Bitcoin Falls Even As Some Russians Turn To Cryptocurrency

Bitcoin fell to $307 overnight and is now hovering at about $311, a move that analysts are attributing to panic selling. At the same time, BTC-to-ruble transactions rose to 230%, from 230 trades in the last 30 day period to 819 trades. This rise in transactions, though minor, mirrors the efforts by account holders in Cyprus in 2013 to move cash out of that haven country after banks there began locking down overseas holdings.

The fall in Bitcoin price – which one analyst estimates will hit $290 before all of this is over – cannot be directly attributed to the Russian turmoil. However, some conspiracy theorists are already seeing the hand of big banking in the mix.
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“Governments and banksters are ready, willing, and able to force their innocent citizens to ride out the fall of the nation’s fiat currency, by hook or crook, until the bitter end,” wrote Evander Smart on Cryptocoinsnews. “They will bar the doors to protect their thiefdom, and any life preservers may end up only used by those who caused the economic turmoil. It’s business, nothing personal.”

Again, on the aggregate there is no clear move by Russians to BTC. However, as we watch the machinations of the market over the next few days it will be interesting to see just how new cryptocurrencies can be used as airbags in extreme economic conditions.