Analysts at Arcane Research noted that after the start of the military operation in Ukraine, the “real” trading volumes of bitcoins increased markedly and returned to the levels of early December last year.
In their report, the researchers write that the volume of cryptocurrency trading in Ukraine and Russia has increased significantly, and the volume of trading in the USDT/RUB pair has reached a new historical record. The total daily trading volume exceeded $10 billion, and this happened on February 24, when the military operation began.
Analysts also stressed that cryptocurrencies have become a “new direction” in this crisis. We are talking about the collection of donations in cryptocurrencies by Ukraine, as well as the demand for digital assets in connection with the sanctions imposed by the West.
Arcane Research analysts take into account the trading volumes only of “reliable” cryptocurrency platforms, which, in their opinion, do not overestimate the indicators. For comparison, the CoinGecko service reported a trading volume of $25 billion on February 24.
In addition, on February 28, the exchange rate of the first cryptocurrency increased by 14.5% – there has not been such a large increase in bitcoin for more than a year. The authors of the report linked this to the transfer of funds by Russian and Ukrainian residents and companies into digital assets:
“Investors believe that cryptocurrencies will become an increasingly important, apolitical and free analogue of money, especially during times of geopolitical tension.”
Earlier, Kaiko analysts reported a significant increase in trading volumes in the BTC/RUB pair.
Source: Bits
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