Ukrainian Crypto Exchange Records Surging Volumes as Conflict Hits Fiat Currencies

bitcoin vector illustration

Bitcoin and altcoin trading volumes in Ukrainian crypto exchange Kuna have tripled to $4.1 million in three days amid an economic impact of  the Russia-Ukraine conflict.

Source: Cointelegraph

BTCUSD is up +0.82%

The fiat currencies of both countries have been affected by the Kremlin aggression that attracted worldwide condemnation.

The Russian Ruble has felt the impact more as the Ukrainian hryvnia dropped to a new all-time low of around 30 per USD.

Kuna recorded a significant spread at both sides of the spot price with bitcoin trading at $40,000 compared to Bitstamp’s $38,300.

The rising volume is also attributed to the restriction by the National Bank of Ukraine on cash withdrawals at 100,000 UAH, equivalent to $3,353 per day. The bank has also blocked cross-border foreign exchange purchases.

The news comes just after the Ukrainian parliament passed a bill that seeks to legalize cryptocurrencies into law.


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