[2004-12-18] CNBC: Russians move into bitcoin as ruble tanks

[No_2]

Transaction volumes between the ruble and digital currency bitcoin enjoyed their biggest day of the year on Tuesday as the Russian central bank failed to halt the ruble's tumble.

...

Other than the dollar, the beneficiaries of this flight from Russia appeared to be the euro, the yen, sterling -- and bitcoin. Data from bitcoincharts.com, which tracks financial and technical statistics for bitcoin, shows that transaction volumes with the ruble spiked on Tuesday spiked to 819 from an average of 230 trades for the last 30-day period. This was close to a 250 percent increase in transactions and was the highest volume seen since December 2013, according to the website.

"The news coming out of Russia is indeed unparalleled," Bobby Lee, the co-founder and CEO of prominent Chinese bitcoin exchange BTC China, told CNBC via email.

http://www.cnbc.com/id/102275772#.

[botany]

You would think the price of bitcoins would shoot up following events like this.
But unfortunately, the converse seems to be happening.

[XCoinCall]

You would think the price of bitcoins would shoot up following events like this.
But unfortunately, the converse seems to be happening.

Well, with titles stating that Bitcoin was a worse investment than the ruble in 2014, for example, it may be a case of speculators dumping Bitcoin to cut losses. One thing's for sure at the moment: there are more sellers than buyers.

https://www.cryptocoinsnews.com/bitcoin-panic-selling-today

[Chef Ramsay]

You would think the price of bitcoins would shoot up following events like this.
But unfortunately, the converse seems to be happening.

Well, with titles stating that Bitcoin was a worse investment than the ruble in 2014, for example, it may be a case of speculators dumping Bitcoin to cut losses. One thing's for sure at the moment: there are more sellers than buyers.

https://www.cryptocoinsnews.com/bitcoin-panic-selling-today

There's lots of people sitting on loads of fiat right now waiting on the sidelines and waiting for the bears to take their final dumps before moving in for the kill and setting the bull market into motion.

[voephilis]

You would think the price of bitcoins would shoot up following events like this.
But unfortunately, the converse seems to be happening.

Well, with titles stating that Bitcoin was a worse investment than the ruble in 2014, for example, it may be a case of speculators dumping Bitcoin to cut losses. One thing's for sure at the moment: there are more sellers than buyers.

https://www.cryptocoinsnews.com/bitcoin-panic-selling-today

There's lots of people sitting on loads of fiat right now waiting on the sidelines and waiting for the bears to take their final dumps before moving in for the kill and setting the bull market into motion.

hopefully we don`t see a pump like last year... If the Rubel is stabil again, they all sell their BTC and price is falling.
 A slow increase in value would be much better.

[XCoinCall]

Sure. Slow would be better. Time will tell, but here's to hoping more buyers will keep their coins (or at least a healthy percentage).