200% increase in digital currency transactions in Ukraine’s largest exchange
After the fall of the Ukrainian national currency to its all-time low, and while the Central Bank of Ukraine tried to control and stabilize the exchange rate by enacting a number of laws, the Kuna is one of Ukraine’s largest and most experienced exchanges of rapid change. The volume of digital currency exchanges in that exchange announced.
To Report Coin Telegraph, data obtained from one of Ukraine’s main digital currency exchanges, suggests that the volume of bitcoin and altcoin transactions has increased since the Russian invasion.
On February 24 (Thursday, March 26), the volume of digital currencies of Kyuna Exchange tripled and exceeded $ 4 million.
Digital currencies on Ukrainian radar
With the start of the armed conflict between Russia and Ukraine, the fiat currencies of both countries were immediately affected.
While the Russian ruble has fallen sharply, the Ukrainian hryvnia has fallen to its all-time low. Each dollar is now equal to 30 grivnas.
Just last month, Ukraine passed a law allowing digital currencies after much controversy, and now the acceptance of alternative currencies is growing rapidly.
The Kyuna Exchange, which is seven years old, had only $ 1 million worth of digital currency before February 21 (March 2), which has now reached about $ 4.1 million three days later.
However, after the initial enthusiasm and at the same time with the stabilization of Fiat exchange rates of these countries against the US dollar and other major currencies, demand has also decreased.
Also read: Bitcoin price analysis in the midst of the Ukraine crisis; Evaluation of FTX Exchange CEO
However, the price situation in Kyuna is not very clear; The data show the increase in the price of Bitcoin in the instant market of this exchange. At the time of writing, the market price of the Bitcoin / Dollar Bitcoin exchange is $ 38,300. While the price of bitcoin in the Ukrainian dollar exchange market of Kyuna reaches more than $ 40,000. Bitcoin / Tetra, on the other hand, trades at $ 37,800 in Kyuna.
Currency restrictions of the Central Bank of Ukraine
Another justification for using bitcoin in Ukraine is the restrictions imposed on the country’s government currency.
On Wednesday, the Central Bank of Ukraine limited the withdrawal of gruna to 100,000 units (equivalent to $ 3,353) per day. The purchase and withdrawal of international currencies was also banned.
A Facebook post also confirmed that the country’s central bank is seeking to stabilize the grievance 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.