According to reports and data stemming from ruble-denominated crypto trading pairs, Russian citizens are flocking toward cryptocurrencies amid the conflict in Ukraine. 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.
Report Highlights Russian Rubles Pouring Into Tether, Data Shows Binance RUB-Denominated Crypto Trading Pairs Spike
24 hours ago, Bitcoin.com News reported on ruble (RUB)-denominated crypto volumes increasing and further investigation shows the trend has continued. 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. A number of other data points show similar findings as ruble trade volume has been rising across the 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 a Russian government study that estimated Russians held 2 trillion rubles ($20 billion) worth of crypto assets.
On March 1, 2022, data from the analytics provider Coin Dance shows weekly Localbitcoins.com trade volume has increased since the week prior. Metrics from coingecko.com shows Binance has the most volume in terms of RUB-denominated crypto trading pairs. USDT/RUB, BTC/RUB, and ETH/RUB trade volume on Binance has moved up the ladder in terms of other trading pairs on the exchange.
In 24 hours Binance recorded $16,871,804 in USDT/RUB trade volume, $5,740,109 in BTC/RUB trades, and $3,429,714 in ether swaps with the ruble. On Tuesday, cryptocompare.com trading pair analytics show the Russian ruble is tether’s (USDT) sixth most traded pair. USDT/RUB trades represent 2.05% of all the tether trades worldwide during the last day.
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.
Tether, Bitcoin, Ethereum Still Trade for a Premium Against Hryvnia Pairs, Localbitcoins Exchange Drops Fees for Ukrainian Users
Additionally, USDT, BTC, and ETH are all still trading for a premium in terms of hryvnia swaps via Kuna exchange. Ukrainian Localbitcoins trade volume has ticked up slightly since the week prior, and BTC is selling for a premium for trades applied to hryvnia on the exchange as well. In a message emailed to Bitcoin.com News, the Localbitcoins.com team has announced that trading fees for Ukrainian traders have been waived.
“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.
19 days ago on February 10, 2022, the Russian ruble was exchanging hands for $0.01334, but RUB has lost 33.09% against the U.S. dollar since then, as it now trades for $0.009047.
Reports note that the Russian economy could soon resemble 1998 when the country needed assistance from the International Monetary Fund (IMF) 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.
Tags in this story
Arcane Research, Binance, Bitcoin, BTC, Charles Archer, Coin Dance, coingecko.com, Crypto Compare, data, Ekin Genç, ETH, Ethereum, Hryvnia Pairs, IMF, Jukka Blomberg, LocalBitcoins, Localbitcoins CMO, metrics, Paul Vigna, RUB-denominated, RUB-denominated trades, RUB/USD, ruble, Ruble Pairs, Russia, Russia Trades, russian ruble, Russian rubles, Stats, Tether, Ukraine, USDT, vice.com, World Bank
What do you think about the recent surge in ruble crypto trade volume during the last few days? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.