The Treasury Department imposed new sanctions against Russia's central bank.
ether rose 7.5% to about $2,800, while the virtual currency jumped 9% to above $41,000. The U.S. equity market fell sharply earlier in the day before recovering some of their losses.
Americans would not be able to do business with the Russian central bank and assets within the U.S. would be frozen under the sanctions unveiled by the Biden administration.
The moves show the role that crypt can play in military conflict. The young asset class has never had the chance to show its significance in that environment.
Transactions on the Russian ruble and the Ukrainian hryvnia on centralizedbitcoin exchanges have risen to their highest levels in months.
According to Kaiko, the crisis may be affecting trading behavior by increasing volume for both RUB and UAH trading pairs more quickly than for other pairs.
Michael Rinko said $38,000 is the number to watch.
He said that this is one of the biggest phases. For a good margin, more people bought at $38,000 than at any other level. It's a very important level because it could be support on the way down or resistance on the way up.
He agreed that the conflict is highlighting the importance of borderless and censorship-resistant qualities of bitcoin, but said it isn't why cryptocurrencies outperformed the broader markets Monday.
Rinko said that the move up incryptocurrencies may be reflecting rate hikes getting priced out.
He said that the prices of cryptocurrencies are driven mostly by narrative and not to underestimate the strength of the humanitarian case for bitcoin.
According to Elliptic, the Ukrainian government has raised more than $10 million in donations. Donations to the Ukrainian government and NGOs supporting the military stood at $16.7 million as of Sunday.
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