An analysis data shows that the ruble is sixth in trade with tether, and fourth globally among fiat-denominated pairs. This excludes two crypto assets.
Report Highlights Russian Rubles Pouring into Tether, Data Shows Binance-Denominated Crypto Trading Pairs Spike
Bitcoin.com News reported that ruble-denominated crypto volumes were increasing 24 hours ago. Further investigation revealed that the trend has continued. A report by vice.com author Ekin Genc shows that USDT/RUB trading volume is on the rise. Other data points also show similar results. The crypto ecosystem has seen a rise in ruble trade volume.
Paul Vigna, Wall Street Journal reporter, published a report showing that bitcoin volume increased by 243% between February 20th and 28th from 522 bitcoins ( Bitcoin to approximately 1,792 traded via Binance’s TTC/RUB pairing. Vigna also mentioned a Russian government study which estimated that Russians owned 2 trillion rubles ($20billion) worth crypto assets.
Data from Coin Dance, an analytics provider, shows that the weekly Localbitcoins.com trading volume has increased over the week before. Metrics shows that Binance has the highest volume of RUB-denominated cryptocurrency trading pairs. USDT/RUB and BTC/RUB have moved up the trading pair ladder on Binance.
Binance registered $16,871,804 /RUB volume trade volume, $5740,109 /RUB trading volumes, and $3,429 7,714 in ether swaps against the ruble. cryptocompare.com pair analytics showed that the Russian ruble was tether’s sixth most traded pair ( USDT). USDT/RUB transactions accounted for 2.05% of all tether trades globally during the last 24 hours.
The ruble, which excludes WBNB/HUSD, is tether’s fourth largest trading pair worldwide. The ruble is 21th in terms of BTC‘s most traded pairs globally, according to data. Ruble swaps account for 0.05% of BTC trades today and 0.08% ethereum trades. Further data shows that BUSD/RUB trades occurred on March 1 and equates to 0.31% daily BUSD swaps.
Tether, Bitcoin and Ethereum Trade for a Premium against Hryvnia Pairs. Localbitcoins Exchange Reduces Fees for Ukrainian Users
USDT and Bitcoin are still trading at a premium for hryvnia Swaps via Kuna exchange. The volume of Ukrainian Localbitcoins trades has increased slightly over the week before. BTC can also be sold for a premium when used to trade on the Kuna exchange for hryvnia. The Localbitcoins.com team announced that there are no trading fees for Ukrainian traders in a message sent to Bitcoin.com News.
Jukka Blomberg Localbitcoins chief marketing officer wrote that “Localbitcoins core value is freedom.” “We are aware that Ukraine is currently facing very difficult times. “This is why Localbitcoins removed all fees from its Ukrainian customers,” said the CMO.
On February 10, 2022 the Russian ruble was trading at $0.01334, but RUB lost 33.09% to the U.S. Dollar since then and now trades at $0.009047.
Reports warn that Russia’s economy may soon look like 1998, when it needed financial assistance from the International Monetary Fund and the World Bank. Charles Archer, a financial author, explains how Russia was removed from the SWIFT international payment network. This has made Russia’s $630 trillion in foreign currency reserves unusable.
