Trade volumes between the Russian ruble and Tether (USDT) surged yesterday, while trade between the ruble and Bitcoin (BTC) surged yesterday, data obtained by Reuters after the West imposed financial sanctions on Russia’s invasion of Ukraine. Trading was more muted.
Russia’s fiat currency, the ruble, plunged to a record low yesterday and has lost a third of its value so far in 2022 after the West imposed sanctions on Russia, including blocking banks’ access to the SWIFT global payment system.
Meanwhile, data provided by Arcane Research, an Oslo-based digital asset research institute, shows that the denominated trading volume between the ruble and USDT reached $29.4 million, the highest level this year and more than tripling in a week. The market may be affected by this, and Bitcoin has climbed continuously in the past 24 hours, with an intraday increase of 13.62%. As of press time, the quotation is $43,460.