{"id":411004,"date":"2022-02-28T23:19:09","date_gmt":"2022-02-28T20:19:09","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-surges-9-3-over-demand-from-russians-and-ukrainians\/"},"modified":"2022-02-28T23:19:09","modified_gmt":"2022-02-28T20:19:09","slug":"bitcoin-surges-9-3-over-demand-from-russians-and-ukrainians","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-surges-9-3-over-demand-from-russians-and-ukrainians\/","title":{"rendered":"#Bitcoin surges 9.3% over demand from Russians and Ukrainians"},"content":{"rendered":"<p>&#8220;<strong>#Bitcoin surges 9.3% over demand from Russians and Ukrainians<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>Bitcoin defied a stock market slump on Monday, surging 9.3% amid what analysts said was increased demand from Russian and Ukrainian buyers.\u00a0<\/p>\n<p>The world\u2019s most popular digital currency was trading around $41,200 on Monday afternoon, while ethereum was up 7.3% at $2,800. <\/p>\n<p>The surge can be explained in part by Russians flocking to escape the ruble, which has tanked due to crippling sanctions from the US and European Union, according to Marc van der Chijs of First Block Capital.\u00a0<\/p>\n<p>Van der Chijs said he had seen bitcoin selling for as much as $46,000 on some Russian exchanges on Monday \u2014 a roughly $5,000 premium over its US price.\u00a0<\/p>\n<p>\u201cThere\u2019s not normally a difference [between the Russian and US price of bitcoin] because there are arbitrage possibilities,\u201d van der Chijs told The Post. \u201cThat seems to indicate that this urge in bitcoin price is because of Russian buying.\u201d\u00a0<\/p>\n<p>Russians worried about the stability of their currency and financial system may see bitcoin as a way to protect their savings, he said.\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Sberbank-141.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Sberbank\" class=\"wp-image-21362150\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Sberbank-141.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Sberbank-141.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Sberbank-141.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Russian financial institutions including state-owned Sberbank have been hit with crippling sanctions. <\/figcaption><figcaption><span class=\"credit\">JURE MAKOVEC<\/span><\/figcaption><\/figure>\n<p>Conversions between bitcoin and both the Russian ruble and Ukranian hyrvnia spiked to their highest levels in months im<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>tely after Vladimir Putin ordered the invasion last week, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/medium.com\/@kaikodata\/bitcoin-premium-emerges-on-ukrainian-markets-669b59b38e83\">data<\/a> released Monday by Kaiko Research.\u00a0<\/p>\n<p>\u201cWe see some evidence of an increase in bitcoin-ruble volume,\u201d Blockchain.com research chief Garrick Hileman told The Post, cautioning that it was unclear if Monday\u2019s price movements could be completely attributed to such trades.<\/p>\n<p>\u201cThere\u2019s certainly a big uptick there compared to what the norm was historically,\u201d said Hileman, who\u2019s also a visiting fellow at the London School of Economics. \u201cIs it significant enough to kind of move the price to this degree? Can\u2019t say.\u201d\u00a0<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Bitcoin-004.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Bitcoin\" class=\"wp-image-21362192\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Bitcoin-004.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Bitcoin-004.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/Bitcoin-004.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Conversions between bitcoin and both the Russian ruble and Ukranian hyrvnia spiked to their highest levels in months. <\/figcaption><figcaption><span class=\"credit\">Rick Bowmer<\/span><\/figcaption><\/figure>\n<p>Hileman added that bitcoin\u2019s surge could also potentially be attributed to people converting fiat into cryptocurrencies in order to donate to the Ukrainian military and Ukrainian charities, which have raised more than $22 million in crypto over the past five days, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.elliptic.co\/blog\/live-updates-millions-in-crypto-crowdfunded-for-the-ukrainian-military\">data<\/a> from crypto compliance firm Elliptic.\u00a0<\/p>\n<aside class=\"single__inline-module alignright\">\n    <\/aside>\n<p>It could also potential be due to non-war-related factors like a short squeeze, he said.\u00a0<\/p>\n<p>\u201cIt\u2019s very hard to make a clear interpretation here,\u201d he said.\u00a0<\/p>\n<p>Many major crypto exchanges including Coinbase and FTX do not operate in Russia.\u00a0Therefore, many Russians have turned to Cayman Islands-based Binance, which is the world\u2019s largest crypto exchange and offers trades between the ruble and bitcoin.\u00a0<\/p>\n<p>After Ukraine\u2019s vice prime minister\u00a0Mykhailo Fedorov called on crypto exchanges on Sunday to block Russian users, Binance refused.\u00a0<\/p>\n<p>\u201cWe are not going to unilaterally freeze millions of innocent users\u2019 accounts,\u201d a spokesperson for Binance <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2022\/02\/28\/binance-will-not-block-russian-accounts-after-ukraine-request.html\">told CNBC<\/a>. \u201cCrypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people\u2019s access to their crypto would fly in the face of the reason why crypto exists.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/kremlin-144.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Russia\" class=\"wp-image-21362265\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/kremlin-144.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/kremlin-144.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/kremlin-144.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Crypto exchange Binance has refused to block accounts belonging to Russians. <\/figcaption><figcaption><span class=\"credit\">Bloomberg<\/span><\/figcaption><\/figure>\n<p>Cryptocurrencies fell in tandem with stocks last week when Russia initially invaded Ukraine but have since outperformed. Bitcoin is up 10.8% over the past five days, while the Dow Jones Industrial Average is down 1.0%.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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The surge can be&#8230;<\/p>\n","protected":false},"author":1,"featured_media":411005,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/02\/kremlin-comp.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[74862,126248,76127,4975,126128],"class_list":["post-411004","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-2-28-22","tag-cryptocurrency","tag-russia","tag-ukraine-war"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/411004","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=411004"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/411004\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/411005"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=411004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=411004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=411004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}