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Bitcoin is selling for $3k higher in Ukraine as cash withdrawal limits imposed

2022/02/27 12:45

According to Beincrypto, crypto exchanges in Ukraine have recorded a spike in their transaction volumes. At the same time, demand for digital assets like Bitcoin and USDT has helped push the value of these assets higher against the Hryvnia. The National bank of Ukraine had imposed a limit on daily cash withdrawals to 100,000 Hryvnias ($3,350) to control the outflow of cash from the country. This move has, however, become a major catalyst for crypto trading in the country. Immediately after the declaration on February 24, Ukraine-based crypto exchange Kuna, which provides trades in Hryvnia and Russian Ruble, saw a spike in its trading volume. At some point, BTC on Kuna was trading for as high as $42,106, which is $3k higher than it was across other crypto exchanges. USDT was also exchanging hands for as high as $1.08, while its average price on other exchanges was $0.99. The founder of Kuna Exchange, Michael Chobanian said that the majority of people have nothing else to choose apart from crypto. People have cash, and they want to buy crypto, but there is a very limited supply at the moment.
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