Trading volume on the USDT-RUB pair soared to a 10-month high and surpassed the ruble's bitcoin pair as international sanctions against Russia shook local financial stability.

See related article: US asks cryptocurrency exchanges to comply with Russian sanctions: report

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  • According to cryptocurrency data provider Kaiko, the daily trading volume of the BTC-RUB pair has soared to over 3 billion rubles in the past few days.
  • The spike in trading volume reflects the ruble’s devaluation amid a wave of sanctions. The ruble plunged about 30 percent against the dollar on Monday, prompting Russia’s central bank to double interest rates to stabilize its financial markets.
  • Russia ordered a ban on its residents transferring funds abroad, effective Tuesday.
  • “The restrictions are very tight,” Richard Harris, CEO of Port Shelter Investment Management, told Forkast. “The market may now take a few days to try to accurately assess the movement of the currency and may accordingly reprice it.”
  • Historically neutral countries such as Switzerland and Singapore have announced sanctions against Russia, further limiting the financial security of the country and its residents.

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