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- After the sanctions levied on Russia by the U.S after its attack on Ukraine, the price of Bitcoin experienced a sharp increase and reached $45,000 on Tuesday.
- Crypto Donations pour in from around the world. Elliptic, a crypto company, reveals that the Ukrainian government raised funds in millions.
- Meanwhile, some state-owned cryptocurrencies are discussing whether Moscow can gain freedom through crypto.
On Tuesday, the price of Bitcoin experienced an increase of 18%, reaching $45,000, after the sanctions imposed on Russia by the West. After the attack, the people of Ukraine do not have access to traditional financing facilities. In these testing times, crypto circles have come forward to help the people and poured in crypto donations in millions of dollars.
According to Elliptic, a crypto compliance company, since Russia’s invasion of Ukraine, the Ukrainian government has raised around $31.7 million through more than 26,000 crypto donations.
At the time of writing, the price of Bitcoin stands at $44,137.22 with a 24-hour trading volume of $33,504,759,311.
On the significant changes in the price of Bitcoin, here is a commentary of the Bitfinex Trading Team. The team says that this is the first time a conflict is happening in times of cryptocurrencies, and it would be interesting to see how Bitcoin and other cryptocurrencies perform. Below is the commentary:
“As the horrific events in Ukraine and Russia are still being processed by financial markets, the world at large, and the digital token economy, bitcoin is once again exhibiting resilience. The surge in the bitcoin price that we’ve witnessed over recent days has once again shone the spotlight on its unique properties. In these perilous and uncertain times, bitcoin is not capitulating as many of its detractors had predicted. In fact, we may be witnessing the world’s first major conflict in the age of cryptocurrency, and this is proving to be a great test case to see how bitcoin performs.”
Bitfinex is a cryptocurrency exchange founded in December 2012; it is owned and operated by iFinex Inc. Bitfinex, a peer-to-peer exchange that renders digital asset trading services to a global audience. The platform has successfully created a space for itself in the crypto world and become the go-to place for digital asset traders. The Bitfinex trading team is a bunch of smart individuals who possess valuable experience in blockchain technology.
While the U.S and its allies have put sanctions on the central bank of Russia, some state-owned companies discuss the possibilities of Moscow gaining leeway through crypto.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
