Trading volumes in Bitcoin using the ruble have risen to their highest level since May, implying that Russians may be moving their money into crypto as the ruble falls to a record low.
Meanwhile, overall trading volumes for Bitcoin and Ether, the second-largest cryptocurrency by market capitalization, have decreased even as their prices have risen in the last month.
Bitcoin was rejected over the weekend sessions, leading to a 7% drop. Meanwhile, several sanctions imposed on Russia have resulted in significant demand for Bitcoin. This comes as Russians seek alternative payment methods after the country’s currency fell by 20% early Monday. Furthermore, residents are not permitted to use foreign coins to complete transactions.
Such developments indicate a profitable environment for Bitcoin and other cryptocurrencies, as well as renewed interest in them. Several Russian citizens will open crypto wallets and purchase Bitcoin. This can increase the initial leg-up to $39,780. For the time being, the Relative Strength Index had more room for profitable moves. In the short term, this, combined with Russia’s acceptance of Bitcoin payments, will cause further increases to $41,756.
The stunning breakthrough can be attributed to the idea that cryptocurrencies could serve as a type of refuge as the conflict in Ukraine escalates. Its allure stems from the fact that cryptocurrencies are not subject to governmental control and thus are not subject to any of their actions. The invasion and sanctions imposed on Russia may drive more ordinary people to invest in cryptocurrency.
