Bitcoin Soars as Russian Currency Descends

News and Analysis

Following the recent fall in bitcoin price, the cryptocurrency recovered losses during the last 24 hours, and returned to the last week’s indices.

After Mike Hearn’s notorious statements concerning demise of bitcoin, the cryptocurrency abrubply sank, reaching $353.99 on January 16. Even though later on the price managed to rise a bit, it kept around $380 for the whole week.

However, bicoin price started rising as of yesterday. Having surpassed $400, and subsequently $410, it peaked at $425 the other night. However, it dropped a little since then. At the moment of writing, trades at the world’s major cryptocurrency exchanges are being effected at the price around $415.

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Such fluctuations are quite symbolical when it comes to traditional fiat currencies. As exemplified by the last week, cryptocurrency proved more resistant to external factors than several fiat currencies requiring central bank injections to stabilize.

The best example of the latter is certainly Russian ruble. Some may recall the times when a dollar was worth 33 rubles, and the freefalling of ruble at the turn of 2014 when one dollar was worth as much as 70 rubles. Even though eventually ruble managed to recover at around 50 RUR/USD, this January started with yet another fall in its price.

This morning, rouble achieved yet another record having spiked at 85.05 RUB/USD.

However, as for now, no publication or blogger has proclaimed ruble is dead. As for bitcoin, its alleged demise is a popular issue across the media, while in fact any of those assumptions are at least exaggerated.

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