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Tether, Ethereum, Bitcoin Trade for Premiums In Ukraine, Hryvnia BTC Prices $3K Higher Than the Global Average

Kuna, which is a cryptocurrency exchange that allows trades in ruble or hryvnia, saw a significant increase in volumes after Ukraine's central banking imposed cash withdrawal limits. 

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Tether, Ethereum, Bitcoin Trade for Premiums In Ukraine, Hryvnia BTC Prices $3K Higher Than the Global Average

Kuna's crypto-assets, such as bitcoin, tether and ethereum, are still trading at a substantial premium.

Crypto in Ukraine Sees Premiums

After Russian troops invaded Ukraine, the conflict in Ukraine continues. According to the United Nations (UN ), approximately 100,000 Ukrainian citizens fled the country in the last 24 hours.

Two days after the Russian invasion, the National Bank of Ukraine established a cap on daily cash withdrawals of 100,000 hryvnias (3,350) After Volodymyr Zelensky, the Ukrainian president, declared martial law on February 24, the NBU invoked that mandate.

The NBU's cash withdrawal limit mandate saw Kuna see trade volume increase by $3.5million on Thursday. Kuna saw a spike in trade volume, with the majority of trading pairs being conducted in hryvnias (UAH), from $1.4 million up to $4.8 million.

Kuna still has a higher volume than the crypto exchange. Volume on Kuna was $780million six days ago. Today, Kuna's volume is $1.4 Million. The exchange allows traders to trade in hryvnias (UAH), but also allows them to swap coins in ruble.

Additionally, there is a premium on bitcoin ( Bitcoin), Ethereum ( ETH) and tether( USDT). At the time of writing, tether was swapping for $1.08 each token. Tether ( USDT), which is also exchanging hands outside Ukraine, costs $0.99 per coin.

Kuna leverages the UAH (hryvnia) pair. A single ethereum ( ETH) can currently be traded for $2982.83 per unit. While outside of Ukraine ETH trades at $2,770 per unit.

Bitcoin ( BTC), can be exchanged for $42,106 if swapped with the UAH pair. The premium is $3,124 higher than the crypto asset outside Kuna.

Prices for localbitcoins.com Bitcoin ( BTC) are seeing a premium, with some sellers selling at prices up to 1,296,879.12 UAH/BTC, or $43,480 per coin. Localbitcoins.com metrics show that trade volume for Ukraine is lower than normal.

Localbitcoins.com also has not seen significant increases in BTC trading volume in Russia. Kuna has a premium RUB/ because Bitcoin is being swapped for $40,705 or 3414,848 Rupees. ETH/RUB for Kuna also has a premium, but it is not as high than the premium for UAH ether swaps.