Latest Bitcoin News: Why Is BTC Price Going Up So Much Today?

Bitcoin (BTC-USD) is rising higher on Tuesday with the latest news being investors in Russia taking out larger stakes in the crypto.

Piles of gold Bitcoin tokens stacked together representing Latest Bitcoin News.

Source: kitti Suwanekkasit / Shutterstock.com

This comes as the war between Russia and Ukraine heats up. The invasion started last week and several countries are placing sanctions on Russia as a result. That includes financial institutions cutting off Russian banks.

The sanctions placed on Russia are playing havoc with its economy. That includes the Russian stock market not performing well, as well as the value of the country’s currency, the Ruble, dropping in value.

With all of this happening, it looks like Russian citizens are shedding the Ruble in favor of BTC. The news isn’t just about Bitcoin as investors are also switching over to Tether (USDT-USD) as well. This is a stablecoin tied to the value of the U.S. Dollar.

With rising Bitcoin prices, today’s news also sees several other cryptos gaining. A few examples are Ethereum (ETH-USD), Dogecoin (DOGE-USD), and Cardano (ADA-USD). That makes sense as cryptos typically rise and fall with BTC.

The latest Bitcoin news resulted in the crypto pushing past the $40,000 barrier and it’s still heading higher. While this is nowhere close to the roughly $68,000 the crypto has reached in the past, it’s a welcome change compared to the about $35,000 it was trading for in January when crypto prices crashed.

BTC is up 7.1% over a 24-hour period as of Tuesday morning.

There’s more crypto news that traders will want to know about below!

We’ve got all the latest crypto news investors need to know about for Tuesday! Among that is what’s happening with Terra (LUNA-USD), the latest happenings for Floki Inu (FLOKI-USD), as well as on XRP (XRP-USD) and the SEC lawsuit. You can learn about all of these matters at the following links!

More Crypto News for Tuesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.


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