Russian Ruble Woes ‘Not Impacting’ Bitcoin Price amid 250% Trading Increase

The dramatic fall of the Russian ruble has resulted in a marked increase in ruble/Bitcoin trades across the market.
Russian activity in Bitcoin, which is subject to an unfavorable yet shaky legal status in the country, spiked Tuesday in the aftermath of the ruble’s biggest retreat in 16 years.
As CNBC reports, trading ruble for Bitcoin increased almost fourfold on the day, the highest level since December 2013, making Bitcoin one the few currencies to actively benefit from the ruble’s sudden decline.
Bobby Lee of BTC China told the publication, echoing popular community opinion on the phenomenon:
‘The high trading volumes with the ruble is to be expected, given the flight away from this struggling currency. Bitcoin is therefore a natural destination, as well as other strong central bank currencies.’

This post was published at Coin Telegraph on 2014-12-18.