July 5, 2022

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Bitcoin trading volume in Ukraine rises 200% as Russian war sparks currency fears

Bitcoin trading volume in Ukraine rises 200% as Russian war sparks currency fears

Bitcoin (BTCAltcoin trading volumes on a major cryptocurrency exchange in Ukraine soared in the wake of the Russian invasion, data shows.

according to To monitoring resource CoinGecko, on February 24, trading volume on Kuna nearly tripled to over $4 million.

Encryption on the radar of Ukrainians

With the onset of the armed conflict with Russia, the effect on the paper currencies of both countries was immediately evident.

While the Russian ruble He suffered significantly moreThe Ukrainian hryvnia also fell, targeting 30 against the dollar in what would be a new all-time low.

Ukraine, which only this month Finally I ratified a law legalizing cryptocurrency After so much ups and downs among lawmakers, it was no surprise to see interest in alternatives grow.

The effect was evident in the seven-year-old Kona, whose volumes were just under $1 million on February 21 but three days later were nearly $4.1 million.

According to CoinGecko data, enthusiasm has already begun to subside after the initial rally, coinciding with the stabilization of fiat currencies against the US dollar and other major currencies.

Less obvious was Konna ratesThis shows a strange spread on both sides of the spot bitcoin price. At the time of writing, BTC/USD is trading at $38,300 on Bitstamp, while the USD/Kuna pair is at over $40,000.

Stablecoin Tether (USDT), on the other hand, at $37,800 per bitcoin.

Kuna cryptocurrency trading volume with popular pairs (screenshot). Source: CoinGecko

The central bank tightens currency freedoms

Meanwhile, a separate argument for getting into Bitcoin came from government currency controls this week.

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Related: Russian miners continue to operate, may see Bitcoin pivot in response to sanctions

On Wednesday, the National Bank of Ukraine began restricting cash, limiting hryvnia withdrawals to 100,000 hryvnia (US$3,353) per day, and completely banning cross-border purchases and withdrawals of foreign currency.

Posted on Facebook confirmed The bank also sought to establish a stable exchange rate for the hryvnia.

Meanwhile, the Russian Central Bank began intervening in the foreign exchange markets to support the falling ruble on Thursday, with several moves apparently taking place in the past 24 hours.