Users of cryptocurrency exchanges have become more willing to buy bitcoin for rubles. This was influenced by the decision of the Bank of Russia on February 28 to increase the key rate to 20% and the military operation in Ukraine.
The French analytical company Kaiko reports that the volume of trading in the RUB/BTC pair reached a maximum over the past nine months and amounted to 1.5 billion rubles. In the RUB/USDT pair, the situation is similar – the trading volume amounted to 1.3 billion rubles, which is the maximum for eight months.
“Basically, the activity is focused on the Binance cryptocurrency exchange. The pair of bitcoin and the Ukrainian hryvnia also recorded an increase in volume, but not as much as it was in October. At the same time, the UAH/BTC pair is only available on two exchanges – Binance and LocalBitcoin,” said Kaiko analyst Clara Medalie.
Analysts believe that the growth in trading volumes is also associated with the depreciation of the ruble. On February 28, according to the portal Investing.com, the exchange rate of the Russian currency fell to 107 rubles per dollar. Now the dollar/ruble pair is trading at 95.9 rubles. In addition, a sharp increase in the base rate of the Central Bank of the Russian Federation from 9.5% to 20% indicates significant economic problems, so many investors are trying to transfer rubles to more stable assets, such as bitcoin.
Earlier, the Deputy Prime Minister of Ukraine called on cryptocurrency exchanges to freeze the accounts of Russians, and not only politicians, but all citizens in general.
Source: Bits
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
