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    Home»Bitcoin»The price of bitcoin denominated in rubles reached an all-time high
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    Bitcoin

    The price of bitcoin denominated in rubles reached an all-time high

    AdministratorBy Administrator08.03.2022No Comments2 Mins Read
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    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.

    The price of bitcoin denominated in rubles reached an all time

    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.

    1646736014 854 The price of bitcoin denominated in rubles reached an all time

    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.

    1646736014 708 The price of bitcoin denominated in rubles reached an all time

    Data: Kaiko.

    Kaiko also noted that USDT volatility increased significantly amid the war, while the USDC peg remained stable.

    1646736014 950 The price of bitcoin denominated in rubles reached an all time

    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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    alltime Bitcoin denominated high Price reached rubles
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