Ruble – Bitcoin Transactions Reached a Nine-Month High Following the Strong Sanctions of the Western

Ruble is suffering a huge drop in value

As a result of the sanctions placed by the West on Russia, the quantity of ruble-denominated crypto trading volumes has begun to rise.

Trading volumes of the Russian ruble to Bitcoin (RUB/BTC) hit a nine-month high after the country’s fiat currency plummeted to record lows, according to Kaiko.

The Russian currency dropped to an all-time low on February 28 after sanctions were imposed on Russia’s central bank. As investors rushed to transfer their money out of the ruble in anticipation of stricter sanctions, the RUB-denominated Bitcoin volume hit about 1.5 billion RUB on February 24, the highest level since May 2021.

“The activity was concentrated on Binance. Bitcoin-Ukrainian hryvnia volume has also spiked, but not as high as October levels. BTC-UAH only trades on 2 exchanges – Binance and LocalBitcoin,” Kaiko’s research analyst Clara Medalie said.

The West stepped up its targeted sanctions against Russia, with the goal of preventing Russian banks from using the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the worldwide financial communications network.

Furthermore, the European Union has banned any transactions with Russia’s central bank in order to prevent the bank from selling offshore assets to prop up its local banks.

As a result, Russia’s currency has plummeted to a new low, with 1 ruble currently worth $0.0094.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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