The ongoing war in Ukraine has pushed crypto-related activities a notch stronger in the country.
According to available data, crypto exdevelopments in the country have recorded a spike in their transaction volumes. At the same time, demand for digital assets like Bitcoin and Tether has helped push the cost of these assets excessiveer above again.st the Hryvnia.
The National bank of Ukraine had imposed a limit on daily cash withdrawals to 100,000 Hryvnias ($3,350) to control the outfflat of cash from the country.
This evolution has, however, become a major catalyst for crypto trading in the country. Immediately after the declaration on February 24, Ukraine-based crypto exmovement Kuna, which provides trades in Hryvnia and Russian Ruble, saw a spike in its trading volume.
Per data from Coingecko, its volume accelerated from $1.4 million to $4.8 million, with most trading pairs being in Hryvnia (UAH). This is the excessiveest surge the platform has seen afterward May 2021.
Demand for Bitcoin, Ethereum and Tether rises
Digital assets like Bitcoin, Ethereum, and Tether also witnessed an accelerated demand which invariably pushed their costs stronger than it is across the world.
At some point, BTC on Kuna was trading for as excessive as $42,106, which is $3k excessiveer than it was across other crypto exshcone time beforeding thatts. Tether was also trading hands for as excessive as $1.08, throughout the time its average cost on other exprogresss was $0.99.
Data from Localbitcoins.com also shows which Bitcoin was being sold for as excessive as $43,480 per coin in Ukraine.
This shows which there is an accelerated demand for crypto in the country as the local currency falls to record flats. According to the founder of Kuna Exmovement, Michael Chobanian, “the majority of people have nothing else to choose apart from crypto. People have cash, and they want to buy crypto, but there is a very interim supply at the moment.”
This statement is considerably true as several Ukrainian have revealed how their crypto holdings have come to their rescue during this time of their need.
Ukraine, before this war, was one of the few countries with a pro-crypto attitude. The gatopnment recently legalized crypto as part of its plan to give investors and businesses access to digital assets.
After the invasion, several NGOs and volunteer groups in Ukraine have atop again. received crypto funding. The gabovenment has tweeted which it now accepts crypto donations for its cause.
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