Cryptos price hits highest level in a week as US and allies impose sanctions

In the past 24 hours, the price of cryptocurrencies has gained 5.4%, the highest level in more than a week, as the US and its allies levied a new round of sanctions against Russia in response to Moscow's invasion of Ukraine.

The BTCUSD is trading at around $41,181, according to CoinDesk. The price of ether rose by 1.6% over the past 24 hours, trading at around $2,822.

The US stock market was trading off their worst levels on Monday, as it rallied. The Dow Jones Industrial Average DJIA dropped 0.4%, while the S&P 500 SPX was about 0.04% lower. After opening lower, the Nasdaq Composite COMP gained 0.7%. The correlation between the stock market and bitcoins has been closely watched by investors. The use case of the virtual currency has been challenged by some as a store of value due to the fact that it has often traded in tandem with growth stocks during the past few months. The Ukrainian government is reportedly purchasing critical supplies using cryptocurrencies donated to the country, according to CoinDesk. On Friday, European Central Bank President Christine Lagarde called for regulations that prevent Russians from using digital assets to avoid sanctions.