Russian Ruble's Depreciation Could Trigger Bitcoin Run
The Russian ruble is in serious trouble. A strengthening dollar, falling oil prices and a lethargic economy have conspired to cause the ruble's latest plunge. On Thursday, the ruble fell by about 4% to exchange at 46.68 to the US dollar. This represents a 14-year low. Cumulatively, the ruble has shed 25% of its value in 2014 alone, making it one of the worst performers in the money markets. Analysts predict that the currency may not fall below the 50-ruble support level, however that remains to be seen especially in light of the news from the country's central bank. The Central Bank of....
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Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports more expensive.” Furthermore, U.S. president Joe Biden continues to blame high gas prices on Vladimir Putin.
Vladimir Putin Says the West’s Sanctions Obviously ‘Did Not Succeed’....
Recent news reports have detailed that Russia’s fiat currency, the ruble, was the best-performing currency worldwide and the articles explained that American economists were perplexed by the trend. On Monday, the Russian ruble rose to 55.47 per dollar, which was the highest increase since 2015. While many have dismissed the ruble’s exchange rate, Charles Lichfield, the Atlantic Council’s Geoeconomics Center deputy director, published an editorial called: “Don’t ignore the exchange rate: How a strong ruble can shield Russia.”
Russia’s....
Russian banks and financial brokers are worried the digital ruble will be a burden for them.
Russia intends to use its digital ruble, to be introduced early next year, for payments with its key ally, China. Authorities in Moscow hope other nations will be willing to adopt the Russian digital currency in trade, which will allow the country to circumvent sanctions imposed over the Ukraine war. Russian Federation Eyes Digital Ruble for Payments in Trade With China The Central Bank of Russia is gearing up to launch settlements with the digital ruble, the new incarnation of the Russian fiat currency that’s now being tested, as early as 2023. According to a statement by a....
The dramatic fall of the Russian ruble has resulted in a marked increase in ruble/Bitcoin trades across the market. Russian activity in Bitcoin, which is subject to an unfavorable yet shaky legal status in the country, spiked Tuesday in the aftermath of the ruble’s biggest retreat in 16 years. As CNBC reports, trading ruble for Bitcoin increased almost fourfold on the day, the highest level since December 2013, making Bitcoin one the few currencies to actively benefit from the ruble’s sudden decline. “The high trading volumes with the ruble is to be expected, given the flight away from....