Cryptocurrency was surging early Tuesday morning with both Bitcoin and Ethereum reporting percentage hikes in double digits and Dogecoin up more than 7.25%.
At 4:30 a.m., Bitcoin was trading at around $43,390, up a whopping 13.23%, while Ethereum was worth slightly above $2,900 and Dogecoin at 13.25 cents, respectively, according to Coindesk.
Targeting the country's access to cryptocurrencies, such as Bitcoin and Ethereum, would take sanctions policy into uncharted territory. Blocking transactions would be challenging, since by nature private, digital currencies are designed to exist without borders and for the most part outside the government-regulated financial system.
The Biden administration is in the early stages of exploring the area, with the aim of disrupting economic activity in the country, The Wall Street Journal reported Friday, citing an administration official. Sanctions on Russia's crypto activities would need to be crafted in a way that didn't destroy the broader crypto market, which may make imposing them difficult, the official said.
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