Bitcoin: The volume of exchanges on crypto exchanges explodes in Ukraine

[sifprod]

Bitcoin: The volume of exchanges on crypto exchanges explodes in Ukraine
 
In the context of this tense situation where uncertainties weigh on the future of Ukraine’s monetary and financial system, cryptocurrencies in particular bitcoin are subject to increased demand as the value of hryvnia collapses.

The volume of daily cryptocurrency trading is increasing at a dizzying pace in Ukraine. According to data provided by the data aggregator, Coingecko, the trade volume on Luna, a crypto exchange in the country has grown by more than 200% in the last three hours.

https://www.nwscoin.com/2022/02/bitcoin-volume-of-exchanges-on-crypto.html

[ololajulo]

If this is true then it support my opinion of a safe haven for fund for victims of war. It might also encourage money laundering for some high rank corrupt individual in government. The important part is the safety of the private keys or other unlock information

[tippytoes]

If this is true then it support my opinion of a safe haven for fund for victims of war. It might also encourage money laundering for some high rank corrupt individual in government. The important part is the safety of the private keys or other unlock information

People are realizing that dealing with crypto exchanges right now in their country is much better way than using their traditional banks. Because the banks can easily freeze their funds while they are at war. So crypto is a very good option to move their funds and save it on their own wallets without the interruption of their government. I believe, a lot people in these 2 nations will appreciate the presence of crypto. Thus, more adoption is expected after this war. But honestly, I hope Putin will stop this invasion to lessen the number of lives that will be lost. We are not in the barbaric age anymore.

[Bitstar_coin]

There is always a light at the end of the tunnel, after what looks like a hard time on btc it seems to be the saving grace for these war-affected countries, I think moving forward, btc will receive more attention and increase demand from different countries, many people saw what happened in Russia so they will look for an alternative like btc.

[pooya87]

I have been saying that the drop was purely market manipulation and if anything during uncertain times people buy more bitcoin rather than selling it. Whether they are right in the middle of the conflict and having their economy collapsing (like Ukraine or even Russia) or other parts of the world and worry about their economy is dumping like the crashes we saw in a couple of stock markets.

Those who call bitcoin a "high risk asset" are either too zoomed in at hourly charts instead of long term, or have no idea what they are talking about while spreading FUD.

[DapanasFruit]

I have been telling others that during chaotic times, Bitcoin can be acting like a safe haven since it is beyond the confiscation by the government or devaluation by any financial institutions. This is one of the major role of Bitcoin as envisioned by Satoshi Nakamoto. And we are seeing that today in the war between Russia against Ukraine. Those who can should make a solid hedge on their wealth by converting some to Bitcoin. I am sure that months from now, we can be learning lessons here in the Ukraine story.

[pawanjain]

I have been saying that the drop was purely market manipulation and if anything during uncertain times people buy more bitcoin rather than selling it. Whether they are right in the middle of the conflict and having their economy collapsing (like Ukraine or even Russia) or other parts of the world and worry about their economy is dumping like the crashes we saw in a couple of stock markets.

Those who call bitcoin a "high risk asset" are either too zoomed in at hourly charts instead of long term, or have no idea what they are talking about while spreading FUD.

Bitcoin and I would also add Gold to the list which people buy the most during such events of crisis.
But since Gold is a physical asset and carrying it out in such crisis is a very big risk, this leaves bitcoin to be the most safe asset to be bought.
As we see more times like these (Covid pandemic, Russia-Ukriane war etc...) bitcoin is proving is true potential of "owning" the asset of value.
What I am confused is that the price of it is still under $40k whereas it should have crossed $45k already since more people are buying bitcoin these days.

[masterrex]

If that is true then some Ukrainian crypto people are converting their assets into Bitcoin because they know that the chaos of war in their country will greatly affect their economy including the value of their local currency and I think that was the reason why the so-called volume from the crypto exchange Luna has been increased.

[pooya87]

What I am confused is that the price of it is still under $40k whereas it should have crossed $45k already since more people are buying bitcoin these days.

