Bitcoin slightly went up after U.S. President Joe Biden announced new sanctions against Russia.

According to a Bloomberg report, during a press conference on Tuesday, Biden said for the first time that he considers Russia's move against two regions of Ukraine as an invasion. Accordingly, he hastened to announce sanctions against Russia.

Biden also said the United States would provide additional supplies and troops to the Baltic states and Poland.

Last week, the largest cryptocurrency by market capitalization dipped below $40,000 for the first time since January 21, leaving traders wondering how Russia's growing military presence in Ukraine will shake up the cryptocurrency market.

So far, bitcoin has not been the hedge against inflation that many hoped for. Fundamental factors will contribute to the long-term rise of bitcoin as the overall tension in Europe subsides.

The prospect of large-scale sanctions against Russia could be a potential boost for bitcoin as Russia looks to the crypto market to avoid potential global punishment.