Bitcoin and Ethereum Trading at a Discount in Russia as Ruble Plummets

  • Both Bitcoin and Ethereum are currently trading at a discount in Russia, at a time in which the Russian Rubble is plummeting over US sanctions
  • Behind the trend may be  a feigning interest in cryptocurrencies, although prices are currently rising

Bitcoin and Ethereum, the top two cryptocurrencies by market cap, are currently trading at a significant discount in Russia, at a time in which the country’s fiat currency, the Ruble, is plummeting

According to data from CryptoCompare, Bitcoin is currently trading for 425,550 RUR, worth roughly $6,680. On average, the cryptocurrency is trading for $6,880. Ethereum, on the other hand, is currently going for 26,060 RUR, worth about $408, while worldwide, on average, the cryptocurrency is trading for $417.

Both cryptocurrencies are up by little over 5 percent against the Ruble, as the fiat currency has recently started plummeting after Donald Trump’s administration imposed new sanctions on 24 wealthy Russian and government officials. The sanctions affect over a dozen Russian-controlled entities.

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Reasons for the discount are, at press time, unclear as cryptocurrencies often trade at a premium when fiat currencies start losing value. Bitcoin and Ethereum are both rising fast against the ruble, which may mean the trend will soon change.

Analysts believe the Ruble will keep plummeting, as according to Business Insider new confrontations between the US and Russia may soon arise. Per Michael Hewson, chief market analyst at CMC Markets UK:

"Coming on the back of events in Salisbury last month and the use of a nerve agent there, and the fact that renowned Russia hawk John Bolton started his role as National Security Advisor in the White House yesterday, the risk is that last weekend’s measures may only be the start to financially ostracize Russia.”

Michael Hewson

If Hewson’s right, Bitcoin and other cryptocurrencies may soon start trading at a premium against the Ruble. Notably, historical data shows the flagship cryptocurrency was trading at a 24-hour low of about $6,200 against the fiat currency.

The discount may potentially be justified using Google Trends data, as it shows search interest for “Криптовалюта” (cryptocurrency) has recently plummeted.



While the motives behind it plummeting are still unclear, the discount is quickly disappearing at press time. Updated data from April 9-11, not yet available, may paint a different picture.

BitFlyer Commemorated Bitcoin Pizza Day with Donation to Homeless Shelters

Michael LaVere
  • Crypto exchange BitFlyer commemorated Bitcoin's Pizza Day by donating pies to local homeless shelters.
  • In 2010, computer programmer Laszlo Hanyecz paid 10,000 BTC for two pizzas. 

Cryptocurrency exchange BitFlyer commemorated the infamous Bitcoin Pizza Day by donating pies to a number of homeless shelter organizations. 

In 2010, one year after bitcoin’s initial launch, forum user and programmer Laszlo Hanyecz became recognized as the first person to pay for goods with the cryptocurrency. In a moment that has since been immortalized, Hanyecz paid another forum user 10,000 BTC to have two Papa John’s pizzas delivered to him.

The bitcoin, valued around $41 in 2010, would be worth more than $92 million at today’s prices. 

Cryptocurrency exchange BitFlyer commemorated the ten-year anniversary of the event by ordering pizzas for local homeless shelters. 

BitFlyer chief operating officer Joel Edgerton told Cointelegraph the exchange had coordinated the event with shelter managers. 

He said, 

We ordered the pizzas ourselves from a local chain and delivered them to the homeless shelters. We worked closely with the managers of the shelters to ensure they get the appropriate amount and get there on time.

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