More than $4 million have already been contributed to non-governmental organizations helping Ukraine from Russia’s unprovoked invasion of the country. A “crypto war,” according to analysts, has just begun.
Meanwhile, as the panic of war depletes the country’s ATMs, many Ukrainians resort to Bitcoin.
Elliptic, a blockchain analysis company in London, provided statistics on Friday revealing that crowdfunding has increased since Thursday, following Russia’s invasion of Ukraine.
“On the 24th of February alone, one NGO got over $675,000 in Bitcoin, and by 9.30 a.m. on the 25th, it had already received more than $3.4 million – over $3 million of which was provided by a single contributor,” Elliptic said.
Elliptic reported that the combined amount raised from these groups to the start of the invasion is now more than $4million.
The daily market capitalization of crypto assets is $1.738 trillion | Source: TradingView.com
Crypto War: Who’s Winning?
The increase in donations was part of an even more important trend of volunteers from Ukraine and non-governmental organizations (NGOs) who were at the forefront organizing efforts ever since conflict started eight years ago, when separatist Donbas republics began.
Bitcoin rose 1.75%, to $47.130 as of the writing. Bitcoin fell to $46,173 in the early hours of morning, before rising to $47,247 at noon. This indicates a mixed start to today.
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“Cryptocurrencies may be used to crowdfund for the Ukrainian army or assist Russia in avoiding sanctions because there is no central authority who can impose their morality on its users,” Elliptic’s principal scientist and co-founder, Tom Robinson, said. “No one can prevent it from being used in either way.”
The impact of war on the world’s financial markets is one of many costs. Experts fear that there will be a huge human cost. Volodymyr Zelensky, the Ukrainian president declared that over 100 Ukrainians were killed in just 24 hours.
Collateral Damage
The invasion has thrown Ukrainian people’s lives into disarray, with many attempting to flee the nation. Zelensky recommends that others protect their houses from Russian soldiers and other attacks.
The two countries that pioneered the adoption of the digital currency are using it now to compete in geopolitical warfare as Russian tanks invade Ukraine.
For instance, Ukraine is seeking further measures of staving off Russia’s invasion on their country by going after government official’s crypto wallets.
For the part of Russia, it has been reported that hackers from the country have allegedly launched cyberattacks on Ukraine’s private financial firms to break into their crypto reserves.
This tool can change the game
Crypto.com Coin fell 3.68% today. This is contrary to the current trend. On the other side, the rest of the majors had a positive start to today. This afternoon, (February 27), Bitcoin’s market dominance has increased by 0.13% to 41.89%, as statistical analysis has stated.
According to crypto analysts, volatility will soon follow in the global financial market, including cryptocurrency, as the ongoing war for control continues.
For the first time, the crypto era’s first significant battle also means that both sides have access to a tool that can quickly move billions of dollars across borders.
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Featured image taken from OpenSea and chart by TradingView.com