Bitcoin rally cools as specter of crypto sanctions raised

Bitcoin rally cools as specter of crypto sanctions raised

Bloomberg: Bitcoin was little changed after rallying more than 16% over the past two days as the possibility of expanding sanctions was raised to prevent Russians from using cryptocurrencies to circumvent restrictions.

The largest digital asset fluctuated between gains and losses and traded at around $43,870 as of 1:02 pm in New York. Ether was also little changed, while many altcoins also swung between gains and losses.

After plunging at the onset of the Russian attack on Ukraine, cryptocurrencies had reasserted themselves as a refuge in recent days. That also increased the focus on them as a potential vehicle for getting around sanctions. Members of the European Union and the Group of Seven are working to block Russians from using digital assets to evade monetary sanctions, German Finance Minister Christian Lindner said during a televised interview Wednesday.