Skip to main content

Data Shows Ruble-Denominated BTC Volume Rising, BTC-RUB Prices Jump as High as $46K

Data Shows Ruble-Denominated BTC Volume Rising, BTC-RUB Prices Jump as High as $46K

Amid the conflict in Ukraine with Russia, bitcoin trade volumes tied to Russian ruble pairs have surged in recent days. Metrics recorded by the crypto analytics provider Kaiko indicate that ruble (RUB)-denominated bitcoin volume reached close to 1.5 billion rubles four days ago, on February 24. Data also shows that bitcoin-ruble pairs saw a significant premium on February 28, jumping 16% higher than the global average.

Russian Demand for Bitcoin Surges Causing BTC-RUB Premiums

Statistics show that there’s been a lot of demand for bitcoin (BTC) stemming from Russia during the last 96 hours. It started almost immediately after Russia invaded Ukraine’s borders and while the warfare between the two countries escalated.

Data Shows Ruble-Denominated BTC Volume Rising, BTC-RUB Prices Jump as High as $46K

Data from the crypto analytics provider Kaiko shared with the crypto-journalist Omkar Godbole shows that ruble-denominated BTC trade volume has spiked a great deal. Kaiko’s data showed that ruble-denominated BTC volume tapped a nine-month high reaching nearly 1.5 billion rubles on Thursday.

“The activity was concentrated on Binance,” Kaiko analyst Clara Medalie told the reporter. “Bitcoin-Ukrainian hryvnia volume has also spiked, but not as high as October levels. BTC-UAH only trades on [two] exchanges – Binance and Localbitcoin.com,” Medalie added.

In addition to the BTC-RUB volume increase, bitcoin has seen a premium in contrast to the recorded global average prices. Currently, via Sberbank transfers, Localbitcoins.com traders are selling bitcoin (BTC) for 3.69 million rubles ($39,656) or $1,206 above the current $38,450 global average. Data derived from Coingecko.com indicates that BTC-RUB prices went as high as 4.33 million rubles ($46,453) on Monday.

The all-time high premium was $7,853 higher than the global average on Monday and BTC-RUB premiums are $6,797 lower, but still higher than the global average at the time of writing. Bitcoin.com News reported on February 26 that Kuna, a cryptocurrency exchange that provides trades in hryvnia, has also seen significant premiums and higher trade volumes.

Data from Kuna shows premiums still exist for hryvnia trading pairs with BTC, USDT, and ETH. Kuna recently told the publication Forklog that ruble (RUB) pairs have been closed and data shows there have been zero RUB swaps in the last 48 hours. In terms of the Ukrainian hryvnia (UAH), however, tether (USDT) is trading for $1.10 per unit. BTC-UAH is trading at $42,026 per unit and ETH-UAH is $2,903 per ether.

What do you think about the trading activity taking place in Russia and Ukraine during the wartime conflict? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/TtXq8Z6
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought
Post a Comment
Read more