Ukrainian Crypto Exchange Sees Trading Volumes Explode Amid Russian Invasion

An exchange of popular Ukrainian Cryptocurrency, KUNA, has seen its trading volume exploded after Russian President Vladimir Putin announced “special military operations,” which seems to be a full-scale invasion of the country.

In a television broadcast speech, President Putin warned the United States and NATO against being involved, said that anyone “tried to disturb us, or even more, to create threats to our country and our people, must know that Russian responses will occur Immediately and will take you to the consequences like you have never experienced in your history. “

Data from Cryptocompare shows that the average trading volume of exchanges floated around 45 million hryvnia Ukraine (UAH) per day, and shows that on the day Russian invasion begins, the trading volume exploded up to 150 million UAH, equivalent to around $ 5 million Kuna’s trading volume exploded when the invasion began and the market reacted to Putin’s announcement. Both Russian ruble and the Ukrainian hryvnia saw their values ​​falling when military operations began, with a ruble with a harder decreased trend. The Russian MOX index fell by around 45% at one point.

Ukraine, who saw his legislator chose to legalize the cryptocurrency earlier this month, had seen the central bank suspend electronic cash transfer after the national military law was stated. The Ukrainian National Bank has also limited cash withdrawals to 100,000 UAH per day, equivalent to around $ 3,350.

The central bank has banned the purchase and withdrawal of cross-border foreign currencies when suspending the foreign exchange market and appearance to set a stable hryvnia exchange rate. The exchange rate in Kuna shows that traders pay a premium to put Stablecoin USDTAccording to the data, the USDT was traded, at the time of writing, for 32.31 UAH, equivalent to $ 1.08. Against USD, Stablecoin traded at $ 1.04. Founder of Kuna Michael Chobanian said in an interview with Coindesk:

We do not trust the government. We do not trust the banking system. We don’t trust local currency. The majority of people don’t have anything else to choose from Crypto Before Russian attacks, Ukraine plans to open the Cryptocurrency market to business and investors. In legalizing the Cryptocurrency in this country, the Ukrainian legislator also determined the country’s national securities commission to regulate the Cryptocurrency market, issue permits for service providers and monitoring activities.