Cryptocurrencies' safe-haven properties may be unsustainable amid Russia-Ukraine conflict

However, FTX CEO Sam Bankman-Fried and Brett Harrison, the exchange's U.S. president, said that using cryptocurrencies to bypass sanctions is not that easy.

Moreover, the data seems to confirm this, with Chainalysis data showing that ruble-denominated cryptocurrency transactions totaled just $34.1 million on March 3, which is significantly lower than the recent high of $70.7 million on Feb. 24 and the record level of $158 million on May 20, 2021.

While bitcoin briefly broke away from its usual stock trend for part of the week, some believe the trend may not last. Mike Novogratz, CEO of Galaxy Digital Holdings, warned against assuming that the digital token is becoming an irrelevant asset.