Cryptocurrencies
Russian Crypto Trading Continues Even as Sanctions Tighten
- Ruble-denominated Bitcoin trading volume rises, data show
- Most of volume is being done with the Tether stablecoin
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Russian investors appear to continue to conduct transactions in Bitcoin and other cryptocurrencies even with tightening sanctions.
While the overall flows appear to be relatively small, data from blockchain analytics firm Kaiko show that ruble-denominated Bitcoin trading volume rose Saturday to its highest level this year. Meanwhile, the majority of the ruble-denominated crypto trading volume appears to be conducted with the Tether stablecoin, which claims to be backed one-to-one with fiat.