general

After the suspension of cash transfer: demand for cryptocurrencies in Ukraine is at record levels

After the suspension of cash transfer: demand for cryptocurrencies in Ukraine is at record levels

The content site is one of the sites that provide the service of answering general questions and solving puzzles and crossword puzzles

Where the content site is primarily interested in answering your questions in all areas, including solving puzzles and crossword puzzles

Answer After the suspension of cash transfer: demand for cryptocurrencies in Ukraine is at record levels

Ukrainians have been seen turning to cryptocurrency after the central bank suspended electronic cash transfers this week, as fighting with Russian forces spread in the capital, Kyiv.

With forex trading also banned in the country, this has led to citizens searching for alternatives and turning to cryptocurrencies.

Increased demand for cryptocurrency exchange platforms:

Data from popular Ukrainian cryptocurrency exchange Kuna shows a surge in trading volumes for Tether, the world’s largest stablecoin, this week.

It also appears that Ukrainians are paying a premium of 10% to 20% for the USDT currency whose value is closely related to the US dollar.

Read:Vietnam records record high demand for crypto-mining equipment

While the current price of the hryvnia to the dollar is around 30, the USDT is trading between 32 to 35 hryvnia.

Tether and most stablecoins have seen increased demand in recent weeks, amid increased market volatility.

Danish journalists who are currently in Ukraine said they had to buy a car using bitcoin, due to a lack of cash.

Bitcoin donations to Ukraine also exceeded 4 million dollars, which we discussed in previous articles on Arab Bitcoin.

Cryptocurrency adoption Ukraine:

The adoption of cryptocurrencies in Ukraine is not a new event.

The country recently passed a law to recognize and regulate cryptocurrencies, and it had intended to open the market to foreign investors before the Russian invasion.

Chainalysis data ranked Ukraine as the fourth largest cryptocurrency adopter in the world, in a report released last year.

Despite widespread condemnation of Moscow’s actions, the Russian-Ukrainian conflict has so far shown no signs of de-escalation.

Fears of conflict have caused sharp volatility in financial markets, including the cryptocurrency market.

The value of safe havens such as gold and the dollar rose, while oil prices also rose on bets of Russian supply disruptions.

Read:Morgan Stanley Increases Exposure to Cryptocurrencies…Details Here

Read also:

Bitcoin Donations to Ukrainian Military Forces Rise to Over $4 Million

After Elon Musk’s hint… Ripple is not alone in the fight against SEC


And you can ask questions on the content site through the word “Ask a question” at the top of the site, where we answer your questions in a short time

Previous post
Cryptocurrency LUNA Reaches 5-week High, Bitcoin Facing Violent Resistance at $40K
Next post
Bitcoin Donations to Ukrainian Military Forces Rise to Over $4 Million