It is confusing because it makes no sense

I suppose it is all about the fact that a major support was broken, that is the $40k support. And when that happens the market doesn't just jump back up specially if price stayed below that support for some time and as long as the FUD hasn't ended yet. So the panic sellers don't want to come back yet because they still believe what they were told despite price going back up again ($39k up from $34k).

[aoluain]

I have been saying that the drop was purely market manipulation and if anything during uncertain times people buy more bitcoin rather than selling it. Whether they are right in the middle of the conflict and having their economy collapsing (like Ukraine or even Russia) or other parts of the world and worry about their economy is dumping like the crashes we saw in a couple of stock markets.

Those who call bitcoin a "high risk asset" are either too zoomed in at hourly charts instead of long term, or have no idea what they are talking about while spreading FUD.

Bitcoin and I would also add Gold to the list which people buy the most during such events of crisis.
But since Gold is a physical asset and carrying it out in such crisis is a very big risk, this leaves bitcoin to be the most safe asset to be bought.
As we see more times like these (Covid pandemic, Russia-Ukriane war etc...) bitcoin is proving is true potential of "owning" the asset of value.
What I am confused is that the price of it is still under $40k whereas it should have crossed $45k already since more people are buying bitcoin these days.

Without having a Gold v's Bitcoin ^{The 2 are different and have different applications}
_{...and have been debated to death already} Bitcoin is the clear winner for sure.
Particularly for the people in Ukraine who's country ^{or part of it} is being invaded Bitcoin
is a safe haven for their assets and wealth, it is borderless and is ultra easy to hide
i.e a memory stick

Gold, not so much.

[fzkto]

Maybe the demand for cryptocurrencies on Ukrainian exchanges has increased because they may be closed due to the war? I know that some of these exchanges have been sending emails about the possible suspension of trading and blocking Russian users funds.

[GreatArkansas]

Maybe the demand for cryptocurrencies on Ukrainian exchanges has increased because they may be closed due to the war? I know that some of these exchanges have been sending emails about the possible suspension of trading and blocking Russian users funds.

Very normal, people for sure expecting that there will be a lot of suspensions in the future.
I am also thinking that using Bitcoin during these times is the best time, or storing your funds. I am also expecting that the numbers of volume will continue to spike as long as the tension between Russia/Ukraine will be not stabilized.

[buwaytress]

Only in the last 3 hours? Would have expected it to be steadily going up while the troops were building up. Though I guess if an exchange like Luno is tripling in volume, I'd expect more people who know how to use Bitcoin wallets would have been shoring it up weeks ago.

I wonder what's been happening with Ukraine's supposed stash? Current regime is supposedly awash.

[cryptomaniac_xxx]

If that is true then some Ukrainian crypto people are converting their assets into Bitcoin because they know that the chaos of war in their country will greatly affect their economy including the value of their local currency and I think that was the reason why the so-called volume from the crypto exchange Luna has been increased.

But why in local exchange though? I mean they should put their bitcoin in their own wallet that they have control instead of some exchange? Doesn't make sense at all to me if you live in Ukraine and have been a bitcoin enthusiast.

Anyhow, we will at the start of the week as more data comes in and see what's the real reason behind the current spike to $38k-$39k levels ($40k is a barrier so far).

[gabbie2010]

If this is true then it support my opinion of a safe haven for fund for victims of war. It might also encourage money laundering for some high rank corrupt individual in government. The important part is the safety of the private keys or other unlock information

All major donations to support the Ukrainians in this crisis is being channelled through crypto thus I am not surprise about sudden surge in crypto transactions, of course this will consequently have a significant impact in their exchanges in term of daily volume traded, and the prices of crypto will remain bullish due to more adoption, I believe crypto had fit in as a better alternative to regular and popular fiat.
 I hope the Russian- Ukrainian crisis is resolved as soon as possible to prevent the humanitarian crisis and refuges currently being experienced in Polish border

[kaya11]

If that is true then some Ukrainian crypto people are converting their assets into Bitcoin because they know that the chaos of war in their country will greatly affect their economy including the value of their local currency and I think that was the reason why the so-called volume from the crypto exchange Luna has been increased.

