Die Dynamik auf der Angebotsseite des Bitcoin-Netzwerks zeigt weiterhin, dass die Akzeptanz stark steigt. Es gibt nun mehr Adressen mit einem positiven BTC-Saldo als jemals zuvor.
Ruble-denominated Bitcoin volumes hit 9-month high as ruble plummets
- Ruble-denominated Bitcoin volumes reached a 9-month high as investors fled to safe-haven assets.
- Most of the trading is on cryptocurrency exchange Binance, according to details cited by CoinDesk.
More and more people have looked to buy Bitcoin and other cryptocurrencies across Russia and Ukraine amid the impact of war on local currencies, data shows.
According to data from crypto tracking site Kaiko, ruble and Ukrainian hryvnia-to-crypto volumes have shot up in the past week to multi-month highs.
Per the data, trading volumes denominated in the ruble-bitcoin (BTC-RUB) pair increased sharply to hit levels last seen in April-May 2021.
Ruble-denominated BTC volume soared by 1.5 billion RUB on 24 February, according to Kaiko, just ahead of the weekend’s stiffer sanctions that saw Russian banks cut off from the SWIFT system.
Ruble-denominated BTC volume. Source: Kaiko
Ukraine’s hryvnia-BTC volume also surge
While the ruble saw the most trading volume amid the rush to hedge against the impact of sanctions, investors in Ukraine were equally nervous. Kaiko’s Medalie said that even though still low, the bitcoin-Ukrainian hryvnia (BTC-UAH) pair spiked over the week.
Tether-ruble (RUB-USDT) and tether-hryvnia (UAH-USDT) trading volumes have also increased in respect of the invasion, the data showed.
Most of the rising volumes have been on Binance- and LocalBitcoins- which allows for peer-to-peer Bitcoin exchange.
Falling ruble
The rising volumes are majorly driven by a rush to safe-haven assets by investors spooked by the sanctions and the potential ramifications for the ruble.
Gold, US Treasuries, USD, and the Swiss franc are among the assets to see an uptick in buy-side pressure over the past few days. Bitcoin also soared to highs near $40k over the weekend but continues to face pressure alongside stocks.
Already, sanctions have seen Russia’s ruble fall to new lows of 119 against the dollar, with the Central bank of Russia moving to adopt measures meant to defend the fiat currency from further depreciation and inflation hits.
Among these measures is Monday’s move to raise key interest rates from 9.5% to 20%, and an order to local brokers prohibiting them from providing services to foreigners seeking to sell securities.
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Krieg in der Ukraine: Land akzeptiert nun Spenden in Bitcoin, Ethereum und USDT
Die ukrainische Regierung hat sich an die Krypto-Community auf Twitter gewandt und um Unterstützung für ihre Bürger und Truppen gebeten.
Bitcoin scheitert am Widerstand bei 40.000 US-Dollar: BTC an wichtigem Wendepunkt
Für den Makromarkt zeichnet sich eine dunkle Woche ab. Das Wochenende hat zumindest eine Verschnaufpause geboten.
Highlights Feb 28: Crypto markets lower, healthcare with strong performance amid conflict
The crypto markets were lower this morning, with the majority of top 10 cryptos registering losses over the past 24 hours.
US stocks ended last week higher, despite the Russia-Ukraine conflict causing wild volatility in global markets.
Healthcare stocks, a classic defensive play during uncertain times, performed strongly, with medical device companies Abbott Laboratories (+4.8% last week) and Medtronic (+5.2%) up significantly.
Miners were among the leading performers on the UK100 last week as the Russian invasion of Ukraine caused turmoil in global markets.
Top cryptos
All top 20 coins are in the red with the exception of Solana, which recorded negligible gains. Terra is down around 4% today, but its gains for the week sit at the impressive 42.89%.
It’s also the only top 20 coin in the green for the week apart from Cosmos, which added 4% to its value in the past 7 days.
Bitcoin was down around 2%, trading below $38,000 at time of writing. Ethereum was down around 4%, and Cardano and XRP registered losses of around 1% and 3% respectively.
Top movers
Outside the top 20, 22nd ranking Uniswap is performing excellently. Uniswap Exchange announced it would start filling liquidity for test listing and begin test trading, causing its native token UNI to surge. It was up 8% at the time of writing.
Against the background of a generally bearish market, Arweave is one of the top gainers of the week. Currently trading for just over $31, it gained 12% over the past 7 days and another 8% today.
Other gainers today include Filecoin (+3%), Flow (+3%), Decred (+2%), and Iota, RavenCoin, Celo, and Huobi Token with less than +1%.
At the other end are Convex Finance and THORChain (each -8%) and Harmony, Fantom, and Tezos (each -7%).
Trending
The native token of NuCypher, NU, has gained 25% in the last 24 hours. It is surging on news of its partner NuLink raising $4 million from a number of leading crypto investors, including Coincu Ventures and CypherVenture.
The live Keep Network price today is $0.80 with a 24-hour trading volume of $70.6 million. Keep Network’s privacy token KEEP is up 28% today.
SHIBA TRON is a meme token on BSC referring to Shiba Inu. It claims to offer investors a new DeFi product, where holders get 6% of each transaction. It has gained 1,730% today.
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