According to Con Metrics data, the volume of the Ukrainian national currency, the hryvnia, on the crypto market has hit record highs. In addition, the crypto community has rallied to raise approximately $30 million in donations for Ukraine and its citizenry. This gesture comes a few days after Russian troops invaded Ukraine.
The ongoing war in Eastern Europe has cost several Ukrainian and Russian individuals their access to conventional financial systems. As a result, Ukrainians are now turning to digital currencies such as Bitcoin (BTC) to fund their needs. This is because crypto is immune to censorship and is easily movable across international borders. Furthermore, in doing so, digital currencies also do not need traditional financial intermediaries.
Coin Metrics finds that there has been a huge upswing in the trading volume of hryvnia in the crypto market. In addition, Coin Metrics puts the time frame for this recent development at just within a week.
The amount of Ukrainian hryvnia quoted on Binance and LocalBitcoins for some digital currencies has also shot up to record highs. Furthermore, several Russians are channeling their funds to crypto following the ruble crash.
According to analysts, the Russian economy could contract as much as 5% this year owing to renewed sanctions against the country.
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