28 Mar 2022

The Ukrainian bitcoin volume continues to grow as war ravages

Many have been paying attention to the bitcoin volumes on both sides of the war. Ukrainian volumes continue growing while trading activity has collapsed in Russia.
bitcoin volume ukraine russia.svg
Source: Tradingview (Binance)
The volume of Binance's bitcoin-hryvnia pair surged when Russia invaded Ukraine, and it has just kept increasing. It has seen much higher growth during the past month than the BTCUSD spot volume.The increase could be caused by a growing number of Ukrainians believing Bitcoin to be a safer store-of-value than the vulnerable Ukrainian banking system. Still, these volumes are very low compared to bitcoin's overall spot volume.
russia bitcoin volumes
Source: Tradingview (Binance)
Like in Ukraine, the Russian bitcoin volume on Binance saw a sharp increase when the war started. While the volume has kept increasing in Ukraine, in Russia, it started to plummet after peaking at the beginning of March and is now back at pre-invasion levels. 
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