During a period of unrest and potential civil war in Russia, many Russians turned to cryptocurrency as a safe haven. On Saturday, as the revolt by the Wagner private army unfolded, trading between the Russian fiat and tether (USDT) surged to almost $15 million in value. This was a significant increase from the previous day, with trades amounting to $4 million. The surge in trading volume could be attributed to market participants seeking a less volatile asset like USDT compared to the ruble. This trend was not observed for Bitcoin volumes. The increase in trading volume was confirmed by another blockchain data firm, Kaiko, which noted that the ruble-denominated tether trading volume is the highest since December 2022. This is a common phenomenon, as individuals in countries experiencing political and economic troubles often turn to cryptocurrencies during crises. For example, demand for tether in Turkey has been high due to record inflation of the Turkish lira. Similarly, during the Russian invasion of Ukraine last year, major cryptocurrencies traded at premiums against the Ukrainian hryvnia.
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