Bitcoin extends gains to three-week high with Russian support

Bitcoin rose on Friday for the fourth straight session, marking three-week highs on track to pierce $45,000 amid spiking demand on the world's most valuable cryptocurrencies, supported by Russia.

Russian officials hinted directly that it could accept Bitcoin as payment for its oil and natural gas exports to friendly countries.

At Bitstamp, Bitcoin rose $672, or 1.5% to $44,698, the highest since March 2, after closing up 2.5% on Thursday following supportive Russian remarks.

Market value for cryptocurrencies rose over $25 billion to a total of $2.02 trillion, the highest since February 10.

Russian officials indicated it'll be more flexible when dealing with friendly countries such as China and Turkey, potentially using the ruble or even bitcoin for its supplies.

Indeed, Russia has been discussing using local currencies for both China and Russia when dealing together, or even using cryptocurrencies, to avoid the dollar.

Russian President Putin announced this week that natural gas supplies to unfriendly countries will only by sold with the ruble.

The western sanctions on Russia included removing Russian banks from the global payment system "SWIFT" to trap its payments across the border.