Russia Crisis Hits Headlines: Bitcoin Price Holds Ground Near $31k Mark

Bitcoin has maintained its upward price momentum despite recent events in Russia that have threatened the country’s stability. The flagship digital asset continued to trade near $31,000 despite the uncertainties.

According to BeInCrypto data, BTC increased slightly by 0.34% in the last 24 hours and is now trading at $30,727—inching closer to its over $31,000 peak for the year.

During the past week, the flagship digital asset has seen a new wave of institutional interest, with several traditional financial institutions applying for a Bitcoin spot ETF. This resulted in a more bullish market as traders appeared unconcerned with the events in Russia.

Crypto Markets Unbothered

Other digital assets also appeared unbothered by the events happening in Russia, with the general industry rising by 0.44% to $1.19 trillion, according to CoinMarketCap data.

Ethereum grew by 1.48% to $1916 during the reporting period, while others like XRP, Cardano, Tron, Polkadot, and others also recorded minimal gains.

Meanwhile, this is a stark difference from how the market reacted when Russia invaded Ukraine in 2022. At the time, the crypto market’s value dropped significantly as the uncertainty in the countries impacted traders’ convictions.

Russia Coup?

According to the BBC, Russia experienced a volatile 24 hours after Wagner chief Yevgeny Prigozhin staged an insurrection and almost reached Moscow with his troops in what he called a March for Justice. Wagner is a mercenary group Russia is using to fight its war in Ukraine.

Prigozhin, a former ally of President Vladimir Putin, accused Russian military heads of orchestrating deadly attacks on his men. Before that, he had consistently criticized the military chiefs for failing to supply his mercenaries with sufficient kit and ammunition.

While Prigozhin claimed the march was not a coup, the insurrection had all the markings of one, and President Putin described it as a “stab in the back” that would be met with serious consequences.

Meanwhile, after discussions with the Belarus president, Alexander Lukashenko, the Wagner Chief called off the march about 100 miles to Moscow. Media reports from Russia suggest the Kremlin has dropped criminal charges against Prigozhin and he would leave for Belarus.