Since the start of the Russia-Ukraine conflict, there has been a rapid decline in Russia’s native currency price. However, it is directly raising cryptocurrency prices.
Amongst the many cryptos, Tether is on a constant rise as it is increasingly getting exchanged for Rouble. If you don’t know, Tether is a cryptocurrency that is classified as stablecoin. Therefore, Tether is bound to the US Dollar to stop its price from fluctuating drastically.
Russian investors are worried about the fate of Rouble and want to safeguard their savings by investing in a currency that can help them withstand these times of turbulence. In the past, Russian investors preferred Bitcoin. But due to rapid fluctuations in the price of Bitcoin, they have switched their allegiance to Tether.
As the sanctions by the US and other countries keep on rising, we can expect more investments in stablecoins such as Binance USD, Terra, and of course Tether. Since the start of the year, the Russian Rouble has lost one-third of its total valuation. The constant descent brought about by US sanctions is changing the perspective of Russian investors.
In the light of current events, cryptocurrency exchanges have been instructed to stop dealing with individuals and organizations sanctioned by the US.
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