With geopolitical uncertainty in Europe on the rise, investors are hoping that cryptocurrency will grow in importance. The actual daily Bitcoin volume has seen a spurt unseen in the past 3 months. The real daily trading volume surge has led to the highest recorded volume after December 4, 2021.
The firm has cited new narratives such as fundraising by crypto in the beleaguered state of Ukraine. Other factors include increasing demand compared to western nations and the introduction of the strictest ever control by Russia in decades.
There has been strong pressure to sell by investors as they look to lessen risk this Thursday. It may have also added to the spike in everyday Bitcoin sales volume. Price dipped by 10% that day.
CoinGecko has pegged the trading volume of BTC at around $25B on Thursday. The Bitcoin volume chart of Messari, which includes several additional exchanges has gone with Arcane and recorded the spike at approximately $11.6B in volume on Thursday.
After Thursday, real daily BTC volume went down to $7.5B on Tuesday, as per data released by Messari.
A Sharp Spike In Bitcoin Trading Detected On Monday With 14.5%
Arcane has also emphasized that the largest single-day gain in percentage by Bitcoin was on Monday, which saw a 14.5% spurt in one day. The jump was attributed to Ukrainian and Russian crypto adoption partially. But the real volume was tiny in global volume terms. There was also an increase in speculation on the use of crypto during the current invasion by Russia.
Investors believe that crypto such as Bitcoin will become ever more important as trustless and apolitical money, even as geopolitical uncertainties continue to escalate.
A significant increase has been detected in the purchase of cryptocurrencies by Ukrainians. This has been hastened by the disruption of financial markets and services, resulting in a flow-on effect on the reliance on cryptocurrencies.
Bitcoin and Tether showed an increase in purchases from $M to $3M and $2.5M to $8M respectively.