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Crypto transactions reached a record volume in the Ukrainian currency after the Russian invasion. This was reported by Coinmetrics, a media specialized in crypto. The situation occurred after citizens sought alternatives for financial transactions because of the crisis in the country.
“BTC initially crashed following the first news of Russia’s invasion around 03:00 UTC on February 24th, dropping from $37K to as low as $34.35K. But less than 24 hours later BTC regained its previous price and began to move up to its highest level in weeks. Most other cryptoassets also followed a similar pattern — ETH initially crashed on the news of the invasion, but finished the day in the green,” the media outlet reviewed.
Increased volume and confidence
The media outlet detailed that most citizens have had to seek to circumvent the limitations of the Central Bank of Ukraine and have found in virtual currencies the confidence to conduct banking transactions.
“Crypto has already proven to be a highly effective way to raise donations that can be transferred to anywhere around the world. And as an asset that can be self-custodied, easily transported, and used without the need for a third-party or bank, crypto will undoubtedly continue to play an increasingly important role in a quickly changing world,” explained the specialized financial media.
It added: “So far, in only 3 days since the address was created, about 161 total BTC has been sent to the Ukrainian-controlled Bitcoin address, worth nearly $7M.”