The conflict between Ukraine and Russia has directly affected the crypto market. After causing the leading cryptocurrencies to devalue last week, the war between the two countries has recently caused bitcoin to overvalue in the Russian market.
According to a Twitter profile DeFi Prime survey, the bitcoin value reached a premium of US$ 20,000 in Russia last Tuesday (1). With the growing demand for the cryptoasset in the country, prices have increased considerably.
In the simulation posted on social media, the bitcoin price reached ₽ 6,438,828. Considering the cryptoasset price on that day, the amount traded was US$ 20,000 above the market.
Each bitcoin unit is trading around US$ 41,000 on the market on Friday (4). With the value that the cryptoasset reached on March 1 with the premium of US$ 20,000, it would currently be possible to buy 1.42 bitcoins.
In addition to the bitcoin price, the trading volume of the cryptoasset has increased considerably in Russia. The BTC/ruble trading pair had not recorded such a high trading volume since May 2021, when the digital currency broke a major price record on the crypto market.
Nearing its tenth day, the conflict between Russia and Ukraine continues with deadlocks and no prospect of an agreement between the parties involved. As Russian troops invade Ukrainian soil, the price of the ruble plummets on the market, causing significant swings in the bitcoin price in the country.