Leading cryptocurrency Bitcoin has started the new month with a bang, climbing rapidly from $38k on February 28th to break above $44k on March 1st. The gains have reignited some much-needed positive interest in crypto after weeks of falling prices throughout the last half of February.
Some of the gains could have come as a result of cryptocurrency donations to the Eastern European nation of Ukraine, which has been struggling to fight back against a Russian invasion which began last week. The invasion has resulted in heavy sanctions against Russia from western nations, including requests to crypto exchanges to stop serving Russain politicians. The unrest has also sparked fear of war overflowing into the US and Europe, so investors are likely funneling funds into safe havens like gold and Bitcoin.
The US Treasury Department has issued sanctions against funding Russia that includes cryptocurrencies, and is expected to issue an executive order today formally defining the terms. Russian banks have also been blocked from using the SWIFT international payments system in a coordinated effort with the US, UK and EU.
The gains have been felt across the wider cryptocurrency market, with several other cryptocurrencies enjoying significant gains. Ethereum (ETH) and Cardano (ADA) are both up 13%, Binance Coin (BNB) up 15%, and LUNA, the liquidity toke of stablecoin project Terra, is up a massive 78%.