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Crypto: Bitcoin rallies above $41,000 to one-week high as U.S. and allies levy latest sanctions against Russia

Bitcoin has gained about 5.4% over the past 24 hours, trading above $41,000, the highest level in more than a week, as the U.S. and its allies levied a new round of sanctions against Russia in response to Moscow’s invasion of Ukraine.

The cryptocurrency
BTCUSD,
+9.27%

is trading at around $41,181, according to CoinDesk data. Ether gained 1.6% over the past 24 hours, trading at around $2,822.

Bitcoin rallied on Monday as U.S. stocks traded off their worst levels. The Dow Jones Industrial Average
DJIA,
-0.86%

 dropped 0.4%, while the S&P 500
SPX,
-0.65%

 inched about 0.04% lower. The Nasdaq Composite
COMP,
-0.07%

 gained 0.7% after opening lower.

Investors have been closely watching the correlation between bitcoin and the stock market. The crypto has been often trading in tandem with growth stocks during the past few months, challenging perception of bitcoin’s use case among some as a store of value.

The Ukrainian government is reportedly purchasing critical supplies using cryptocurrencies donated to the country, CoinDesk reported. Meanwhile, European Central Bank President Christine Lagarde on Friday called for regulations that prevent Russians to evade sanctions by using digital assets.

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