Ukrainians are buying more bitcoins than ever to defend their holdings while countering an attack from neighboring Russia.
A report published on Tuesday by Arcane Research, showed that Ukrainians are using Binance, the world’s largest cryptocurrency exchange, to acquire stable Tether and Bitcoin coins with a bracelet. (A Ukrainian hryvnia currently costs about $ 033.)
Arcane data show that the 24-hour trade in the Tether bracelet rose from just over $ 6 million just before the invasion to about $ 8.5 million. Over the past six weeks, the volume has rarely exceeded $ 3 million. In addition, 24-hour bitcoin bracelet transactions rose from $ 1 million to $ 3 million.
“Like the Russians, Ukrainians are buying crypto as never before,” the report said. “Many Ukrainians are worried that the country’s banking system may collapse and seek to use crypto as a safe haven.
The report adds that Ukrainians fleeing the country will be able to “bring some of their wealth with them” – hence the jump in trade.
Since Russia invaded Ukraine on February 24, interest in cryptocurrency has skyrocketed in both nations.
The Ukrainian government today said will receive Polkadot – the 11th largest cryptocurrency by market capitalization – after donations of over $ 20 million in Bitcoin, Ethereum and USDT flooded to assist the army.
1/6 I understand the rationale for this request, but despite my deep respect for the Ukrainian people, @krakenfx we cannot freeze the accounts of our Russian clients without a legal requirement to do so.
The Russians must be aware that such a requirement may be inevitable. #NYKNYC https://t.co/bMRrJzgF8N
Cryptocurrency activity grew up in Russia as the ruble fell, most of this activity included bitcoin and Binance.
Meanwhile, stock exchanges are also facing growing pressure to impose a total ban on transactions involving Russian addresses. Coinbase and Kraken have both said no.
