Tether And Ruble Tango During Power Struggle Between Vladimir Putin, Wagner's Yevgeny Prigozhin
Portfolio Pulse from Murtuza Merchant
The trade volume between the Russian ruble and Tether (CRYPTO: USDT) surged from $4 million to $15 million over the weekend, coinciding with the capture of Rostov-on-Don by Yevgeny Prigozhin and his forces' advance toward Moscow. The trading volume decreased to $3 million after Prigozhin agreed to halt his advance and exit Russia.
June 26, 2023 | 6:20 pm
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The trade volume between the Russian ruble and Tether (CRYPTO: USDT) surged over the weekend amid political tensions in Russia, then decreased as tensions eased.
The surge in trade volume between the Russian ruble and Tether (CRYPTO: USDT) was driven by the political tensions in Russia. As the situation stabilized, the trading volume decreased. This indicates that the short-term impact on USDTUSD is neutral, as the situation has already been resolved.
CONFIDENCE 90
IMPORTANCE 60
RELEVANCE 100