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Crypto Market Recap: Russia Uses Crypto for Oil, Brazil Eyes Blockchain for BRICS
Bitcoin and Ethereum price update
Bitcoin (BTC) is currently trading at US$83,791, reflecting a 2.24 percent increase over the past 24 hours. The day's trading range has seen a high of US$83,860 and a low of US$79,909.
Bitcoin’s current price performance has been influenced by macroeconomic factors, regulatory developments, and market sentiment. US-China tariffs, US Federal Reserve policies and Trump’s crypto-friendly stance have also been key drivers.
Bitcoin performance, March 14, 2025.
Chart via TradingView.
Ethereum (ETH) is priced at US$1,925.41, marking a 2.3 percent increase over the same period. The cryptocurrency reached an intraday high of US$1,925.41 and a low of US$1,825.98.
Altcoin price update
- Solana (SOL) is currently valued at US$131.30, up 4.72 percent over the past 24 hours. SOL experienced a high of US$131.46 and a low of US$121.14 during Friday's trading session.
- XRP is trading at US$2.34, reflecting a 0.86 percent increase over the past 24 hours. The cryptocurrency recorded an intraday high of US$2.35 and a low of US$2.22.
- Sui (SUI) is priced at US$2.28, showing a 1.79 percent increase over the past 24 hours. It achieved a daily high of US$2.28 and a low of US$2.12.
- Cardano (ADA) is trading at US$0.7336, reflecting a 2.29 percent increase over the past 24 hours. Its highest price on Friday was US$0.7336, with a low of US$0.6922.
Crypto news to know
Russia turns to crypto for oil trade amid sanctions
Russia is increasingly using cryptocurrencies like Bitcoin, Ethereum, and Tether to facilitate oil sales to China and India, as a way to bypass Western sanctions, according to multiple sources familiar with the matter.
While Russia legalized digital currency payments for international trade last year, its role in oil transactions had remained undisclosed until now.
The process involves intermediaries converting payments in yuan and rupees into crypto, which is then transferred to Russian accounts and converted into roubles. This workaround allows Russian companies to receive payments faster and evade restrictions on dollar-based transactions.
While traditional currencies still account for most of Russia’s US$192 billion oil trade, crypto is playing a growing role, particularly in transactions worth tens of millions of dollars monthly.
US authorities have already sanctioned Russian crypto exchange Garantex, which recently suspended services after Tether blocked its wallets. Despite these enforcement actions, analysts believe Russia will continue to expand its use of digital assets in oil trade, especially if Western sanctions remain in place.
Brazil pushes for crypto-based trade among BRICS nations
Brazil, which assumed the rotating presidency of the BRICS economic alliance in January, is prioritizing blockchain-based financial transactions to improve trade efficiency among member nations, local media.
Unlike previous discussions about creating a shared BRICS currency to rival the U.S. dollar, this proposal focuses on using digital assets—especially stablecoins—to streamline cross-border payments.
Stablecoins, which are pegged to traditional currencies, have already gained traction for international transactions, particularly in emerging markets looking to reduce reliance on Western banking systems. By adopting blockchain technology, BRICS nations—Brazil, Russia, India, China, and South Africa—could potentially lower transaction costs and settlement times for imports and exports.
However, this effort faces geopolitical hurdles. U.S. President Donald Trump has warned of imposing a 100% tariff on nations that attempt to undermine the dollar’s role in global trade.
While Brazil’s initiative does not explicitly seek to replace the dollar, its push for blockchain-based financial integration could challenge existing international payment networks in the long run.
Trump's pro-crypto agenda gains momentum with new legislation
Representative Byron Donalds is introducing legislation to solidify President Donald Trump’s recent executive order, which established a national Bitcoin reserve and a digital asset stockpile within the US Treasury.
A report from Bloomberg notes that the bill aims to prevent future administrations from reversing Trump’s crypto-friendly policies, ensuring the government maintains and potentially expands its digital asset holdings.
Trump’s executive order mandates the Treasury and Commerce Departments to develop cost-neutral strategies for acquiring more Bitcoin, without relying on taxpayer funding.
Currently, the US government holds around 200,000 BTC, which the administration sees as a long-term asset with potential value appreciation. The order also prohibits the sale of Bitcoin from the reserve, signaling a commitment to integrating crypto into national financial strategy.
This push comes amid increasing bipartisan interest in cryptocurrency regulation. Lawmakers are advancing a bill outlining stablecoin issuance requirements, including backing with US currency and government securities.
Trump’s support for digital assets marks a major shift in US financial policy, contrasting with previous administrations that took a more cautious or adversarial stance toward crypto.
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Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
