How Russia’s Shift Could Affect Crypto Markets

• The Bloomberg report on Russia’s dollar usage weighs on markets.
• Bitcoin falls 1.2% as $120 billion exits risk assets.
• Analysts debate whether sentiment, not structure, drives BTC.

A report on Russia’s renewed use of the U.S. dollar rattled markets this week. Investors pulled about $120 billion from risk assets as equities and crypto declined. 

A report from Bloomberg suggesting Russia may return to settling trade in U.S. dollars triggered a broad market sell-off. Analysts said the news reignited concerns about global economic alignments and the role of the dollar in international trade.

The news coincided with roughly $120 billion exiting risk assets this week, pushing the TOTAL crypto index back toward pre-election levels. Yesterday, February 12, Bitcoin fell 1.2%, while the S&P 500 dropped 1.57%, marking its sharpest single-day decline in nearly a month.

As of this press time, Bitcoin trades at $66,958, down 0.8% over the past 24 hours and 3.3% on the week. Over the longer term, Bitcoin is down 30% in the past month.

Similarly, Gold, typically seen as a safe haven, lost 3.19% yesterday. Analysts noted that while gold’s decline was significant, the metal has generally remained a defensive asset amid ongoing market uncertainty.

Dollar Strength Could Pressure Risk Assets

The Bloomberg report highlighted a potential strategic shift in Russia’s settlements toward the U.S. dollar. If realized, it could provide a boost to the U.S. Dollar Index (DXY), which has faced prolonged downward pressure over the past year.

A stronger dollar often limits the appeal of risk assets. When the dollar rises, yield-bearing instruments like U.S. Treasury bonds become more attractive, potentially drawing capital away from assets such as Bitcoin, which do not provide direct income.

Bitcoin’s market reaction suggests caution. Accumulation by institutional players has turned negative over the past two days, after three days of consistent inflows. Specifically, Spot Bitcoin exchange-traded funds (ETFs) recorded $410 million in outflows yesterday, following a $276 million outflow the previous day.

Bitcoin Sentiment vs. Structural Support

Other indicators reinforce investor caution. The Coinbase Premium Index, which tracks price differences between U.S. and global exchanges, has not turned bullish since peaking before October’s market crash. Analysts say this reflects continued uncertainty and a lack of strong buying pressure from retail or institutional participants.

Still, accumulation continues among major holders. Binance and Strategy (MSTR) have together acquired more than 42,000 Bitcoin in 2026. These purchases suggest long-term positioning, even as short-term market volatility persists.

Structurally, Bitcoin remains above $60,000. However, near-term price moves appear more responsive to macro developments and sentiment rather than technical trends.

Notably, analysts say sentiment currently plays a larger role than chart patterns in Bitcoin’s price action. The reported dollar-based partnership among major economies could reduce macroeconomic uncertainty and help restore investor confidence. If market sentiment improves, risk appetite could recover, benefiting Bitcoin and other risk assets.

Related: JPMorgan Sees Bitcoin Finding Support at $77,000, Turns Bullish on Crypto for 2026