Actually, Bitcoin Rallied Yesterday... against the Ruble, Hits Four-Month High
While BTC/USD slumped by four percent and hit a six-week low, BTC/RUB excelled. It soared by as much as 10% to 21,650 on BTC-e, a four-month high. Today, it continues to hover near that high, trading at 21,100.
Volume skyrocketed to 800 BTC traded during a 24 hour period on BTC-e. While this is but a fraction of typical BTC/USD volumes, it was BTC/RUB's highest in nearly a year.
This all stemmed from yesterday's carnage in the ruble and Russia's rapidly deteriorating economic outlook, which saw USD/RUB spike close to 80. The crash resulted in several FX brokers halting trade in the pair or modifying spreads and/or margin requirements.
In essence, it was the ruble's turn on Tuesday to trade like a cryptocurrency. Surveying a dashboard of traded Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term pairs, most showed a 24 hour change ranging from 0.1-1.5%. Then there was USD/RUB, showing 16% - a figure we're more used to seeing when scrolling through a list of digital currencies.
BTC thus had its turn to function as a safe haven, though the most passionate Bitcoiners would make this case even for apparently more stable currencies like the dollar.
Ironically enough, Russia is one of the few places on earth where Bitcoin would be illegal. A draft bill seeks to prohibit its mining, distribution and any other related dealings, proposing a schedule of penalties for violations.
While BTC/USD slumped by four percent and hit a six-week low, BTC/RUB excelled. It soared by as much as 10% to 21,650 on BTC-e, a four-month high. Today, it continues to hover near that high, trading at 21,100.
Volume skyrocketed to 800 BTC traded during a 24 hour period on BTC-e. While this is but a fraction of typical BTC/USD volumes, it was BTC/RUB's highest in nearly a year.
This all stemmed from yesterday's carnage in the ruble and Russia's rapidly deteriorating economic outlook, which saw USD/RUB spike close to 80. The crash resulted in several FX brokers halting trade in the pair or modifying spreads and/or margin requirements.
In essence, it was the ruble's turn on Tuesday to trade like a cryptocurrency. Surveying a dashboard of traded Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term pairs, most showed a 24 hour change ranging from 0.1-1.5%. Then there was USD/RUB, showing 16% - a figure we're more used to seeing when scrolling through a list of digital currencies.
BTC thus had its turn to function as a safe haven, though the most passionate Bitcoiners would make this case even for apparently more stable currencies like the dollar.
Ironically enough, Russia is one of the few places on earth where Bitcoin would be illegal. A draft bill seeks to prohibit its mining, distribution and any other related dealings, proposing a schedule of penalties for violations.