In the midst of Russia-Ukraine conflict, Bitcoin trade volumes linked to Russian ruble pair have risen in recent days. Kaiko crypto analytics provider has revealed that bitcoin volumes in ruble (RUB), denominated, reached almost 1.5 billion rubles just four days prior to February 24. The data also indicates that the bitcoin-ruble pair saw an impressive premium of 16% on February 28. This is in contrast to the global average.
BTC/RUB Premiums Rising as Russian Bitcoin Demand Increases
Statistics show that there’s been a lot of demand for bitcoin (BTC) stemming from Russia during the last 96 hours. It started almost immediately after Russia invaded Ukraine’s borders and while the warfare between the two countries escalated.
Kaiko, a crypto-analytics provider, shared data with Omkar Godbole, revealing that the volume of ruble-denominated BTC trading volumes has risen a lot. Kaiko’s data showed that ruble-denominated BTC volume tapped a nine-month high reaching nearly 1.5 billion rubles on Thursday.
“The activity was concentrated on Binance,” Kaiko analyst Clara Medalie told the reporter. “Bitcoin-Ukrainian hryvnia volume has also spiked, but not as high as October levels. BTC-UAH trades only on [two] exchanges – Binance and Localbitcoin.com,” Medalie added.
Bitcoin prices have risen in comparison to global averages, despite the volume rise of BTC-RUB. Localbitcoins.com sellers are currently offering bitcoin (BTC), for $39.656 ($39.656). This is $1,206 higher than the current global average price of $38,450. Coingecko.com data shows that BTC-RUB price rose to 4.33 million rubles ($46,453) Monday.
BTCRUB premiums were $6,797 higher, however, still more than the global median at the time. The premium for the all-time highest premium was $7853 higher than on Monday. Bitcoin.com News reported February 26th that Kuna, which is a cryptocurrency exchange offering trades in Hryvnia has experienced significant premiums as well as higher volumes.
Kuna’s data indicates that there are still premiums for hryvnia trading pairs using USDT and BTC. Kuna told Forklog recently that the ruble (RUB), pairs had been closed. Data shows that there were no RUB swaps within the past 48 hours. The Ukrainian hryvnia is (UAH) and tether (USDT), are trading at $1.10 each unit. BTC/UAH currently trades for $42,026 per unit, and ETH/UAH at $2903 per ether.
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Images CreditsShutterstock. Pixabay. Wiki Commons. Kaiko. Coingecko.
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