Russians are starting to embrace cryptocurrency amid conflict in Ukraine, according to data and reports. Analytical data indicates that the ruble is the sixth most traded pair with tether and tether’s fourth most traded fiat-denominated pair globally excluding two crypto assets.
Russian Rubles pouring into Tether Highlighted in Report, Data shows Binance RUB denominated crypto trading pairs spike
Bitcoin.com News announced that ruble-denominated crypto volumes were increasing 24 hours earlier. Further investigations have shown the trend to continue. According to a report published by vice.com author Ekin Genç, metrics sent to Motherboard from Arcane Research indicate that USDT/RUB trading volume has been surging. There are many other factors. data pointsThese findings are similar to the rising ruble volume across crypto ecosystem.
A report published by the Wall Street Journal reporter, Paul Vigna, shows that between February 20 and 28, bitcoin volume jumped by 243% from 522 bitcoin (BTC) to roughly 1,792 BTC traded via Binance’s BTC/RUB pair. Vigna also highlighted the Russian government’s study which found that Russians had 2 trillion rubles worth of crypto assets ($20 billion).
According to Coin Dance data, the volume of weekly Localbitcoins.com transactions increased from the week before on March 1, 2022. According to coingecko.com, Binance holds the highest volume of RUB-denominated crypto pairs. Binance’s trade volumes in USDT/RUB and BTC/RUB has moved higher than other trading pairs.
Binance recorded USDT/RUB trade volumes of $16,871,804, $5,740,109 and $3,429.714 for ether swaps. On Tuesday, cryptocompare.com trading pair analytics show the Russian ruble is tether’s (USDT) sixth most traded pair. Trades USDT/RUB account for 2.5% of all tether transactions worldwide in the past 24 hours.
Excluding WBNB and HUSD, the ruble is tether’s fourth-largest trading pair globally. As far as bitcoin (BTC) is concerned, data indicates that the ruble is the 21 in terms of BTC’s top trading pairs worldwide. Ruble swaps represent 0.05% of today’s BTC trades and 0.08% of ethereum trades. Data further shows BUSD/RUB trades on March 1, equating to 0.31% of the day’s BUSD swaps.
The Tether, Bitcoin and Ethereum Trades Still for a Premium against Hryvnia pairs, Localbitcoins Drops Fees For Ukrainian Users
BTC and USDT are still being traded at a premium when it comes to hryvnia trades via Kuna exchange. Trade volume for Ukrainian Localbitcoins has increased slightly from the previous week. BTC trades to hryvnia are also selling at a premium. Localbitcoins.com announced in a message sent to Bitcoin.com News that the trading fees have been eliminated for Ukrainian traders.
“Localbitcoins’ core value is freedom,” Jukka Blomberg Localbitcoins’ chief marketing officer wrote. “We understand that Ukraine is facing extremely challenging times right now. For this reason, Localbitcoins has removed all fees from its Ukrainian users,” the CMO added.
On February 10, 2022 the Russian ruble traded for $0.01334, however, RUB lost 33.09% to the U.S. Dollar since that date, and now trades at $0.009047.
According to reports, the Russian economy may soon look like 1998’s when it needed financial assistance from the International Monetary Fund and World Bank. Financial author Charles Archer explains that cutting Russia from the international SWIFT payment network “has left Russia’s $630 billion reserves, stored predominantly in foreign currency, unusable.
You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund.
Let us know your thoughts on the sudden surge in crypto trading volume over the past few days. We’d love to hear your views on the subject.
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