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The Binance Exchange has experienced a notable decrease in the monthly trading volumes of the Russian Ruble (RUB) and the Ukrainian Hryvnia (UAH) over the last two years, with the ongoing conflict between Russia and Ukraine likely contributing significantly to this downturn.
Data from crypto research firm Kaiko on X (formerly Twitter) indicates that RUB’s monthly trading volume has dropped by over 83% during this period. In 2021, RUB’s monthly trading volume was a substantial $507 million. However, by 2023, it has fallen to just $85 million, reflecting an 83.2% reduction.
The decrease in RUB’s trading volume caused it to fall below the $100 million threshold in mid-2023 and continue to decline, reaching a two-year low in April of this year. Notably, there was a temporary increase in RUB’s monthly trading volume following the escalation of the conflict with Ukraine in February 2022, peaking at an impressive $800 million.
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In contrast, the monthly trading volume of the Ukrainian Hryvnia (UAH) on Binance has seen an even steeper decline compared to RUB. According to Kaiko’s findings, similar to RUB, UAH’s trading volume also surged after the conflict began in February last year, with its monthly volume nearing $300 million. However, in the following months, UAH’s monthly trading volume on the exchange fell to around $50 million.
Kaiko’s most recent data shows that the monthly trading volume of the Ukrainian Hryvnia is now below $20 million. Russian traders represent a significant segment of Binance’s user base, accounting for nearly 6% of the platform’s total users over the past three months. Ukrainian traders also contribute notably, comprising over 4.5% of the platform’s traffic.
The reduction in trading volumes for both RUB and UAH on Binance highlights the potential effects of geopolitical tensions on cryptocurrency markets. As the situation between Russia and Ukraine remains unpredictable, it will be noteworthy to observe how these trends develop within the crypto sector.
The post Binance’s RUB and UAH Trading Volumes Fall Amid Conflict appeared first on BitcoinWorld.
