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Bitcoin Trading Volumes in Russia Reaches Highest Level Since May 2021

Bitcoin Trading Volumes in Russia Reaches Highest Level Since May 2021

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Answer Bitcoin Trading Volumes in Russia Reaches Highest Level Since May 2021

With increasing uncertainty about the future of the Russian financial system, investors are beginning to move towards bitcoin and other digital currencies.

On Thursday, bitcoin volumes denominated in Russian rubles reached the level of 1.5 billion, the highest number in nearly 10 months.

Russian investors are among the largest holders of cryptocurrency in the world.

According to estimates, Russians own approximately 12% of the global cryptocurrency supply.

Due to the recent outbreak of war between Russia and Ukraine, the country’s leading Bitcoin investors have accelerated the movement of cryptocurrencies via blockchain networks.

Data from Kaiko, a leading crypto research and analysis platform, indicates that ruble-denominated cryptocurrency volumes have increased across the market.

Read:Report: Coinbase Might Acquire Turkish Cryptocurrency Exchange, BtcTurk

According to Clara Medali, a research analyst at Kaiko, the trading activity is focused on the cryptocurrency exchange Binance.

Medali told:

Bitcoin and Ukrainian hryvnia trading volumes also increased, but not as high as October levels.

BTC-UAH is only traded on two platforms:

Binance and LocalBitcoin

In the last week, the trading volumes for the USDT/RUB pair reached 1.3 billion, which is the highest level in nearly 8 months.

Bitcoin price:

While Bitcoin has taken a major hit due to the recent conflict between Russia and Ukraine, the activity of its overall network has presented a mixed picture.

On February 28, 2022, non-zero Bitcoin addresses reached an all-time high of 40 million.

This bitcoin trading also rose.

According to the “Santiment” platform:

Bitcoin trading reached a 9-month high, revealing just how attractive it is to wartime traders.

This surge in trading was similar to Black Thursday in March 2020, as cryptocurrency traders sold their cryptocurrencies after the coronavirus pandemic was announced.

Currently, Bitcoin is still holding its price level of $38,000 with a total market capitalization of over $700 billion.

Read:MasterCard CEO: These are the reasons for our withdrawal from the “Facebook” digital currency project

Read also:

The co-founder of “Steam” explains the reason for stopping the acceptance of Bitcoin as a payment method!

Ukraine’s deputy prime minister asks crypto exchanges to stop serving Russian users


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