The trading volume of USDT against the ruble tripled against the background of the "Wagner" PMC events
The trading volume of Tether (USDT) against the ruble tripled against the backdrop of the "Wagner" PMC rebellion
On June 24, analysts recorded a sharp surge in trading activity in the ruble pair of Tether stablecoin
The trading volume of stablecoin Tether (USDT) in rubles more than tripled to about $15 million on June 24 on the cryptocurrency exchanges against the background of the events associated with the "Wagner" PMC, writes Bloomberg, citing data from blockchain analysts from CCData.
On other days throughout June, the USDT to ruble trading volume did not exceed $4.5 million, according to CCData data published by Fortune. On June 25, the figure dropped again to $2.9 million.
As CCData public relations manager Jamie Sly explained, the sharp increase in ruble USDT trading volume may be due to the fact that "market participants were paying attention to a less volatile asset such as USDT compared to rubles, because similar trends were not seen for bitcoin volumes." At the same time, Sly noted that this surge alone does not directly indicate that ruble investors were buying Tether.
The trading volume of USDT to the ruble has reached the highest since last December, Kaiko confirmed to the publication. The largest platforms for ruble transactions, according to CCDat analysts, were Binance, Cryptonex, HitBTC, and Coinsbit.
On the evening of June 23, Yevgeny Prigozhin, founder of the Vagner PMC, said that the Defense Ministry fired a missile strike on the positions of PMCs, after which a column of military equipment of PMCs moved toward Moscow. The Defense Ministry reported that Prigozhin's words about the rocket attack do not correspond to reality and are a provocation. On the night of June 24, the FSB opened a criminal case against the head of the PMC under an article on armed insurgency.
However, on June 24, it became known that Prigozhin, after talks with President Alexander Lukashenko of Belarus, agreed to stop the fighters, heading towards Moscow and returning the units to their bases. Presidential spokesman Dmitry Peskov said that the criminal case against Prigozhin would be dropped and he would leave for Belarus. On June 27, the FSB reported that the criminal case of an armed insurgency had been dropped.
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