After the short bearish trend amid the Russia-Ukraine tensions, the crypto market has started to gain ground again. Bitcoin and Ethereum rose by about 1% and 5% respectively during the last week. Many other cryptocurrencies have followed. The popularity and market capitalization of the Metaverse tokens also continues to grow.
Many analysts link the fall and rise of the crypto market to the recent political events and fluctuations of the Russian ruble. When the currency suddenly started to pull back, so did most of the digital assets. Now that the rouble is slowly recovering, cryptocurrencies are shooting up in value again. Last week, Russia claimed that it would only accept rubles and maybe crypto for oil and gas. This statement may have led to the growth of the ruble and the surge in the crypto market.
