Crypto prices rebound as the Russia-Ukraine war escalates

Bitcoin and other cryptocurrency prices are jumping following a plunge this week in the value of Russia's currency — a sign that Russian investors are shifting their money out of the ruble as economic sanctions against the country for its invasion of Ukraine take hold, according to analysts.

Bitcoin on Wednesday rose to $44,188 after falling as low as $36,370 last week. Other leading cryptos, including Ethereum, Ripple and Solana, were either flat or saw gains of at least 2%.

Investors are "trying to get out of the ruble" after its "drastic devaluation after all the sanctions," Bendik Schei, head of research at Norway-based Arcane Research, told CBS MoneyWatch.