Bitcoin (CRYPTO: BTC) — the world's top cryptocurrency — saw a renaissance in Russia as its trading volume in Russian rubles skyrocketed following heightened international tensions caused by the nation's invasion of Ukraine.
What Happened: Data reported by Coindesk on Monday shows that the volume for Bitcoin trading against the Russian ruble reached a nine-month high as the fiat currency saw its value collapse. As of press time, market data shows that the Russian ruble fell (against the U.S. dollar) from a value of $0.012 reported on Sunday down to its current value of $0.0092 — a 23.33% fall.
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The activity was largely concentrated on the world's top cryptocurrency exchange, Binance. Also, Bitcoin-Ukrainian hryvnia (Ukraine's national currency) volume spiked, but not as significantly as it did at other times in the past.
Similarly, volumes for pairs of stablecoin Tether (CRYPTO: USDT) against the Russian ruble and Ukrainian hryvnia increased significantly — reaching an eight-month high of 1.3 billion rubles on Thursday (nearly $12 million).
BTC Price Action: As of press time, Bitcoin is trading at about $41,570 after seeing its price increase by over 10.3% over the last 24 hours.
Photo: Courtesy of CryptoWallet.com Images on Flickr
