Quick Take
The USDT/RUB trading pair has seen a significant surge in volume, according to data from The Block.
This uptick reflects the heightened market activity surrounding a turbulent period in Russia. The total daily ruble volume for USDT/RUB hit a year-to-date high, with volumes spiking to nearly $10 million on Aug. 14 and dropping slightly to $6.36 million on the following day.
This surge coincides with the Russian ruble’s decline against the dollar, breaking the 100 mark on August 14. The increase in trading volume for USDT/RUB suggests that investors are turning towards stablecoin markets amidst the economic instability.
This trend was previously flagged by CryptoSlate earlier this summer, noting the potential influence of political uncertainties, including fears of a potential coup in Russia, on the dynamics of crypto trading.
However, it’s critical to consider other factors at play, including global economic indicators and their potential impact on the valuation of the ruble. The relationship between cryptocurrency markets and traditional financial markets continues to evolve, and this development further underlines the intricate interplay between political events and digital asset trading.
The post Russian turmoil fuels unprecedented USDT/RUB trade volume surge appeared first on CryptoSlate.
Source: https://cryptoslate.com/insights/russian-turmoil-fuels-unprecedented-usdt-rub-trade-volume-surge/