Ruble-denominated Bitcoin volume surges to 9-month high

Trading volumes between the Russian ruble and Bitcoin increased to 9-month highs as the country’s fiat currency plunged to record lows due to the fallout from Ukraine invasion.

Data tracked by Kaiko, a Paris-based cryptocurrency research provider, shows that ruble (RUB)-denominated Bitcoin volume surged to nearly 1.5 billion RUB on Thursday, hitting the highest since May. The spike in the ruble-based crypto trading volume came as investors scrambled to move out of the ruble, fearing stricter sanctions from the West.