• Following Russia’s invasion of Ukraine, the latter’s citizens are now purchasing more crypto than ever.
  • The new asset class allows Ukrainians that are fleeing the country to take some of their wealth with them.
  • The Ukrainian government is now accepting cryptocurrency donations in Polkadot in addition to Bitcoin, Ether and Tether.

Citizens in Ukraine are purchasing more of the leading cryptocurrency than ever before to protect their asset holdings as the country continues to defend itself from the Russian military invasion

Crypto trading volume in Ukraine soars

A new report by Arcane Research found that Ukrainians were using leading crypto exchange Binance to purchase Bitcoin and stablecoin Tether with their local currency, the hryvnia. 

The 24-hour Tether-hryvnia trading volume soared from $6 million right before the invasion, to around $8.5 million. In the six weeks prior to the invasion, the trading pair’s volume was an average of just under $3 million.

Bitcoin traded against the hryvnia also witnessed its volume spike from $1 million to $3 million.

The report noted that Ukrainians are also purchasing cryptocurrencies like the Russians. Ukrainians are worried that the banking system in the country may collapse and are now looking to rely on the new asset class as a safe haven. 

Citizens in Ukraine that are fleeing to other countries may also be able to take some of their wealth with them in the form of cryptocurrencies, the report noted.

Since Russian President Vladimir Putin announced the invasion of Ukraine on February 24, interest in cryptocurrencies has soared.

The Ukrainian government has requested donations in Bitcoin, Ethereum and Tether and has quickly received $20 million in crypto funds

The Ukrainian government has recently announced that it will now be accepting crypto donations in Polkadot.

However, major cryptocurrency exchanges including Coinbase, Binance and Kraken have been asked by the Ukrainian government to block Russian accounts. So far, these exchanges have refused and will only take action if sanctions are imposed upon them. 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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