After the Ukrainian central bank imposed a restriction on cash withdrawals, the kuna, a cryptocurrency exchange that provides trade in rubles and hryvnia, experienced a significant increase in volume. Moreover, to date, crypto-assets that are exchanged in kuna such as bitcoin, tether and ethereum are traded for a significant premium.
Crypto sees premiums in Ukraine
The ongoing conflict continues in Ukraine after Russian troops invaded the territory. United Nations (UN) estimates that about 100,000 Ukrainian citizens have fled the country in the last 24 hours.
After the Russian invasion, two days ago, the National Bank of Ukraine (NBU) implemented daily cash withdrawal limit of 100,000 hryvnia ($ 3,350). The NBU called for a mandate on February 24, after Ukrainian President Volodymyr Zelensky imposed a state of emergency.
Immediately after the limitation of the NBU’s mandate to withdraw cash, the cryptocurrency exchange Kuna saw increase in trade volume for $ 3.5 million on Thursday. The volume of trade in kuna jumped from 1.4 million dollars to the highest 4.8 million dollars with most trading pairs in hryvnias (UAH).
The volume is still higher on the kuna because the volume on the crypto exchange six days ago amounted to 780 million dollars, but today the volume of the kuna is 1.4 million dollars. Not only does the stock exchange allow trading in hryvnias (UAH), but traders can also exchange coins in rubles (RUB).
There is also a premium for bitcoin (BTC), ethereumETH), and connectionUSDT) on the kuna stock exchange while tether changes by $ 1.08 per token at the time of writing. Outside Ukraine, at the same time, tether (USDT) exchanges hands for $ 0.99 per coin.
In kunas, using a pair of hryvnia (UAH), one ethereumETH) currently changes to $ 2,982.83 per unit, while outside Ukraine ETH trades for $ 2,770 per unit.
Bitcoin (BTC) exchanges hands for $ 42,106 when it is replaced by a pair of hryvnia (UAH), because the premium is $ 3,124 more expensive than crypto assets outside the Kuna platform.
Localbitcoins.com bitcoin (BTC) prices also record a premium because some sellers sell at prices even 1,296,879.12 UAH / BTC or $ 43,480 per coin. However, localbitcoins.com metrics for this week show volume of trade in Ukraine it is currently lower than usual.
Similarly, localbitcoins.com did not experience any significant increase The volume of BTC trade in Russia. As for the kuna, there is RUB /BTC premium as BTC changes for $ 40,705 or 3,414,848 RUB. ETH/ RUB on kuna also has a premium, but not as high as the premium for ether substitutions in hryvnia (UAH).
What do you think about premiums on bitcoin, tether and ethereum in Ukraine? Tell us what you think about this topic in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Coingecko.com,
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