Cryptocurrency market trending lower as Russia-Ukraine weighs on prices

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Cryptocurrency was trading lower early Monday morning with all of the major coins in the red.

Bitcoin was trading at around $38,340, down 1.63%, while Ethereum and Dogecoin were lower by 4.64% at nearly $2,630 and 12.4 cents, down 1.36%, respectively, Coindesk reported.

Washington is considering a novel area for possible further sanctions against Russia: cryptocurrencies.

RUSSIAN BITCOIN AND OTHER CRYPTOCURRENCIES COULD BE PART OF FUTURE SANCTIONS

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.

Cryptocurrency was trading lower early Monday morning with all of the major coins in the red. (iStock / iStock)

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.

In other cryptocurrency news, cryptocurrencies may play a major role in the war between Russia and Ukraine.

Russia could reportedly use crypto to evade Western sanctions, according to NPR.

The sanctions announced by President Biden target Russian financial institutions, especially two of the country's largest banks.

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That hits nearly 80% of the banking assets in Russia, according to Treasury officials.

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