Source: Adobe/silentgos
There have been massive increases in cryptocurrency trading volumes using Ukrainian fiat currency, cryptocurrency research firm Arcane Research wrote in its latest weekly update. Meanwhile, the company identified €47,000 as the next likely target for bitcoin (BTC) after the €44,000 resistance was broken.
“Many Ukrainians fear that the country's banking system is collapsing and seek to make cryptocurrency a safe haven for their savings,” Arcane writes in his report.
He added that thanks to the invention of cryptography, Ukrainians "now have the opportunity to flee the country and bring some of their wealth with them."
Furthermore, he argued that trading bitcoin and tether (USDT) for the Ukrainian hryvnia on cryptocurrency exchange Binance saw “huge increases” in volume.