coin price Tether (USDT) pegged to the US dollar More than 30% increase in the past five days. Compared to the Russian Ruble It underscores the negative impact the ongoing war has on the traditional financial system.
information from Cointelegraph Markets Pro And the Binance exchange shows that the ruble is on the verge of inflation. As the USDT/RUB trading pair broke past 105 rubles for the first time in history.
Before the USDT/RUB pair rose, the market price was relatively stable at 80 rubles when the war broke out. The ruble’s market price against USDT briefly surged past 90 rubles. on Thursday 24 February
When tensions intensified on Sunday, February 27, the European Commission It has announced measures to remove Russian banks from the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global financial network.
Compared to the timeline The value of the ruble continued to decline and lost 30% of its spending power, which was lost with the resulting inflation.
The Russian Central Bank has addedThe key interest rate doubled on Monday February 28 from 9.5% to 20% as a countermeasure to rising inflation. The Russian Central Bank said:
“Significant interest rate increases will ensure that deposit rates will rise to the necessary levels. to compensate for depreciation and inflation risks which is necessary to support financial stability and protecting people’s savings from deteriorating prices.”
The government has also asked Russian firms to sell 80% of all foreign currency revenue as threats related to international financial bans persist.
On the other hand, Bitcoin trading volume ( BTC ) and altcoins on Ukrainian crypto exchanges surged more than 200% amid growing concerns about the war.
As Cointelegraph reports, Kuna, a major cryptocurrency exchange. Its assets, which were under $1 million on February 21, have risen nearly $4.1 million in the past three days. The National Bank of Ukraine has implemented a cash limit. This includes withdrawal limits and an immediate ban on cross-border foreign currency trading.
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