Against the background of the war in Ukraine, on March 7, the price of bitcoin, expressed in the Russian national currency, reached a historical maximum at around 5.03 million rubles.
The currency pair was not traded at this level even in April and November 2021, when digital gold was worth more than $60,000.
BTC/RUB hourly chart on Binance exchange. Data: Trading View.
At the time of writing, against the dollar, the first cryptocurrency is trading near $38,765, according to CoinGecko. Over the past week, the price of the asset has decreased by more than 10%.
According to the analytical company Kaiko, on Saturday, March 5, the trading volume of the BTC/RUB pair reached a record level of 2 billion rubles. The specialists also noted high volumes in the USDT/RUB pair – the value exceeded 2.6 billion rubles, writes Bloomberg.
Data: Bloomberg, Kaiko.
Analysts emphasized that on February 24, after the Russian invasion of Ukraine, the average transaction size in the BTC/RUB pair on the Binance platform reached a ten-month high of $830.
The trade size in the BTC/UAH pair also hit a five-month high above $580. The specialists believe that these data testify to the activity of retail traders.
Data: Kaiko.
Kaiko also noted that USDT volatility increased significantly amid the war, while the USDC peg remained stable.
Data: Kaiko.
Among stablecoins, USDT dominates bitcoin trades on centralized platforms, according to the company. The asset accounted for over 60% of transactions. USDC is mainly used in the DeFi sector, added Kaiko.
Recall that experts doubted Russia’s ability to circumvent sanctions with the help of cryptocurrencies.
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