Bloomberg reports that the Biden administration was looking into this as early as the 28th of February (the 4th day of the conflict). When it comes to the sanctions, they did not impact cryptocurrencies at once, but the situation is changing as we speak.Р”Р„ccording to American media, the President of the United States is looking for ways to block the use of cryptocurrencies on Russian soil, as has happened with other payment methods. His views on this can be seen on his official Twitter page.

It is worth mentioning that one of the people behind the Ethereum, Vitalik Buterin, has been actively condemning the war since the beginning of the conflict. It has reached its lowest value in recent times, going from USD 3.1k to USD 2.4k for 1 Ether in a matter of one week before the actual invasion. However, the war break out had its impact on crypto, at least in the early days.Р”В®arly on in the RussiaРІР‚в„ўs invasion, we saw one of the biggest cryptocurrencies - Ethereum - drop significantly. Impact of Sanctions on CryptocurrencyР”Р„s we mentioned briefly in the introduction to this article, the western-imposed sanctions did not directly affect cryptocurrencies initially. Within the next few lines, weРІР‚в„ўll break down key aspects of what could be in the foreseeable near future for the overall crypto market and its investors, as the dramatic conflict in Ukraine keeps going. ItРІР‚в„ўs being reported all over the media that cryptocurrencies are being used as an escape valve for the average Russian who still would like to transact smoothly online. Global payment systems such as VISA also decided to halt their operations in Russia, in an attempt to endorse the financial boycott the country has been suffering.Р”В®ven though some crypto out there crashed as soon as the war broke out in Ukraine, this is still one of the few select areas that have not been directly affected by any sanctions. Throughout this period, Russia, and Belarus on a minor scale, have been both affected by severe financial sanctions imposed by the global community, whoРІР‚в„ўs massively against the war.Р”Р„s a result of these sanctions, lots of local Russian banks have been directly affected, with some of them even removed from Swift. Recently, it was noticed that the main cryptocurrencies fell down, as a direct consequence of the conflict involving Russia and Ukraine. Cryptocurrencies Fall in Price due to Sanctions Against RussiaР”В¬ryptocurrencies have always been extremely volatile, which is even more evident these days.

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