Good day everybody,
Welcome to CryptoGod-1's blog on all things crypto. Back in June a potential coup by the Russian Rebels the Wagner Group managed to cause a 277% spike in trading between USDT and the Russian Ruble, as citizens sought safety from their depreciating currency.
Wagner Group March to Moscow
Back in June the unthinkable was happening in Russia, as a group of mercenary rebels were looking to stage a coup and oust Vladimir Putin from office. The private millitary group, known as the Wagner Group, marched towards Moscow and caused fear an panic within the Russian economy. Many traders feared this would lead to a further collapse of the Russian Ruble, and to avoid any potential chaos with their local currency, traders rushed to crypto.
The Wagner group rebellion exposed some of the weaknesses in the Russian power structures and President Vladimir Putin’s grip on the country, so instead of being traped with a depreciating fiat currency, Binance became the go to option. It is the only major exchange which allows Tether to be traded against the Russian Ruble. The exchange saw $8.5 million in volume, which was around half the overall trading volume for the pair at the time.
According to data from CCData, trading volume in the USDT/RUB pair spiked to $14.7 million on the 24th of June 2023. This was the same day the Wagner group attempted insurrection in Russia. The previous day the total trading volume had sat as $3.9 million, representing a staggering 277% increase in volume from one day to the next.
On the 25th of June 2023, when Wagner commander Yevgeny Prigozhin was overseeing his forces return to their bases to “avoid bloodshed," the trading volume fell back to below $3 million. The short lived spike certainly showed the faith the Russian citizens have in crypto in times of need, compared to their own fiat currency.
Have a great day.
Peace. CryptoGod-1.
Referral Links and Follow Me:
