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Bitcoin Surges for Second Day With Crypto in Demand as a Haven

  • Russians potentially moving money into crypto as ruble plunges
  • Trading volumes using ruble surge to highest since May
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Bitcoin Jumps 12% Amid Concern Sanctions May Have Impact
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Bitcoin extended a two-day rally, leading broad-based gains in cryptocurrencies as digital assets reasserted themselves as haven assets -- and emerged as a potential vehicle for getting around sanctions -- amid the intensifying war between Russia and Ukraine.

The largest digital coin by market value rose as much as 8% Tuesday to $44,964 in New York trading hours, with its rally over the past two sessions adding 20% to its market value at one point and its total market capitalization crossing above $840 billion once again. Other cryptocurrencies also advanced, with Ether crossing above $3,000. It also broke above its average price over the last 50 days, typically seen as a bullish development.