Cryptocurrencies turn positive after Biden introduces new sanctions against Russia

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Cryptocurrencies rose Thursday, erasing sharp losses from earlier in the day, as traders appeared to shake off the Russia-Ukraine crisis.

Bitcoin climbed 1.7% higher to $38,262.21, according to Coin Metrics. Ether gained about 0.2% to trade around $2,631.50.

Early in the day, bitcoin dropped more than 8% to touch $34,702.18, marking its lowest level in a month and falling below a key support level, according to Katie Stockton from Fairlead Strategies. She also said the down move could exhaust itself by the day’s end and give way to two or more weeks of stabilization.

President Joe Biden said in an afternoon press conference that the U.S. will introduce another wave of sanctions against Russia that would limit its ability to do business in dollars, euros, pounds, and yen, in an effort to isolate Moscow from the global economy.