In response to the ruble
In response to the rapid devaluation of the Russian ruble due to multiple factors, including the situation in Russia and Ukraine, Russian investors have started moving their money to cryptocurrencies.
Data tracked by Kaiko, a Paris, France-based cryptocurrency research firm, shows that bitcoin trading volume denominated in rubles has soared to nearly 1.5 billion rubles last Thursday, the highest level since May last year.
Kaiko analyst Clara Medalie said in an email that "these transactions are mainly concentrated in Coinan." In addition, he observed that bitcoin trading volume against the Ukrainian fiat hryvnia also spiked, but did not reach the high values seen in October last year.
In her email, Clara Medalie also noted that the trading volume of both USDT/RUB and USDT/Grivna pairs also showed an upward trend.
USDT (TEDCOIN) is the world's largest stablecoin by market capitalization and is pegged to the U.S. dollar, usually maintaining a 1:1 margin provision.
According to the data, the Russian ruble depreciated by 8% last week and fell another 28% to a new all-time low on Monday of this week.