Ukraine war crises tripled trade volume of Ukrainian cryptocurrency

• The trade volume of Ukrainian cryptocurrency exchange Kuna has more than quadrupled since Russia attacked the nation, according to CoinGecko statistics.

• The market is recovering on Friday following a severe selloff on Thursday due to news of Russia’s military incursion, with Terra leading the way with an 18 percent gain.

Current market scenario

On the Ukrainian market, Bitcoin is presently trading for $37,640. After Russian President Vladimir Putin proclaimed a “special military operation” to “disarm and de-Nazise Ukraine,” the price of Bitcoin fell dramatically at first, then began to climb.

As of Thursday morning Asian time, the 24-hour trade volume on Kuna was roughly $1.5 million. However, the volume of the stock market increased to slightly under $5 million in the early morning hours. The 24-hour volume was around 3,138,638 at the time of writing.

The market is recovering on Friday following a sharp drop on Thursday due to reports of Russia’s military activity, with Anchor Protocol, Maker, and Terra leading the way up over 20%.

Since the assaults, Bitcoin is presently selling at a 7% premium on the Ukrainian platform, indicating that local demand has outpaced the available supply.

The price of bitcoin in Kuna increased overnight after Russian President Vladimir Putin ordered a “special military operation” to “demilitarise and de-Nazify Ukraine.”

ALSO READ: CryptoCasey: Know In Detail About Your Very Own Beginner-Friendly Crypto Content Creator 

Result of Putin’s invasion of Ukraine

The invasion of Ukraine by Vladimir Putin is an unexpected act and a grave violation of international law. It demonstrates his total contempt for the health and riches of the Russian and Ukrainian peoples. He is a tyrant willing to kill lives, ruin infrastructure, and plunder his own people.

Economic sanctions imposed by the United Kingdom, its friends, and partners must be as harsh as necessary. The goal should be to isolate Russia from the Western economic system, focusing on the banking, energy, technology, and defense sectors, as well as people associated with Putin and the Russian government.

The consequences should be profound and long-lasting. This conflict will rage on for years to come. And, at home, after years of defiance, the government must now finally remove corrupt Russian money from the UK.

The Dow Jones Industrial Average has also fallen to its lowest level since the beginning of the year, as the globe prepares for a full-scale invasion of Ukraine.

On Wednesday, Bitcoin climbed more than 3% as Asian stocks recovered from worries of an impending conflict after the United States imposed sanctions on Russia. On Coinmarketcap, the price of Bitcoin increased 3.69 percent to $38,015 USD. The crypto’s market capitalization rose by $721.940 billion. After a 4.58 percent increase, the global crypto market value was at $1.72 trillion.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

Latest posts by Nancy J. Allen (see all)