The trading volume of the USDT-RUB pair spiked to a 10-month high and outpaced the ruble’s Bitcoin pair as international sanctions against Russia shake local financial stability.
See related article: US asks crypto exchanges to comply with Russian sanctions: report
Fast facts
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The daily trading volume of the BTC-RUB pair surged to over 3 billion RUB over the past few days, according to cryptocurrency data provider Kaiko.
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The spikes in trading volumes reflect a shrinking ruble amid waves of sanctions. The ruble plunged about 30% on Monday against the U.S. dollar, prompting Russia’s central bank to double the interest rates to stabilize its financial markets.
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Russia ordered a ban on its residents to prohibit transferring money outside of the country, effective Tuesday.
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“The restrictions have been quite severe,” Richard Harris, chief executive of Port Shelter Investment Management, told Forkast. “The market will probably take a few days now to try and assess exactly where the currency is going to go and maybe reprice accordingly.”
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Historically neutral nations such as Switzerland and Singapore have announced sanctions against Russia, further limiting the nation and its residents’ financial security.
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