But why in local exchange though? I mean they should put their bitcoin in their own wallet that they have control instead of some exchange? Doesn't make sense at all to me if you live in Ukraine and have been a bitcoin enthusiast.

Anyhow, we will at the start of the week as more data comes in and see what's the real reason behind the current spike to $38k-$39k levels ($40k is a barrier so far).

I think it is most probably donations, they are using local wallet because it's easier to encash their crypto and use the money to buy something they need, food or example. Their money is still usable and if maybe things get worst and the economy falls completely, I think they should be worried about using local wallets. They can't use crypto on a daily basis as a means of paying, internet might be lost and the updated price of bitcoin will be delayed and thus using local money is still a wise thing to do. R

[Husires]

Calculating the increase in trading volumes as a percentage does not give the real amount of money. If the circulation of cryptocurrencies was old at about 10 million dollars, the addition of an additional 30 million dollars would make that percentage, which are simple numbers, as many donations are collected for the humanitarian crisis there.

I've never heard of someone saying using Bitcoin to buy drugs or illegal stuff is good for long-term forecasting.

[Darker45]

There are opposing views on this, but I think those who have the money in Ukraine who are well aware of Bitcoin will probably choose it over fiat, now more than ever. A number of banks are now closed. ATMs are emptied. Long queues everywhere. Withdrawals are limited to avert a possible bank run. The level of fiat uncertainty within Ukraine has never been this high. This is enough for those who have savings to find alternative ways to safely keep their value.

[Ozero]

If this is true then it support my opinion of a safe haven for fund for victims of war. It might also encourage money laundering for some high rank corrupt individual in government. The important part is the safety of the private keys or other unlock information

There may be other reasons as well. In Ukraine, the National Bank opened a bank account for donations to the Armed Forces of Ukraine. In a few days, more than 200 million hryvnias were collected. It is possible that cryptocurrencies are also used for these donations and for practical assistance. The Ukrainians have fully united to repulse the aggressor and inflict serious losses on the invaders in manpower and equipment.

So, according to the official data of the Ministry of Defense of Ukraine, during the first three days of a full-scale war, the following were destroyed:
- about 4300 Russian soldiers,
- 200 captured
- 146 tanks,
- 706 armored vehicles,
- 27 military aircraft,
- 26 attack helicopters,
- and a lot of other technology.

So far, Putin's regime troops have not captured a single regional center or any significant territory, although fierce fighting is taking place in many places, given that the attack was from three sides of Ukraine, including from Belarus. Ukrainians confidently grind the vaunted military power of Russia.
Putin, seeing that he can really lose the war, is already threatening Ukraine with the use of nuclear weapons.

[CaVO32]

If this is true then it support my opinion of a safe haven for fund for victims of war. It might also encourage money laundering for some high rank corrupt individual in government. The important part is the safety of the private keys or other unlock information

There may be other reasons as well. In Ukraine, the National Bank opened a bank account for donations to the Armed Forces of Ukraine. In a few days, more than 200 million hryvnias were collected. It is possible that cryptocurrencies are also used for these donations and for practical assistance. The Ukrainians have fully united to repulse the aggressor and inflict serious losses on the invaders in manpower and equipment.

So, according to the official data of the Ministry of Defense of Ukraine, during the first three days of a full-scale war, the following were destroyed:
- about 4300 Russian soldiers,
- 200 captured
- 146 tanks,
- 706 armored vehicles,
- 27 military aircraft,
- 26 attack helicopters,
- and a lot of other technology.

So far, Putin's regime troops have not captured a single regional center or any significant territory, although fierce fighting is taking place in many places, given that the attack was from three sides of Ukraine, including from Belarus. Ukrainians confidently grind the vaunted military power of Russia.
Putin, seeing that he can really lose the war, is already threatening Ukraine with the use of nuclear weapons.

The figures are overwhelming already but it will keep on rising as the war is still continuing. What I am sad about this is, because of Putin's self-interest, he discard the thought that many innocent lives will be lost. We are not in the savage period anymore, anything can be resolved with peaceful talks. I have the feeling that Putin will resort to nuclear war in case he can't achieve his targets here. Devastation from all sides will be expected. He won't accept defeat in this war.