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Russia reports crypto transactions despite US and European sanctions

Russia

TL;DR Breakdown

• Russian fiat currency trades remain balanced for a while.
• Ukrainians convert local currency to USDT after Russia attack

Upon the increase in intensity of conflicts in Russia and Ukraine, cryptocurrencies are playing a key role in the Russian economy. Despite the sanctions imposed by the US and Europe in Russia, cryptocurrency transactions continue to have the upper hand.

According to Kaikoz, an investigative agency, BTC-RUB trading has been stable as the conflicts between Russia and Ukraine go on.

Trading between BTC-RUB-UAH

Russia

Since the Russians invaded Ukraine, there has been a lot of talk about the local currencies of each country and crypto transactions. On the one hand, this conflict has devalued RU fiat for promoting the attack. Other sources indicate that the Ukrainian UAH has also been affected by the conflict.

However, both fiduciary currencies have lost their value. According to reports, most of the reported transactions between the Russian Ruble and the Ukrainian hryvnia have been within Binance, the most used crypto exchange in the world. Kaiko suggests that people at war have bought USDT to avoid devaluing their currency.

But the agency indicates that whale transactions are used in both territories. They are large crypto investments, but they are divided into several transactions.

Russia will increase crypto trading volume

Kaiko, the research agency closely dealing with RU and Ukraine’s problems, emphasizes that the country led by Vladimir Putin will increase the range of crypto operations. This comes after several countries in Europe and the United States applied sanctions that affected the economy in the country. The ruble fell within days of the first attack on Ukraine, and the figure continues to turn unfavorable.

USDT has not only been one of the most traded stablecoins in recent days on the Binance platform, but this also applies to BUSD trades. Bitcoin also represents a good investment option within the affected countries.

Meanwhile, crypto trading is looking tricky after Bitcoin lost over 11 percent of its value last week. The number one cryptocurrency in the market is trading at $38,000 with a capitalization of over $730 billion.

The latest developments indicate that the NFT market is on the rise after the launch of the new metaverse. All this happens as Russian troops advance in the Ukrainian region.

Carisbel Guaramato

Carisbel Guaramato

An avid content creator for over 4 years, Carisbel spends her time on blogs and technology news. She honed her skills as a social communicator and now finds crypto and blockchain news events worldwide for transmission through Cryptopolitan's neutral and incisive way.

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