Ruble-Denominated Bitcoin

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Ruble-Denominated Bitcoin Volume Surges to 9-Month High

The increase comes as the West's sanctions on Russia trigger a flight from the ruble.


Ruble-Denominated Bitcoin Volume Surges to 9-Month High The increase comes as the West's sanctions on Russia trigger a flight from the ruble.

Trading volumes between the Russian ruble and bitcoin increased to a nine-month high as the country's fiat currency plunged to record lows due to the fallout from the invasion of Ukraine.

Data tracked by Kaiko, a Paris-based cryptocurrency research provider, shows that ruble (RUB)-denominated bitcoin volume surged to nearly 1.5 billion RUB on Thursday, hitting its highest level since May.

"The activity was concentrated on Binance," Kaiko research analyst Clara Medalie told CoinDesk in an email. "Bitcoin-Ukrainian hryvnia volume has also spiked, but not as high as October levels. BTC-UAH only trades on 2 exchanges – Binance and LocalBitcoin."

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