Russia-Ukraine: cryptocurrency donations fuel the crypto war

Russia-Ukraine: cryptocurrency donations fuel the crypto war

Millions of dollars donated to NGOs that help Ukraine from the invasion of Russia. A crypto war, according to analysts, has just begun.
• by Alice Zaniolo
• February 28, 2022

More than $ 4 million has already been donated to non-governmental organizations that help Ukraine from Russia’s unprovoked invasion of the country. A “war of cryptocurrencies”, crypto war, according to analysts, has just begun.
Meanwhile, as war panic runs out of the country’s ATMs, many Ukrainians are turning to Bitcoin.
Elliptic, a London-based blockchain analytics firm, provided statistics on Friday revealing that crowdfunding has increased since Thursday following the Russian invasion of Ukraine.
On February 24 alone, an NGO received over $ 675,000 in Bitcoin and by 9:30 am on the 25th it had already received more than $ 3.4 million, of which over $ 3 million provided by a single contributor.
the company said.
This brings the total amount raised by these groups since the invasion began to over $ 4 million.
Crypto war: who is winning?
This increase in donations is part of a more significant trend of Ukrainian volunteers and NGOs who have been at the forefront of organizational efforts since the start of the conflict eight years ago with the breakaway republics of Donbas.
Cryptocurrencies can be used to raise funds for the Ukrainian military or help Russia avoid sanctions because there is no central authority that can impose its morality on its users. Nobody can prevent its use in both ways.
said Tom Robinson, principal scientist and co-founder of Elliptic.
One of the many costs of the war is its impact on the global financial market.
Experts also fear a huge human toll, with Ukrainian President Volodymyr Zelensky saying more than 100 Ukrainians had been killed in the first 24 hours of the assault.
Collateral damage
The invasion disrupted the lives of the Ukrainian people, with many attempting to flee the nation. On the contrary, Zelensky advises others to protect their homes from Russian soldiers and attacks.
As Russian tanks enter Ukraine, the two economies have been at the forefront of adopting the new form of digital currency. Both are now using it to gain a competitive advantage in the geopolitical battle.
For example, Ukraine is seeking further measures to avert Russia’s invasion of their country by chasing the government official’s crypto wallets. On the Russian side, it was reported that the country’s hackers would launch cyber attacks on Ukrainian private financial companies to enter their cryptocurrency reserves.
A game-changing tool
Earlier today, Crypto.com Coin fell 3.68%, bucking the trend. The rest of the majors, on the other hand, had a bullish start to the day. This morning, Bitcoin’s market dominance increased by 0.13% to 41.89%, as stated by the statistical analysis.
Cryptocurrency analysts predict volatility in global financial markets, including cryptocurrencies, will follow as the war rages on.
For the first time, the first significant battle of the cryptocurrency era. This also means that both sides have access to a tool that can quickly move billions of dollars across borders.

cryptocurrencies