Bitcoin (CRYPTO: BTC) traded below the $39,000 mark as of early Tuesday but continued to touch new all-time highs against the Russian Ruble.

What Happened: Bitcoin was trading in the 4.9 million range against the Russian Ruble at press time early Tuesday, after touching new all-time highs of just above the 5 million ruble mark late Monday, as per data from cryptocurrency exchange Binance.

See Also: How To Buy Bitcoin (BTC)

Why It Matters: Stocks and cryptocurrencies tumbled after the third round of peace talks between Russia and Ukraine ended on Monday with little progress.

Sanctions imposed on Russia by the U.S. and EU have sent the ruble tumbling 38% year-to-date.

Meanwhile, the high demand for Bitcoin after Russia invaded Ukraine has led to the apex cryptocurrency gaining a premium in both countries. Russians have taken to Bitcoin as a hedge against a falling ruble.

It was reported on Monday that Bitcoin has gained a whopping 40% premium on Russian markets, as people in the country increasingly turn to Bitcoin and other cryptocurrencies following the global financial sanctions against Russia.

Price Action: Bitcoin is up 1.5% during the past 24 hours, trading at $38,846.22 at press time.

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