Ukrainians are now buying more Bitcoin than ever in a bid to protect the value of their savings as the country fends off an invasion from Russia that started last week. Using leading exchange Binance, Ukrainians have been trading their hryvnia for USDT and BTC.
According to data from Arcane Research, Tether-hryvnia trading volumes shot up from a little over $6 million a day before the invasion to about $8.5 million, after rarely surpassing $4 million before Russia’s invasion was considered.
Similarly, Bitcoin-hryvnia trading volumes tripled from $1 million to $3 million a day. Ukrainians likely turned to crypto over worries the banking system in the country could collapse or that withdrawals limits may be imposed.
Last week, Bitcoin trading volumes denominated in the Russian ruble, the country’s fiat currency, exploded as well, with data showing that RUB denominated BTC volumes jumped as the ruble’s value plunged.
Ukrainian cryptocurrency exchange Kuna, also saw its trading volume explode after Russia’s invasion was launched. On average the exchange’s trading volume was hovering around 45 million Ukrainian hryvnias per day. On the day Russian forces entered Ukraine, its trading volume exploded to 150 million UAH, equivalent to around $5 million.