Cryptocurrencies
Staying Power of Crypto’s Revived Refuge Status Faces Test
- Bitcoin ended last week flat after surging as much as 20%
- Meanwhile, FTX says not easy to use crypto to skirt sanctions
This article is for subscribers only.
The sustainability of cryptocurrencies as a refuge is already facing a test after the digital alternatives to fiat were championed in the wake of Russia’s attack on Ukraine.
After surging as much as 20% at the start of last week and briefly topping $45,000 on speculation that sanctions and a collapsing ruble would drive Russians into cryptocurrencies such as Bitcoin, the original digital token reverted to acting like just another risk asset by Friday. It was trading at about $38,390 as of 6:56 p.m. New York time on Sunday, close to the lowest since Feb. 28.