Putin's decision regarding Russian gas ignites the crypto market

Putin's decision regarding Russian gas ignites the crypto market

The largest digital currency, Bitcoin, succeeded in erasing most of its losses during the current year 2022, and it has only 1% left until it erases all the losses of the year.

The Kremlin said Monday that President Vladimir Putin had formally asked the Cabinet, Bank of Russia and Gazprom to take the necessary measures to change the currency of payment for gas supplies to the ruble by March 31.

Bitcoin has now jumped by more than 6% to reach the highest levels of 47 thousand dollars, specifically at the levels of 47,245 thousand dollars, with trading volumes close to 37 billion dollars.

Bitcoin is now trading near its highest levels since early January 2022, while its market value is close to $900 billion, while the rate of dominance in the crypto market has exceeded 42.2%.

Bitcoin, the largest cryptocurrency by market capitalization, is rising by 14% in a week and by 21% in thirty days, while declining within 1% since the beginning of the year.

The market value of the crypto market has now risen to levels of $2.13 trillion, with gains of about $150 billion.

The digital currency market is trading near its highest levels since the beginning of this year, after rising from levels near 1980 billion dollars during Sunday's trading.

During these moments of Monday's trading, the Crypto Fear & Greed Index stands at 60 points, the highest since November 17, 2021, when Bitcoin was near the $50,000 levels.

Russia raised a new slogan, which is Petro Bitcoin, as it is in the process of accepting Bitcoin in exchange for gas and oil, in order to facilitate friendly countries. In return, it will only accept the ruble from unfriendly countries.

"Alternative ways of paying for Russian energy exports instead of in US dollars are being considered, as it will be via rubles or bitcoin," said Pavel Zavalny, head of the Energy Committee of the Russian State Duma.

A few days ago, Ukraine's Ministry of Digital Transformation said that President Vladimir Zelensky had signed a law establishing a legal framework for the country to operate a regulated cryptocurrency market.

Ethereum (ETH/USD) rose during today's trading within 7%, at its highest level since mid-January, to reach levels of $3.3 thousand, while it is still far from the top of the beginning of the year in the range of 11%.

Binance Coin BNB/USD has risen 5%, while it is declining 17% since the beginning of the year, and Ripple XRP has increased within 4% and succeeded in erasing its losses during 2022 to rise by 2.2% since the beginning of the year.

While Cardano and Solana are down 14% and 38% since the beginning of the year and are now up by 5% and 10%.

On the other hand, Terra Luna LUNAt/USD succeeded in rising 4% since the beginning of the year, while it rose during Monday's trading within the range of 4%, reaching levels near 95 dollars.

Avalanche, Polkadot and DOGE/USD decline in 2022 by 20%, 19% and 13% while the coins are now rising by 7%, 10% and 7%, respectively.