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Friday, July 19, 2024

Russian Ruble-USDT Trading Volume Hits a 6-Month High Amid Wagner Mutiny

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The rebellion which Wagner Group (a Russian private military company comprised of mercenaries) led against Putin’s regime seems to have caused an increased interest in trading Ruble against USDT.

According to data presented by Kaiko, the USDT-Russian ruble trading volume has surged to its highest level since December 2022.

  • Apart from revealing serious cracks in Russia’s army and disputes among its divisions, the Wagner mutiny appears to have triggered a greater interest in crypto from Russians.
  • Recent figures displayed that the total daily volume of trades between the nation’s official currency and Tether’s stablecoin – USDT – has soared to a six-month high.
  • It is worth mentioning that the trading volume peaked at over $30 million per day when Russia launched its “special military operation” against Ukraine at the beginning of 2022.

    USDT-RUB Trading Volume, Source: Kaiko

  • Another analysis, presented by CCData, showed that rubble-USDT daily trading volume exploded to almost $15 million on June 24 (one day after the private military organization rebelled against the government of Russia).

    USDT-RUB Trading Volume, Source: CCData

  • This is not the first time that Russians have displayed rising enthusiasm toward the cryptocurrency sector due to some severe issues.
  • Bitcoin trading volumes against the ruble soared in March last year amid the significant depreciation of the local currency.

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