Russian rubles are now flooding Tether, while crypto pairs are denominated in ruins on the rise on major crypto exchanges.
Between February 20 and 28, the volume of Bitcoin increased by 243%, from 522 to 1,792 BTC traded through Binance’s BTC / RUB combination.
A study by the Russian government claims that the Russians own 2 trillion rubles ($ 20 billion) in cryptocurrencies.
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A rush of crypto couples denominated in ruins
On February 28, a huge jump in the volume of pairing laundry in Binance, especially in USDT, became apparent, with USDTRUB reaching a new all-time record of $ 35 million.
The amount of bitcoin has also increased significantly. These increases in volume could imply that Russians are looking for stable crypto-token prices to gain exposure to the dollar before potential sanctions against Russian crypto-dealers.
On the other hand, the growing volume could be the result of attempts by market makers to get rid of ruble exposure. Due to differences in circumstances, Ukrainians are looking for crypto exposure in these uncertain times.
About SWIFT and Russian reserves
According to financial commentator Charles Archer, Russia’s cut-off from the international SWIFT payment network “has made worthless Russia’s $ 630 billion reserves, which are primarily held in foreign currency.”
Furthermore, when it comes to substitutions in the Ukrainian hryvnia, USDT, BTC and ETH are still traded at a premium on the stock exchange in kuna.
The volume of business on the Ukrainian local bitcoin exchange has increased slightly compared to the previous week, and BTC is now being sold for a premium in the hryvnia trade.
Total crypto market cap at $1.894 trillion in the daily chart | Source: TradingView.com
Swap USDT / RUB
In the last 24 hours, Binance recorded a total volume of 16,871,804 USDT / RUB of trade, 5,740,109 USD of BTC / RUB and 3,429,714 dollars of ether exchange with the ruble.
The Russian currency is Tether’s (USDT) sixth most traded pair, according to analytics of cryptocompare.com trading pairs on Tuesday.
USDT / RUB trades accounted for 2.05% of global teter trading during the previous day.
Tether (USDT) has a present value of $ 1,0004 with an increase of 0.0137% over 24 hours. It has a market capitalization of $ 79.475 billion, with a supply of approximately $ 79.442 billion in circulation at the time of writing.
Ruble / BTC trading on the rise
The amount of bitcoin in rubles (RUB) reached approximately 1.5 billion rubles on Thursday, according to data collected by Kaiko, a cryptocurrency research firm based in Paris.
The volume of trade between the Russian ruble and bitcoin reached a nine-month high as the fiat currency in the country fell to new lows after the invasion of Ukraine.
Meanwhile, the volume of trade in teter-ruble and tether-hryvnia showed similar patterns.
According to Bloomberg, the Russian currency fell more than 8% to 90 rubles for the US dollar last week and lost another 28% on Wednesday morning, reaching a new low of 118 for the dollar.
Featured image from The Independent, chart from TradingView.com