Russian investors continue to sweep the market as bitcoin trading in ruble terms hits another record high this year!

Russian investors are continuing to buy cryptocurrencies like bitcoin even as markets threaten a crackdown on cryptocurrency trading in Russia.

According to blockchain analytics firm Kaiko, ruble-denominated bitcoin trading volume rose to its highest level this year on Saturday, with the majority of ruble-denominated cryptocurrency transactions taking place through the centralized stablecoin USDT, which claims to be pegged one-to-one to the U.S. dollar.

Kaiko said there was an "order of magnitude" spike in ruble-denominated bitcoin trading volume on March 5.

However, Russian bitcoin trading volume is "very small" compared to the $20 billion to $40 billion in daily global bitcoin trading volume.

Kaiko data shows that on March 5, the total volume of bitcoin traded against the ruble was only $14.2 million.