The fall in the price of the crypto giant, Bitcoin below the $60,000 level recently has raised market question marks after it was seen to be on a positive track towards higher values.
However, it was shocked by news of a catastrophic 7.0 magnitude earthquake that struck the Kamchatka coast in the Russian Far East on Saturday.
Many cryptocurrency analysts agree that the phenomenon is one of the main causes of Bitcoin's price plunging around 9% since Monday's trading.
In addition, Russian companies are also having difficulty paying overseas suppliers and receiving payments for exported commodities after the US imposed sanctions on foreign banks working with Russia.
Russia will then probably give the Moscow Exchange and St. Petersburg Currency Exchange to create their own crypto platform next year.
The growing support for Bitcoin and crypto in Russia comes as the digital asset is embraced by former US president and 2024 candidate Donald Trump.
Furthermore, the Russian Parliament has approved a bill allowing crypto-mining and a framework to allow the testing of digital tokens in cross-border payments under the supervision of the central bank starting in July.
Russia's adoption of cryptocurrencies began to be reviewed for effectiveness after the Kremlin imposed a blanket ban on it in 2022.
