The Russia Invasion of Ukraine Has Resulted In An Increase in Trading Activity On Cryptocurrency Exchanges.
Russia’s invasion of Ukraine, and the ensuing economic sanctions imposed on the nation, has apparently led in a surge in ruble trading pairs on the cryptocurrency market.
Russian investors are becoming more active on cryptocurrency exchanges. Since the invasion of Ukraine began, the average daily volume of ruble pairings on crypto platform Binance has surged to $35.8 million, up from $11 million earlier.
According to the research, the increase in activity shows crypto exchanges as one of the few channels for Russian residents to trade their rapidly depreciating ruble.
According to an unidentified exchange executive:
“Exchanges that allow onboarding of RUB pairs will see a huge demand, given that is almost the only way to get out of RUB for many (banks shut down fx facilities).“
According to the study, cryptocurrency exchanges provide a haven from financial constraints, with some key operators–including Binance and Coinbase–rejecting demands from the Ukrainian government to impose blanket bans on Russian consumers.
The impact of economic sanctions on the country’s economy is already obvious, with the VanEck Russian ETF losing more than 60% of its value in February and the ruble plunging to less than $0.01 last week.
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