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Russians and Ukrainians are piling into crypto

Russians and Ukrainians are piling into crypto

In response to the rapid devaluation of the Russian ruble due to multiple factors such as the situation in Russia and Ukraine, Russian investors began to transfer funds to cryptocurrencies.

Ruble-denominated bitcoin transactions surged to nearly 1.5 billion rubles on Thursday, the highest level since May last year , according to data tracked by Paris-based cryptocurrency research firm Kaiko .

“These trades are mostly concentrated on Binance,” Kaiko analyst Clara Medalie said in an email. He also observed a surge in bitcoin versus the Ukrainian fiat hryvnia , but not as high as it did in October. value.

Clara Medalie also pointed out in the email that the trading volume of USDT/ruble and USDT/hryvnia also showed an upward trend.

USDT (Tether) is the world's largest stablecoin by market value. It is pegged to the U.S. dollar and usually maintains a 1:1 margin reserve.

The Russian ruble lost 8% of its value last week and fell another 28% to a record low on Monday , according to data.

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