Amid the conflict between Ukraine and Russia, bitcoin trading volumes tied to Russian ruble pairs have increased in recent days. Measurements recorded by crypto-analytics provider Kaiko indicate that the volume of ruble-denominated bitcoins (RUB) reached almost 1.5 billion rubles four days ago, on February 24. The data also shows that bitcoin-ruble pairs recorded a significant premium on Feb. 28, surging 16% above the global average.
Russian Bitcoin Demand Rises Driving BTC-RUB Bounties
Statistics show that there has been a lot of demand for bitcoin (BTC) from Russia in the last 96 hours. It started almost immediately after Russia invaded Ukraine’s borders and as the war between the two countries escalated.
Data from crypto analytics provider Kaiko shared with crypto journalist Omkar Godbole shows that denominated in rubles BTC the volume of trade has increased significantly. Kaiko’s data showed that rubles BTC the volume hit a nine-month high reaching nearly 1.5 billion rubles on Thursday.
“The activity was focused on Binance,” Kaiko analyst Clara Medalie told the reporter. “Bitcoin-Ukrainian hryvnia volume also increased, but not as high as October levels. BTC-UAH only trades on [two] exchanges – Binance and Localbitcoin.com,” Medalie added.
In addition to the increase in BTC-RUB volume, bitcoin has seen a premium to recorded global average prices. Currently, through Sberbank transfers, traders from Localbitcoins.com sell bitcoins (BTC) for 3.69 million rubles ($39,656) or $1,206 more than the current global average of $38,450. Data derived from Coingecko.com indicates that BTC-RUB prices reached 4.33 million rubles ($46,453) on Monday.
The all-time high premium was $7,853 above the global average on Monday and BTC-RUB premiums are $6,797 lower, but still above the global average at the time of writing. Bitcoin.com News reported on Feb. 26 that Kuna, a cryptocurrency exchange that offers trading in hryvnia, has also seen significant bounties and higher trading volumes.
Kuna Data shows that premiums still exist for hryvnia trading pairs with BTC, USDTand ETH. Kuna recently told the Forklog post that the ruble (RUB) pairs have been closed and the data shows that there has been no RUB trading in the last 48 hours. With regard to the Ukrainian hryvnia (UAH), however, tether (USDT) is trading at $1.10 per unit. BTC-UAH is trading at $42,026 per unit and ETH-UAH at $2,903 per ether.
What do you think of the commercial activity that took place in Russia and Ukraine during the wartime conflict? Let us know what you think about this topic in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons, Kaiko, Coingecko,
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