Bitcoin recovers: Ukrainians and Russians buy cryptocurrencies in the middle of the war

According to analysis firms, Russians are buying cryptocurrencies after their local currency, the ruble, is devalued following economic sanctions on the country.

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Bitcoin and the rest of the cryptocurrencies  have recovered favorably after the abrupt fall they suffered in the midst of Russia ‘s invasion of Ukraine and it is due, in large part, to the citizens of both countries.

For this Tuesday, bitcoin maintains an average value of 43 thousand dollars per unit -according to CoinMarketCap- and it is thanks to the fact that business volumes have skyrocketed in its pairs with the Russian ruble and the Ukrainian hryvnia.

Ethereum has touched $3K per unit again, while BNB, XRP, Cardano, Solana and more are seeing growth of up to 15% over the last 7 days.

The crisis began to favor

While it is true that cryptocurrencies were beaten in the midst of the start of the war, during the development they are being vital in many ways, with a 121% growth in transactions with local currencies according to CoinShares.

After the economic sanctions against Russia, the ruble has fallen to historical lows, amid a devaluation that has caused many locals to take refuge in cryptocurrencies.

On the Ukrainian side, it is the government itself that has requested donations in bitcoin and Ethereum , promoting and legalizing this trade.

Of course, the war also moves through these fields, with Ukrainian ministers and politicians calling for the movement of Russian money to these digital wallets to be canceled. Binance, for example, is blocking Russian accounts of official sanctions members , but not the entire country.