Bitcoin trades near 2022 highs on Russian demand

Bitcoin rose on Tuesday for the third straight session on track to hit 2022 highs on renewed hopes for Russian demand.

The west is on track for a wave of new sanctions on Russia after accusing Moscow of committing war crimes in several Ukrainian cities, which might prompt Russian elites to use bitcoin and other cryptocurrencies for global payments.

At Bitstamp, Bitcoin rose $586.57, or 1.3% to $47,101, with an intraday low at $46,417, after closing up 0.5% on Monday, the second profit in a row.

Bitcoin surged to 2022 highs last week at $48,234 following supportive remarks by some Russian officials, as crypto market value rose $25 billion to a total of $2.17 trillion.

Ukrainian Crisis 

US officials directly accused Russia of committing war crimes in Ukraine after recent reported massacres, with the US organization new sanctions on Russia in cooperation with Europe.

Germany said the west will agree on imposing new sanctions on Russia soon, after Ukraine accused Russia of committing war crimes.

Germany and Italy announced readiness to discuss banks on Russian gas supplies, the first such indication of a move against this vital resource.

Such a move could prompt Russia to accept cryptocurrencies as payment for energy supplies.

Forecasts

Analysts expect  Bitcoin to keep hovering near current levels, trading between $44,500 and $47,000.