Analysts have long commended cryptocurrency and other blockchain-based assets as safe havens during times of geopolitical upheaval. As the tension between Russia and Ukraine worsens, the amount of Bitcoin purchased in the region has surged in recent days, proving the asset class's utility in these difficult times.
Financial institutions worldwide are imposing limitations on Russian banks, prohibiting them from utilizing the SWIFT financial communication network, which is vital for international transactions. The EU has even gone so far as to forbid any transactions with Russia's central bank in order to prevent the country from selling foreign assets.
Investors are fleeing the ruble in fear of future restrictions. According to reports, USDT/RUB trade volume has reached an eight-month high, with similar trends recorded in Ukrainian hryvnia markets. The Russian central bank has also urged brokers to prohibit non-resident investors from selling securities, and Russian corporations have been told to liquidate 80 percent of their foreign currency earnings.
Last week, the Russian currency plunged over 8% before going through a landslide 28% drop in value just a few days prior. The Swiss franc, Gold, and the U.S. dollar have all benefited from this flight to safety, with the USD-pegged Tether experiencing a 30% spike against the ruble in just five days.
Prior to this, the USDT/RUB pair had been steadily consolidating, and Russia has doubled key interest rates from 9.5% to 20% as an immediate countermeasure. During these chaotic times, Phemex wants to serve as a stable platform for your finances.
Global events of this magnitude cause enormous market volatility, and cryptocurrencies can act as a valuable store of value to keep your assets protected. As an expression of our commitment to global unity, we’re launching the Stable With Phemex campaign and giving out 100% APY on our 7-day USDT fixed accounts to all newly registered users on the Earn Crypto platform.
Phemex has allocated a $10 million fund limit on a first-come-first-served basis between the 1st and 8th of March, allowing users to earn 11x more than the usual 8.5 percent APY given. Winners will be contacted on March 17, and the additional earnings will be distributed to your spot wallet as USDT beginning March 24, 2022. Each user can use up to $1000 of the total fund limit, and prices will return to 8.5 percent after the first week.
Users must complete the KYC process and enter their UID into the campaign form to be eligible for rewards. Further, only individual accounts are allowed to participate in the campaign, and this offer does not apply to users from India, Venezuela, Indonesia, Bangladesh, Pakistan, Philippines and Vietnam. Phemex was built on a foundation of unbiased quality, and through this campaign, we hope to promote international peace and harmony for all. For more information, check out the official announcement page.