Tether Trading Volume in Ukraine Rises Again, Russian Volume Down
Trading volume in tether (USDT) using the Ukrainian hryvnia (UAH) fiat currency on crypto exchange Binance continues to see strong growth, reaching a new war-time high on Wednesday this week. Meanwhile, trading volume in both USDT and bitcoin (BTC) using Russian rubles is down significantly since the aggression on Ukraine started.
According to trading data from Binance, which is the only major international exchange that deals with both the Russian ruble and the Ukrainian hryvnia, volume in the USDT/UAH pair saw a significant jump on Wednesday this week, 20 days after the war started.
The 24-hour trading volume in USDT/UAH reached USDT 9.83m on Wednesday, well above the USDT 8.69m seen on February 24, the day Russian forces first attacked Ukraine.
Price and volume of USDT/UAH on Binance:
A slight increase could also be seen in BTC against Ukrainian hryvnia on Wednesday, although the current level remained much lower compared to the peak from the day the war broke out.
At the same time, trading volumes using the Russian ruble have not kept up with the increase seen with the Ukrainian hryvnia.
The USDT/RUB pair on Binance on Wednesday recorded a 24-hour trading volume of USDT 8.61m, well below the war-time high of USDT 37.19m seen on March 7.
Price and volume of USDT/RUB on Binance:
Similarly, demand for BTC among holders of Russian rubles has also fallen significantly.
As of Wednesday, the 24-hour trading volume in Binance’s BTC/RUB pair had fallen to BTC 121, down from the high of BTC 506 seen on March 7.
It is worth noting that March 7 was the day with the largest US dollar move against the Russian ruble so far since the war in Ukraine began. At its peak, the US dollar was up by over 33% against the ruble for the day before
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