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Cryptocurrency activity in Ukraine continues to grow as the ongoing war pushes it up.
According to the data sources currently available, cryptocurrency exchanges in Ukraine are experiencing more and more cryptocurrency trading activity. Within a few days, the demand for digital assets, especially Bitcoin and Tether, increased, and the value of these currencies rose compared to the Ukrainian local currency, the hryvnia.
As a result of the recent war, the National Bank of Ukraine decided to limit daily cash outflows and limit cash withdrawals to 100,000 hryvnia ($3,350).
However, cash withdrawal restrictions proved to be a strong stimulus to cryptocurrency trading activity in Ukraine. For example, Kuna, a cryptocurrency exchange based in Ukraine, which offers trading facilities in the local currency hryvnia and the Russian currency ruble, saw an increase in trading volume shortly after the February 24, 2022 announcement.
Data analysis by crypto exchange Coingecko shows that its trading volume soared from $1.4 million to $4.8 million, with the highest trading pair being the hryvnia (UAH). This increase is the highest increase for cryptocurrency trading platforms since May 2021.
The demand for digital assets, especially Bitcoin, Ethereum, and Tether, is increasing and pushing up their value higher than in other countries.
Bitcoin on Kuna is trading at a whopping $42,106, which is $3,000 higher than other crypto exchanges, according to exchange data. Tether, on the other hand, trades as low as $1.08, while the average price on different cryptocurrency exchanges is $0.99.
Localbitcoins.com's data analysis shows that bitcoin still sells for as much as $43,480 per coin in Ukraine.
Crypto statistics describe the higher demand for digital assets in Ukraine, while the demand for local currencies is declining. According to Micheal Chobanian, founder of Kuna Exchange, most people in Ukraine have no choice but cryptocurrencies.
It must be noted that many Ukrainian citizens have proven that their valuable crypto investments have undoubtedly helped them during this difficult time.
Before the recent war, Ukraine was one of the few countries that supported the development of cryptocurrencies in the country. The Ukrainian government recently legalized cryptocurrencies to facilitate the development of cryptocurrency circulation by investors and commercial entities.
Many non-governmental organizations (NGOs), volunteer groups, and charities have received donations in the form of cryptocurrencies during the recent war attacks.
"We care about the people." CEO Binance said in announcing their new donations and funds to help in Ukraine. The world's largest cryptocurrency exchange by volume has just announced that they will donate $10 million to provide on-site support.
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