On March 5, Bitcoin trading in Ruble denominations pairs saw a higher growth by “magnitude”.
While the overall flows appear to be relatively small, data from blockchain analytics firm Kaiko show that ruble-denominated Bitcoin trading volume rose Saturday to its highest level this year. Meanwhile, the majority of the ruble-denominated crypto trading volume appears to be conducted with the Tether stablecoin, which claims to be backed one-to-one with fiat.
Even with tightening sanctions Russian investors appear to continue to conduct transactions in Bitcoin and other cryptocurrencies.
Ruble denominated Bitcoin trading pairs saw a higher growth by “magnitude” on March 5, according to Kaiko. The average trade size of Bitcoin ruble transaction on Binance hit a 10-month high of roughly $580 on February 24, when Russia invaded Ukraine.
The trading from Russia only counts as a fraction of the total volume of Bitcoin’s globally. Bitcoin’s average daily trading volume varies between…