According to the Central Bank of Russia, the country's money supply was 65.3 trillion rubles as of February 1 - roughly $629 billion with the recent drop against the U.S. dollar.
On Monday, Bitcoin's market capitalization surpassed the Russian ruble as the price climbed to more than $41,000.
The market cap of Bitcoin (BTC) increased to $780 billion on Monday after the price increased to $41,391, a 5.7% rise over the past 24 hours, according to data from CoinMarketCap. Currently, BTC's market capitalization is greater than the money supply of the Russian ruble, which stands at 65.3 trillion rubles per the Russian Central Bank as of Feb. 1 — $629 billion at the time of publication.
Russian ruble's flippening was likely caused by inflation resulting from sanctions imposed by the United States and its allies as a result of the invasion of Ukraine. As reported by Reuters, the Russian central bank raised its key interest rate from 9.5% to 20% on Monday. In addition, the European Commission announced plans to remove Russian banks from the SWIFT system.
However, there seems to be an increase in trading activity on exchanges among residents of Russia and Ukraine, because they are concerned about the stability of their currencies and might use crypto to solicit donations for pro-Ukraine causes. It was reported on Feb. 24 — On the same day that Russian forces launched their attack — the Ukrainian crypto exchange Kuna traded over $4.4 million in tokens over 24 hours.