Cryptocurrencies and other blockchain-based assets have been heralded by analysts for years as safe havens during geopolitical instability. As the conflict between Russia and Ukraine endures, the volume of Bitcoin being purchased in the region has soared over the last few days, giving credence to the asset class’s utility in these turbulent times.
Financial institutions across the globe are placing sanctions on Russian banks, taking measures to prevent Russian banks from accessing the SWIFT financial communication network crucial for international transactions. The EU has even gone so far as to ban all transactions with Russia’s central bank to prevent them from selling overseas assets.
This has investors scrambling out of the ruble in fear of further restrictions. Reports suggest that USDT/RUB trading volume has reached an eight-month high, with similar trends observed in markets for the Ukrainian hryvnia. The Russian central bank has also requested brokers to ban non-resident investors from selling securities, while Russian companies have been asked to sell 80% of their foreign currency revenues.
Last week, the Russian currency plunged over 8% before going through a landslide 28% drop in value just a few days prior. The Swiss franc, Gold, and the U.S. dollar have all benefited from this flight to safety, with the USD-pegged Tether experiencing a 30% spike against the ruble in just five days.
Prior to this, the USDT/RUB pair had been steadily consolidating, and Russia has doubled key interest rates from 9.5% to 20% as an immediate countermeasure. During these chaotic times, Phemex wants to serve as a stable platform for your finances.
Global events on this scale spark immense market volatility, and cryptocurrency can serve as a powerful store of value to keep your assets secure. As an expression of our commitment to global unity, we’re launching the Stable With Phemex campaign and giving out 100% APY on our 7-day USDT fixed accounts to all newly registered users on the Earn Crypto platform.
Between the 1st and 8th of March, Phemex has allocated a $10 million fund limit on a first-come-first-serve basis, allowing users to earn 11x more compared to the usual 10% APY offered. Winners will be notified on March 17, and the additional earnings will be sent as USDT to your spot wallet from March 24, 2022 onwards. Each user can utilize up to $1000 of the total fund limit, and after the first week, rates will return to 8.5%.
Users must complete the KYC process and enter their UID into the campaign form to be eligible for rewards. Further, only individual accounts are allowed to participate in the campaign, and this offer does not apply to users from India, Venezuela, Indonesia, Bangladesh, Pakistan, Philippines and Vietnam. Phemex was built on a foundation of unbiased quality, and through this campaign, we hope to promote international peace and harmony for all. For more information, check out the official announcement page.
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