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What is the impact of war on cryptocurrency?

01 Apr 2022 By: Anirudh Trivedi
What is the impact o

When the invasion began, Bitcoin trading in Russian roubles went into overdrive. 

Daily volumes increased 2.59 percent from the previous day to 1.3 billion roubles, or $13.1 million.

Kuna, a cryptocurrency exchange in Ukraine, saw its daily trade volume more than triple to 150 million hryvnias, or $5 million.

According to a source around $300 million in short bitcoin bets was liquidated on the day of the attack, while Singapore-based QCP Capital stated that "a good chunk" of leveraged long holdings had been liquidated.

Despite the fact that global markets were struggling due to the war, cryptocurrencies were trading in the green. Bitcoin, the most valuable cryptocurrency by market capitalization, increased by 2.64 percent. The Ethereum blockchain's ETH token increased by 3.26 percent as well. USDT Tether, a stable coin, increased by0.01 percent.

Volumes traded in Bitcoin, USDT Tether, and Ethereum have all increased significantly. The BNB token, which is native to the Binance exchange, increased by 4.49percent, while the USDC stablecoin increased by 0.01 percent.