• Ukraine Tether Trading Volume Increases Significantly, with Persistent Premiums

  • Similarly, interest in bitcoin (BTC) trading against Ukrainian fiat currency remains high, albeit volume in this market has yet to return to pre-war levels.
    On Thursday, volume in the Binance BTC/UAH market reached BTC 48, the second-highest during the war since the jump to BTC 79 when the country was at war.

    Russian interest is dwindling

    Notably, USDT and BTC trading with the Russian ruble has not witnessed the same rise in recent days as trade with the Ukrainian hryvnia.

    As of Thursday this week, interest appears to have waned from its high, with the USDT/RUB market reaching USDT 16.94m and the BTC/RUB market reaching BTC 229.

    According to the numbers, volume in the two markets is now roughly half of its wartime highs of USDT 37.31m in the USDT/RUB market and BTC 506 in the BTC/RUB market, both of which were reached on March 7.

    The dramatic drop in trade volume contrasts with a report on Tuesday this week by ULTCOIN365 that trading among Russians on Binance had continued to increase after the battle broke out.

    The ban on Russia-issued Visa and MasterCard cards announced by Binance on Tuesday this week could explain the drop in trading activity using Russian fiat money.

    Ukraine has a high bitcoin premium.

    Looking at the premiums on Binance, the best sign of increased interest for crypto presently comes from Ukraine, where traders using the local fiat currency were forced to spend USD 41,000 for BTC 1 as of Friday at 11:40 UTC. This compared to an international market price of USD 39,590 at the same time – a 3.4 percent premium.

    Similarly, there was a premium on tether, which traded at a price in UAH equal to USD 1.04 – a 4% premium.

    Premiums were lower when using Russian rubles, with BTC 1 trading at a price in rubles equivalent to USD 40,655, and USDT 1 selling at USD 1.01 at the same time.

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