Iranians withdraw their #Bitcoins exchanges in response to Internet censorship and bombings
According to Chainalysis, between February 28 and March 2, approximately 10.3 million dollars of #BTC☀ were withdrawn, with hourly volumes reaching up to 873% above the average observed since the beginning of the year.
At the beginning of the year, the practical limits of Bitcoin in Iran were confirmed after the 22-day Internet shutdown imposed by the regime to suppress protests. Without a connection, many users found themselves unable to access exchange platforms or spend their $BTC .
This outage occurred as more and more Iranians were adopting Bitcoin and stablecoins to protect themselves from the regime's censorship, but especially from inflation and the fall of the rial. Since January, the price of #BTC has gained more than 2,000% against the Iranian currency, trading at over 100 billion rials per unit.