exacerbate the energy crisis.

The Spot Market is Closed

Saturday, March 26, 2022

Crypto
Updated at
USD
Price

Change

%Change
11.40 BTC44,439.29-482.42-1.07
11.40 ETH3,109.95-72.21-2.27
11.40 LTC124.15-2.54-2.00
11.40 BNB410.77-10.03-2.38
11.40 XRP0.83-0.02-1.80
11.40 ADA1.12-0.01-1.23
11.40 DOT20.56-0.56-2.65
11.40 DOGE0.130.00-3.31
11.40 UNI10.58-0.39-3.56
11.40 LINK15.75-0.65-3.97

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