Ukrainians Purchased Record Sums Of BTC On Binance: Report

Ukrainians purchased record sums of BTC on Binance after the Russian invasion, and the interest in crypto keeps on increasing so let’s read further in today’s latest Bitcoin news.

The Ukrainians purchased record sums of BTC to protect their holdings as they fend off the attacks from Russia. According to a record from Arcane Research showed that Ukrainians were using Binance as the world’s largest crypto exchange to snap up stablecoin Tether and BTC with the hryvnia. Arcane’s data shows that the daily volume for USDT-hryvnia trading increased over $6 million before the invasion to about $8.5 million and in the preceding six weeks, the volume didn’t quite exceed $3 million. The BTC-Hryvnia 24-hour trades went from $1 million to $3 million. The report outlined:

“Like the Russians, Ukrainians are also buying crypto as never before. Many Ukrainians worry that the banking system in the country may collapse and are seeking to crypto as a safe haven.”

The report added that the Ukrainians fleeing the country will be able to bring a chunk of their wealth with them which is why the trading volume surged. Since Russia invaded Ukraine, the interest In crypto surged in both countries. The Ukrainian government however announced it will start accepting Polkadot donations after gathering up to million in BTC and ETH as well as USDT as help to support the military.
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Crypto activity surged in Russia as the ruble crashed with most of the activity involving both BTC and Binance.

1/6 I understand the rationale for this request but, despite my deep respect for the Ukrainian people, @krakenfx cannot freeze the accounts of our Russian clients without a legal requirement to do so.

Russians should be aware that such a requirement could be imminent. #NYKNYC https://t.co/bMRrJzgF8N

— Jesse Powell (@jespow) February 28, 2022

In the meantime, the exchanges faced strong pressure to put bans on transactions that involve Russian addresses but so far, Coinbase and Kraken said no.

BTC’s trading volumes in Russia and Ukraine surge to a new high which is possibly the highest level in almost a year. At the same time, those that employ Ukraine’s national currency reached October 2021 heights. NATO and the EU are standing away from a direct military conflict and promised not to send troops to Ukraine however they did impose severe monetary sanctions on Russia and aim to destabilize it and eventually cut its financial connections.

The embargoes slammed Russia’s economy and its national currency with the ruble losing around 25% of its value in 24 hours.