Only a day has passed since Russia began the Ukrainian invasion, but the markets can already feel the repercussions of these actions. While most of them are tumbling in a downward spiral, a small Ukrainian crypto exchange reports an increase.
According to the latest CoinGecko data, the country-based Kuna exchange has tripled in volume, rising all the way up to $4 million. This rocket increase exemplifies the fall of the Ukrainian hryvnia, as the conflict began. In the face of war, people are finding financial stability in crypto.
It is noteworthy that it was just this month that the Ukrainian government finally legalized cryptocurrencies. Unsurprisingly, in these difficult times, people have turned to alternative finance.
The volume has now begun stabilizing after the fiat currencies have started recovering from the initial shock. However, we can expect the cryptocurrency trend to continue, as the country’s banks have issued a limit on the daily withdrawals.
At the time of writing, Bitcoin sits at $38,421 and opinions vary on how its price is going to evolve, as the war conflict unfolds. As the current situation is rather unpredictable, only time will tell how the situation on the markets evolves.