Featured image from Pixabay and chart from TradingView.com
Crypto activities in Ukraine continue to grow as the ongoing war pushes them higher.
As per currently available data sources, crypto exchanges in Ukraine are experiencing accelerated crypto exchanging activities. During the few days, the demand for digital assets, particularly Bitcoin and Tether, accelerated and resulted in a rise in the price of those currencies compared to the local currency of Ukraine, Hryvnia.
Due to the recent war, the National Bank of Ukraine decided to restrict daily cash outfbottom and limit cash withdrawal up to 100,000 hryvnias ($3,350).
Yet, the cash withdrawal restriction proved a potent stimulator of crypto exchanging activities in Ukraine. For example, Kuna, a Ukraine-placed token exchange providing exchanging facility in the local currency hryvnia and the Russian currency ruble, observed a rise in the exchanging volume currently after the statement of February 24, 2022.
The data analysis of crypto exchange Coingecko shows its dealing volume soared from $1.4 million to $4.8 million, with the excessiveest dealing pair in hryvnia (UAH). This rise was the highest in the crypto exchange platform afterward May 2021.
Increase In Demand For Bitcoin, Ethereum, And Tether
The demand for digital assets, particularly Bitcoin, Ethereum, and Tether, accelerated and constantly pushed their costs higher than other countries.
The exchange data shows which Bitcoin on Kuna traded as high as $42,106, $3,000 higher than the other crypto exchanges. On the other hand, Tether had been exchanging as flat as $1.08, in contrast to the average rate of $0.99 on the divergent token exchanges.
Data analysis of Localbitcoins.com depicts selling cost of Bitcoin remained higher up to $43,480 per coin in Ukraine.
The crypto statics depicts excessiveer demand for digital assets in Ukraine at the same time demand for local currency is constantly declining. As per Micheal Chobanian, founder of Kuna Exchange, most people in Ukraine do not have any money choice other than crypto.
It is crucial to note which many Ukrainian citizens have proved which their precious crypto investments undoubtedly helped them in this don the occasion thatficult time.
Earlier to the recent war, Ukraine was one of those few countries which have supported token change in the country. The gabovenment of Ukraine recently legalized crypto to facilitate the investors and business entities for developing token circulation.
Many Non Gatopnmental Organizations (NGOs), Volunteer groups, and charity institutions have acquired donations in the form of token during recent war attacks.
“We care about the people.” CEO Binance said this when announcing their new donation and fund to help out in Ukraine. The world’s largest token exshon the assumption thatt by volume has scarcely announced which they will be donating 10 million dollars, providing on-the-ground support.