200% increase in the volume of bitcoin transactions in Ukraine due to currency instability

After the fall of the Ukrainian national currency to its lowest level of all time and while the Central Bank of Ukraine tried to control and stabilize the exchange rate by adopting various laws, the kuna is one of the largest and most experienced Ukrainian exchange offices. on digital currency exchanges in this exchange.

According to the Telegraph, data from one of Ukraine’s leading digital currency exchanges show that the volume of bitcoin and altcoin transactions has increased since the Russian invasion.

On February 24 (Thursday, March 26), Kyuna Exchange’s digital currencies tripled to more than $ 4 million.

Digital currencies on the Ukrainian radar

With the onset of the armed conflict between Russia and Ukraine, the fiat currencies of the two countries were immediately affected.

While the Russian ruble fell sharply, the Ukrainian hryvnia fell to its lowest level ever. Each dollar is now equal to 30 hryvnia.

Just last month, Ukraine passed a law allowing digital currencies after much controversy, and now the adoption of alternative currencies is growing rapidly.

The seven-year-old Kyuna Exchange had only $ 1 million in digital currency before February 21 (March 2), which has already reached about $ 4.1 million three days later.

However, after initial enthusiasm and at the same time as the stabilization of Fiat’s exchange rates in these countries against the US dollar and other major currencies, demand also declined.

Read also: Analysis of bitcoin prices in the midst of the crisis in Ukraine; Evaluation of the CEO of FTX Exchange

Although prices in Kyuna are not very clear; But the data show an increase in the price of bitcoin currency pairs on the spot market. At the time of writing, the bitcoin / dollar currency pair is priced at $ 38,300 on the BetsyStamp exchange. While the price of the currency pair US Dollar / Kuna is $ 40,000. Bitcoin / Tetra, on the other hand, is trading at $ 37,800.

200% increase in the volume of bitcoin transactions in Ukraine due to currency instability
Volume of exchange of famous currency pairs in the Ukrainian stock exchange Kyuna

Currency restrictions of the Central Bank of Ukraine

Another justification for the use of bitcoin in Ukraine are the restrictions on the country’s national currency.

On Wednesday, the Central Bank of Ukraine limited the daily gross withdrawal to 100,000 units (equivalent to $ 3,353). Buying and withdrawing international currencies was also banned.

A Facebook post also confirmed that the country’s central bank is working to stabilize the complaints rate.

Russia’s central bank, meanwhile, began intervening in its foreign exchange markets on Thursday and appears to have taken a number of steps overnight.

The publication with a 200% increase in bitcoin exchanges in Ukraine due to currency instability first appeared in Digital Currency.

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