Bitcoin Soars Again, Despite Russia’s Plan to Block Bitcoin

Russia said on Tuesday it would block access to websites of exchanges that offer cryptocurrency such as Bitcoin. (File photo)

Russia said on Tuesday it would block access to websites of exchanges that offer cryptocurrency such as Bitcoin. (File photo)

Bitcoin prices rallied close to all-time highs on Tuesday as investors shrugged off news that Russia will block access to websites of exchanges that offer cryptocurrencies such as Bitcoin.

On the U.S.-based Bitfinex exchange, Bitcoin rose to $4884.2, up $101.9, or 2.13%. Bitcoin is just shy of its recent peak of $4,969 with a market cap of about $81 billion.

“We cannot stand apart. We cannot give direct and easy access to such dubious instruments for retail (investors)”, First Deputy Governor Sergei Shvetsov said on Tuesday.


Segei’s comments caused a flash crash in Bitcoin as the digital currency fell more than $600 in just a few minutes. However, not every exchange showed the flash-crash, as Bitcoin resumed its rally to session highs.

The sharp rally in Bitcoin comes a month after China clamped down on Bitcoin-related activity, ordering domestic Bitcoin exchanges to cease operations.

In other cryptocurrency news, Bitcoin Cash rose 0.90%, to $315.30, while Ethereum, the second largest cryptocurrency by market cap, added 1.61% to $302.34.

The market cap of both Bitcoin Cash and Ethereum is well below that of Bitcoin at $5.3 billion and $28.81 billion, respectively.

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https://bitcoin.einnews.com/article/409122469/EONxRixot65CBG67?ref=rss&ecode=871_BdBHpeoUKQCh

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