Russia's ruble just experienced a Bitcoin flippening!
With the recent dip in the value of the ruble versus the dollar, using the Central Bank of Russia's most recent report showing supply of 65.3 trillion rubles, that equates to a market cap around $629 billion.
This means that the market capitalization of Bitcoin has officially surpassed that of the Russian ruble, which is now valued at roughly $41,000 gibing Bitcoin a market capitalization of $780 billion, more than $100 billion more than is required to overtake it.
A 'flippening,' for those unfamiliar, is crypto lingo meaning one currency exceeding the rank of another...
The Russian currency is experiencing inflation as a result of sanctions implemented by the US and its allies in reaction to the country's military invasion of Ukraine. The central bank boosted its benchmark interest rate from 9.5 percent to 20 percent on Monday, according to Reuters, while the European Commission announced intentions to withdraw Russian banks from the SWIFT payment system.
Many inhabitants of Russia and Ukraine, on the other hand, appear to have increased trading activity on exchanges, potentially due to fears about the stability of their respective fiat currencies and the use of crypto to seek donations for pro-Ukraine initiatives. According to Cointelegraph, the Ukraine-based crypto exchange Kuna had around $4.4 million in total trading volume of all tokens over 24 hours on February 24 – the same day Russian soldiers commenced their invasion.
Crypto gives an immediate and straightforward choice for people with a rudimentary understanding of digital money, as more Russian and Ukrainian citizens choose to invest their cash somewhere other than their national currency.
Over the past few months Bitcoin had flippening events with both Tesla and Facebook...
Amazon represents the ultimate flippening target, with a market cap of $1.56 trillion, Bitcoin is barely past the halfway point.
-------
Author: Justin Derbek
New York News Desk / Global Crypto Press
Breaking Crypto News
No comments
Post a Comment