Bitcoin Jumps to $39,000 after U.S. President Joe Biden Imposes Sanction on Russia

The crypto market led by Bitcoin (BTC) seems to have recovered from the massive dump attributed to Russia’s invasion of Ukraine.

The flagship cryptocurrency made a swift jump to $39,000 from around $35,000 within minutes following the announcement of the sanction imposed on Russia by Joe Biden, the President of the United States.

Joe Biden Imposes Sanction on Russia

Joe Biden said in a press conference Thursday that the United States will block five of the biggest Russian banks and freeze all assets they hold in America, worth over $1 trillion.

Read Also: Russian Invades Ukraine, Ethereum Co-Founder Tweets in Russian: “This is a crime against the Ukrainian and Russian people”

As reported by the Associated Press, the prime minister of the United Kingdom (UK) Boris Johnson also imposed a similar sanction on the same day. The U.K has frozen the assets of all major Russian banks and cut them off from the financial markets of the United Kingdom.

Boris Johnson also seeks to restrict Russian companies and the Russian government from raising money on U.K. markets, a move that was also expressed by Biden during his press conference.

According to Biden, although there have been several reports about the possibility of ejecting Russia from the international payment system Swift, there are no plans to go that far at the moment. However, Biden said the United States and G7 leaders have reached a consensus to limit Russia’s ability to do business in dollars, euros, pounds, and yen.

Bitcoin (BTC) Surges to $39,000 after the Sanction Was Imposed

After the U.S. President imposed the sanction on Russia, Bitcoin (BTC), the largest cryptocurrency by market cap, which has been struggling since the invasion started regained its surging momentum.

Read Also: Here’s How Crypto Is Bolstering Ukraine’s Defense Effort against Russian Soldiers

The price of Bitcoin spiked to $39,000 in a quick rally after dipping below $35,000 Thursday morning. At the time of filing this report, BTC is trading at $38,131, with a relatively 2% price upsurge in the last 24 hours.

As a report has it, the United States President is also aiming to cut off half of the Russian high-tech imports, in a bid to hurt the country’s access to products and technology.

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