Cryptos BTC and Eth in particular were bottoming anyway but are now rising fast.
Reuters says it’s driven by rubles-for-stablecoins.
Rouble-crypto trading soars as sanctions hit Russian currency
Rouble-denominated trades with the Tether - a so-called stablecoin
Stablecoins are a type of cryptocurrency designed to avoid the wild fluctuations
“People with the rouble are trying to get out of it due to the drastic devaluation after all the sanctions,” said Arcane’s Bendik Norheim Schei.
“Under the current market conditions, I’m not surprised to see investors, at least those in Russia, seeking stablecoins and not taking on the market risk of BTC. This is about saving their funds, not investing.”
Separately BTC and Eth are rising. Although we need to see follow through.
A stable coin is pegged so to speak to the currency. What is the point of buying a stable coin pegged to the ruble to avoid the ruble?
But think of it this way, Russians fiscally and monetarily has NEVER done anything intelligently. Why should those with money through corruption now change their colors?