Bitcoin trading volumes denominated in the Russian ruble, the country’s fiat currency, have exploded last week after Russian President Vladimir Putin announced a “special military operation” against Ukraine that has been deemed an invasion.
CryptoCompare’s data shows that RUB denominated bitcoin volume jumped to 1.3 billion RUB on February 24, the day Russia’s military operations started, while a similar trend was seen on USDT – RUB trading volumes.
The spike in ruble-based cryptocurrency trading volumes came as economic sanctions hit Russia and the value of its fiat currency plunged more than 40% against the U.S. dollar, its biggest drop since 1998.
Similarly a Ukrainian cryptocurrency exchange, Kuna, saw its trading volume explode after Russia’s invasion was launched. On average the exchange’s trading volume was hovering around 45 million Ukrainian hryvnias (UAH) per day. On the day Russian forces entered Ukraine, its trading volume exploded to 150 million UAH, equivalent to around $5 million.