USDT records new all-time high against Russian ruble as inflation hits
As an immediate countermeasure against the rising inflation of its fiat currency, the Russian central bank doubled key interest rates on Feb. 28, from 9.5% to 20% U.S. dollar-pegged stablecoin Tether (USDT) witnessed a spike of over 30% in five days against the Russian ruble — highlighting the negative and immediate impact of the ongoing war on the traditional financial system.Data from Cointelegraph Markets Pro and crypto exchange Binance show that the ruble (RUB) is undergoing inflation as the USDT/RUB trading pair — for the first time in history — crossed 105 RUB.USDT/RUB price....
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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’....
Bitcoin has never been worth so many rubles. Amid the ongoing rally in cryptocurrency markets, Bitcoin (BTC) has secured another milestone by hitting a new all-time high against Russia’s national currency, the ruble.According to data from major crypto tracking website CoinGecko, Bitcoin has broken another historic high against the ruble, crossing its previous ATH of around 1,157,000 rubles. According to the CoinGecko, Bitcoin was worth over 1,160,000 as of 16:00 UTC .BTC/RUB price chart. Source: CoinGeckoBitcoin’s new ATH comes amid a major rally in the crypto market, with Bitcoin crossing....
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....
It is taking more rubles to trade for dollars and bitcoins. Chart via Yahoo Finance. One of the most interesting things to look at when it comes to tracking Bitcoin adoption around the world is the current state of fiat currencies. In the past, we've talked about the current problems in Argentina and Ukraine, and now we can add Russia to the list of countries who are flirting with complete economic turmoil. Over the past few weeks, the Russian ruble has lost 11% of its value against the US dollar. When you annualize this inflation, you get an inflation rate of just over 90%. Most....
Russian banks and financial brokers are worried the digital ruble will be a burden for them.