"RBC-Crypto" does not provide investment advice; the material is published for informational purposes only. Cryptocurrency is a volatile asset that can lead to financial losses.
Since the beginning of 2025, Bitcoin (BTC) has lost over 30% of its value in Russian rubles, trading at 7.19 million rubles per coin on December 11, according to Tradingview. When compared to other major currencies, including the euro, Swiss franc, Swedish krona, Japanese yen, and US dollar, Bitcoin has lost the most in percentage terms precisely in rubles.
The Bitcoin-to-dollar exchange rate has fallen by approximately 3%, dropped by 14.3% against the euro, by 14.5% against the Swiss franc, by nearly 20% against the Swedish krona, and by 4.2% against the Japanese yen since the beginning of January.
When Bitcoin reached its all-time high of $126.2 thousand against the dollar in October, it also hit new highs against the euro, Swiss franc, and yen. However, it failed to do so against the ruble and the Swedish krona. Bitcoin's historical peak against the ruble is above 11.1 million rubles, reached in December 2024, indicating a decline of over 35%.
The dynamics differing from other currencies are explained by the strengthening of the ruble against these currencies. For example, the dollar has depreciated by 25% against the ruble since the beginning of January, to 78 rubles per dollar.
This dynamic was also noted by the Bank of Russia in the new issue of the "Financial Market Risks Review," considering Bitcoin the most loss-making asset for November and the past 12 months when invested in rubles. The regulator included the leading cryptocurrency in a comparative table of asset returns alongside instruments of the Russian market, gold, US government bonds, and other assets.
How the Ruble-to-Bitcoin Exchange Rate is Determined
Unlike many other national currencies, Bitcoin is not represented on the spot market paired with the Russian ruble on major crypto exchanges. To determine the price of Bitcoin, direct market data is not used; instead, the BTC/USD pair is recalculated relative to the current ruble-to-dollar exchange rate.
For example, the largest exchange, Binance, under pressure from US regulators, removed ruble pairs back in 2023 and then left the Russian market altogether.
Depending on the service and calculation method, Bitcoin-to-ruble exchange rates can vary significantly. Additionally, instead of dollar valuations, prices in the stablecoin USDT are often used on the crypto market, which also adds to the differences.
For example, according to BestChange monitoring, the USDT exchange rate for purchase with rubles using Russian bank cards is above 80 rubles in online exchangers. At the same time, the Central Bank's set dollar exchange rate is below 78 rubles, as of December 11. That is, the difference in rates is almost 5%.
The difference between the dollar and USDT exchange rates against the ruble can be due to many factors. One of the main ones is that Russian users are limited in their ability to buy cryptocurrency directly on crypto exchanges for rubles. According to experts, such difficulties in exchange have led to the P2P (peer-to-peer transfer) market being flooded with scammers and gray schemes.
In this regard, the number of blockages during P2P exchanges has recently increased, making it unprofitable and unsafe to work in this business.
When exchanging cryptocurrencies with ruble withdrawals to Russian cards, bank cards of droppers are often used. But since July 5, a new law has been in effect in Russia, providing for criminal punishment for droppers. And on September 1, a number of rules came into force, including restrictions on cash withdrawals. Lawyers believe this will also significantly change the situation on the cryptocurrency exchange market.
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