Bitcoin lost some of its gains, but it ran three days straight.
Bitcoin prices have been rising by over 17% within three days. The coin gained a significant rise, so many people are calling Bitcoin a ‘safe haven’ again.
Bitcoin’s year was quite the rollercoaster ride! The price of Bitcoin was higher six times in seven days, but it is still down over 5% for the year.
Related Reading: Bitcoin Hits $40K Third Time in 2022. What’s Next?| Bitcoin Touches Above $40K For Third Time In 2022, Where Does It Go From Here?
Bruno le Maire (Finance Minister) said that the European Union had announced it would include cryptocurrency in sanctions against Russia. It is likely that the decision will impact crypto markets in a major way and might lead countries like France or Britain to adopt cryptocurrencies as sanctions against Russia. They’re currently looking at cryptocurrency legislation in order to make them legal tender.
Reuters reports that the move is meant to make Russia’s aggression against Ukraine as expensive as possible.
According to Bruno le Maire, deterrents against Russia have been very effective and left the country’s financial system in ruins. The Russian central bank cannot protect its currency, which many people believe will lead it towards another economic downfall like during the 90s ‘ disintegration period’.
European Union to Freeze Russian Central Bank Assets
Moscow has been sanctioned by the European Union for aggression against Ukraine. The 27-nation bloc imposed three packages containing dozens of sanctions against Russia’s leadership and citizens connected with separatists in Eastern Ukraine. Who are fighting government troops loyal to Kyiv; these measures target individuals and businesses such as oil companies that support President Putin’s war effort there.
Russia experiences significant financial losses because of Western sanctions. European Union officials have announced that they are going to freeze assets of Russian central banks and disengage seven banks form the SWIFT financial messaging system.
Read Related Reading| Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say
UN General Assembly Rebukes Russia
The UN General AssemblyRussia was rebuked by the United States for its invasion of Ukraine. It demanded that Russia cease fighting to withdraw military forces from Ukraine. This vote was taken to isolate the Russians at the global body. Leading more nations to follow suit as diplomatic isolation continues against Moscow’s policies in Europe.
The U.N.’s Security Council held an emergency session on Wednesday to pass a resolution on Ukraine after Russia stepped up their airstrikes and bombarded civilians in the attempt to take control of Kherson port from government forces. Support came primarily from Western nations, and the U.N Council was able to achieve the required 141 votes out of 193 total.
The text passed a resolution deploring Russia’s aggression against Ukraine. 1982 was the last emergency session in which the Security Council met.
Featured Image from Pixabay Chart at Tradingview.com