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Ukraine Bitcoin Volume Soars 200% as Russia War Raises Currency Concerns
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Bitcoin (BTC) and altcoin trading volumes on a major Ukrainian cryptocurrency exchange surged following the Russian invasion, data shows.
According to data from monitoring resource CoinGecko, Kuna’s trading volume nearly tripled to more than $4 million on Feb. 24.
Ukrainians turn their attention to cryptocurrencies
As the armed conflict with Russia began, the impact on the fiat currencies of both countries was immediately apparent.
While the Russian ruble suffered significantly more, the Ukrainian hryvnia (Ukraine's currency unit) also fell, hitting a record low of 30 hryvnia per dollar.
Just this month, Ukraine finally approved a law legalizing cryptocurrencies after much back and forth among lawmakers, and unsurprisingly, interest in the alternative has exploded.
The impact was evident on seven-year-old Kuna, which traded less than $1 million on Feb. 21 but was close to $4.1 million three days later. After the initial frenzy, the frenzy has started to fade, consistent with a stabilization in fiat against the dollar and other major currencies, according to data from CoinGecko.
Less clear are Kuna’s own rates, which show an odd spread to bitcoin’s spot price. At the time of writing, BTC/USD is trading at $38,300 on Bitstamp, while Kuna’s BTC is above $40,000.
Crypto trading volumes for Kuna and popular trading pairs (screenshot) Source: CoinGecko
Central Bank Tightens Monetary Freedom
Meanwhile, another reason to get into the bitcoin market comes from the government's currency controls this week.
On Wednesday, the National Bank of Ukraine began restricting cash, limiting hryvnia withdrawals to UAH 100,000 ($3,353) per day and outright banning cross-border foreign exchange purchases and withdrawals.
A Facebook post confirmed that the bank is also seeking to establish a stable hryvnia exchange rate.
Meanwhile, Russia's central bank began intervening in foreign exchange markets on Thursday to prop up its plunging ruble, with several interventions appearing to have occurred in the past 24 hours.
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