Russia's Economy Under Threat: China Slowdown and Wagner Rebellion
TL;DR Summary
During the short-lived uprising of the Wagner Group in Russia, there was a surge in demand for the stablecoin Tether (USDT) rather than Bitcoin. Trading for ruble-denominated Tether rose by 300% to around $15 million on June 24th, as Russians exchanged their rubles for crypto amid the revolt. This increase in trading volume for Tether was attributed to market participants seeking less volatile assets, while a similar trend was not observed in Bitcoin trading.
- Demand for One Crypto Asset Tripled in Russia During Short-Lived Wagner Revolt – But It’s Not Bitcoin: Report The Daily Hodl
- Russian ruble extends freefall as US weighs new weapon for Ukraine Markets Insider
- Russia's Mercenary Mutiny Could Be Bad News for Oil Markets Bloomberg
- Commentary: Russia's mutiny underscores oil's fragility CNA
- China slowdown, Wagner rebellion overshadow Russian economy Nikkei Asia
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