Home
News
Bitcoin had been facing dips since the beginning of this year. The recent conflict between Russia and Ukraine has pushed the prices in the crypto market further down. In recent developments as Russia has invaded the nation, it is known that the war has pushed cryptocurrency-related activities a notch higher in Ukraine. According to local reports, digital assets exchange platforms allowing the residents of the nation to trade crypto have recorded a spike in their daily volumes. Notably, as the National bank of Ukraine has imposed a limit on daily cash withdrawals, digital assets are being traded for higher prices than the rest of the world.
Bitcoin and Tether are in more demand
Following the war tension between Russia and Ukraine, crypto trading platforms have noted a significant spike in demand for crypto assets like Bitcoin and Tether. Notably, such increasing demand has pushed the value of these assets higher against the Hryvnia.
On the other hand, as the central bank of Ukraine had imposed a limit on daily cash withdrawals to 100k Hryvnias. According to the National bank of Ukraine, such a measure would help them to control the outflow of cash from the nation. Ultimately, such limits have become a bigger catalyst for digital assets trading in Ukraine.
Kuna witnesses notable growth in trading volume
Amid the declaration on February 24, Kuna, an Ukraine-based crypto platform that offers trades in Hryvnia and Ruble, saw a spike in its trading volume. According to data from CoinGecko, the volume on the exchange has surged to $4.8 million from $1.4 million. Moreover, it is noted that most of the trading pairs were in Hryvnia.
Indeed, the platform witnesses one of the highest surges since May 2021.
Value of cryptocurrencies spikes
Cryptocurrencies like Bitcoin, Ether, and USDT have seen an increased demand which invariably pushed the values of the cryptocurrencies higher than the prices across the globe.
Where on Kuna, Bitcoin was trading at the price level of $42k, the rest of the world was able to acquire the same coin for less than $3k. Simultaneously, Tether, one of the largest stablecoins that claims to be pegged with the value of USD was changing hands for $1.08 in Ukraines, whereas the entire world was trading the stable crypto token for nearly $0.99.
