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Rouble-Tether crypto trading surged as Wagner rebellion erupted

During the Wagner rebellion in Russia, the volume of trade between the Russian rouble and Tether stablecoin surged.

The total volume of trades between rubles and Tether almost quadrupled from $4 million on Saturday to $15 million on Sunday,

according to digital asset data provider CCData.

The spike occurred just as Yevgeny Prigozhin, leader of the Wagner mercenary group,

captured the southern Russian city of Rostov-on-Don and his forces pushed northward toward Moscow in an apparent coup attempt aimed at Russian President Vladimir Putin.

Later on Saturday, the Wagner leader reportedly came to a Belarus-brokered deal with Putin to leave Russia and stop his northward march,

and trading volumes between rubles and Tether dropped to approximately $3 million as the conflict de-escalated.

Overall, volumes are way down since the invasion last year.

how did the surge in Rouble-Tether trading affect the cryptocurrency market

The surge in Rouble-Tether trading during the Wagner rebellion in Russia had a significant impact on the cryptocurrency market.

Here are some of the effects :

  • Trading volumes between the Russian rouble and Tether almost quadrupled from $4 million on Saturday to $15 million on Sunday.
  • The total volume of trades between rubles and Tether was up 277% .
  • The spike occurred just as Yevgeny Prigozhin, leader of the Wagner mercenary group, captured the southern Russian city of Rostov-on-Don and his forces pushed northward toward Moscow in an apparent coup attempt aimed at Russian President Vladimir Putin.
  • The surge in Rouble-Tether trading was reportedly due to Russians seeking an alternative to the weakening rouble during the Wagner rebellion.
  • The heightened interest in cryptocurrency trading, particularly USDT-Ruble, is a tangible example of how societal issues can profoundly impact the crypto market.

Overall, the surge in Rouble-Tether trading during the Wagner rebellion in Russia shows how political and societal issues can have a significant impact on the cryptocurrency market.

What is the Wagner rebellion and who is Yevgeny Prigozhin?

The Wagner rebellion was a failed armed rebellion that threatened the leadership of Russian President Vladimir Putin.

The rebellion was led by Yevgeny Prigozhin, the chief of the paramilitary Wagner Group,

which is a Russian government-funded paramilitary and private military company.

The rebellion began on June 23, 2023, in the southern Russian city of Rostov-on-Don,

and forces loyal to Prigozhin marched toward Moscow before turning back on Saturday night.

Prigozhin’s insurrection failed due to his hot-headed ambition and his inability to read Putin’s inner circle, of which he was a member, properly.

Yevgeny Prigozhin is a Russian businessman and restaurateur who is known as “Putin’s chef” due to his close relationship with the Russian president. He is also the founder of the Wagner Group.

The rebellion was abruptly called off late Saturday in a deal brokered by Belarusian President Alexander Lukashenko,

and Prigozhin agreed to de-escalate the situation and ordered his fighters advancing on Moscow to return to their bases.

The Wagner Group, which was one of Russia’s more effective fighting forces,

is now likely eliminated as an entity on the battlefield, at least in the form it once was.

The full fallout from the Wagner revolt is still unwinding, and it is unclear what the rebellion means for the war in Ukraine.

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