Amid the invasion of Russia in Ukraine, the prices of cryptocurrencies including bitcoin, ethereum and tether have jumped high in Ukraine. The surge was significant after Ukraine's central bank imposed a cash withdrawal limit initially.
Conflicts in Ukraine are ongoing. Russian troops invaded on February 24 and about 100,000 Ukrainian citizens have fled. The National Bank of Ukraine imposed a daily cash withdrawal of up to 100,000 hryvnias ($3,350) and President Volodymyr Zelensky initially imposed martial law in the country.
Following the withdrawal limit, aÂ surge of high volume trade was witnessed on the cryptocurrency exchange Kuna. It jumped from $1.4 million to $4.8 million.
Bitcoin, tether and ethereum are being traded as premium on the exchange and currently tether is being swapped for $1.08 per token in Ukraine. The same tether is being traded for $.099 per coin outside Ukraine.
The hryvnia pair is currently being swapped for $2,982.83 per unit against a single ethereum in the country. The swapping is for $2.770 per unit outside Ukraine.
Simultaneously, the Bitcoin is being swapped for $42.106 with hryvnia and it is more expensive compared to outside Kuna's platform.
Bitcoin is also being traded premium on localbitcoins.com and the price was as high as 1,296,879.12 UAH/BTC or $43,480 per coin initially. However, the trade volume has now slowed down in Ukraine and it is even lower than usual.
No such upswing was noticed in bitcoin trade volume in Russia on the localbitcoins.com platform. In the ruble/bitcoin premium on the Kuna platform, the bitcoin is being swapped for $40,705 or 3,414,848 RUB. ETH/RUB.
Meanwhile, more than 70 Ukrainian soldiers have been reported killed on the sixth day of the conflict and the EU has approved the closure of airspace for Russian aircraft.
Meanwhile, NATO chief Jens Stoltenberg has urged Russia to withdraw its forces and end the war and the alliance would not be sending combat jets or troops to Ukraine as it is not seeking to be a part of the conflict. He added that the Russian assault is unacceptable. Germany has conducted combat air patrols in the skies of Poland.
YouTube has blocked several Russian channels connected to Sputnik and RT across Europe with immediate effect. French Finance Minister Bruno Le Maire said the Russian economy will collapse due to Western sanctions. It will be a total financial and economic war against the country. United Kingdom Ministry of Defence tweeted the risk of civilian casualties is very high in Ukraine due to heavy artillery in urban areas.