Ukrainians buy record amounts of bitcoin from Binance after the Russian invasion

Ukrainians buy record amounts of bitcoin from Binance after the Russian invasion

Ukrainians are buying more bitcoins than ever to defend their holdings while countering an attack from neighboring Russia.

A report published on Tuesday by Arcane Research, showed that Ukrainians are using Binance, the world’s largest cryptocurrency exchange, to acquire stable Tether and Bitcoin coins with a bracelet. (A Ukrainian hryvnia currently costs about $ 033.)

Arcane data show that the 24-hour trade in the Tether bracelet rose from just over $ 6 million just before the invasion to about $ 8.5 million. Over the past six weeks, the volume has rarely exceeded $ 3 million. In addition, 24-hour bitcoin bracelet transactions rose from $ 1 million to $ 3 million.

“Like the Russians, Ukrainians are buying crypto as never before,” the report said. “Many Ukrainians are worried that the country’s banking system may collapse and seek to use crypto as a safe haven.

The report adds that Ukrainians fleeing the country will be able to “bring some of their wealth with them” – hence the jump in trade.

Since Russia invaded Ukraine on February 24, interest in cryptocurrency has skyrocketed in both nations.

The Ukrainian government today said will receive Polkadot – the 11th largest cryptocurrency by market capitalization – after donations of over $ 20 million in Bitcoin, Ethereum and USDT flooded to assist the army.

Cryptocurrency activity grew up in Russia as the ruble fell, most of this activity included bitcoin and Binance.

Meanwhile, stock exchanges are also facing growing pressure to impose a total ban on transactions involving Russian addresses. Coinbase and Kraken have both said no.

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