• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In Bitcoin
Advertisement

The Russia-Ukraine War Has Greatly Impacted Crypto, New Report Reveals

Anifowoshe Ibrahim by Anifowoshe Ibrahim
1 year ago
in Crypto News
0
Advertisement

As the Russo-Ukraine war rages on, crypto has remained in the forefront of the war on both sides. President Vladimir Putin’s regime has been sanctioned by the West, led by the United States and the European Union, which included denying Russia access to foreign reserves. Soaring energy and commodity prices have harmed the global economy, and capital markets are coping with the uncertainties and long-term implications of Putin’s actions.

However, the crypto community has also been impacted by this war. Crypto donations continue to pour into Ukraine, while crypto principle of being unbiased and decentralized has been challenged by several governments and pundits. To what extent has crypto been put at the war front?

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

New report from DappRadar says a lot.

DappRadar Shows That Russia Turned To Crypto

 

The situation in Russia, on the other hand, is significantly more serious and complicated. Aside from PayPal, Visa, and Mastercard, payment and remittance services from Apple (Pay), Google (Pay), Wise, Remitly, and TransferGo have all stopped operating in Russia, adding to the difficulties faced by a Russian working-class that may be facing credit default.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

As a result, the most respected rating agencies have dramatically reduced Russian credit rates. Russia’s sovereign ratings were lowered to junk status by S&P and Moody’s, while Ukraine’s credit rating was downgraded by Fitch. In the previous seven days, the Russian ruble has lost about a third of its value, and it could go significantly worse.

Related article | Iranian, Venezuelan OpenSea Users Blocked From NFT Platform Over Russia’s Attack On Ukraine

Blockchain’s benefits in terms of accessibility, decentralization, security, and storing value extend beyond the economic context of a digital currency. The social potential of a well-organized crypto society is being demonstrated.

It’s true that cryptocurrencies have been used to get around international sanctions in the past. North Korea amassed enormous amounts of bitcoin through ransomware operations; the regime converted an unknown amount of money into useful currency, most likely in the tens of millions of dollars. For Russia, crypto has also been a way to bypass Western sanctions with many Russians turning to their crypto stash has they are being cut off global financial systems.

Donations And Humanitarian Funds

On several times, blockchain has demonstrated its ability to have a positive impact on society. This time, the world watched as celebrities, businesspeople, and people from all walks of life banded together to form DAOs, or web3 organizations, to support the Ukrainian people and their beleaguered government.

Source: Dune

Ukraine began to receive contributions on many networks at a historic period. The Ukrainian government has received about $10 million in tokens and NFTs in its Ethereum wallet (including CryptoPunk #5364 worth approximately $212,000), the majority of which were gathered after proposing a probable airdrop to contributors. Wallets for the Bitcoin, Polkadot, and Tron networks were also made available by the central authority.

Related Reading | Mastercard, Visa, Paypal Suspend Russian Operations – No Love For Russia?

Ukraine’s establishment of blockchain wallets is one of the first times a recognized nation’s government has used cryptocurrency, following El Salvador and Venezuela. However, this is the first time the Ukrainian government has utilized them for humanitarian reasons.

Source: Elliptic

Another example is Unchain Ukraine, a DAO founded by Illia Polusokhin, co-founder of the Near blockchain and experienced web3 individuals. Unchain Ukraine has raised over $2.1 million (mostly in NEAR) and is supported by nine networks.

Tracked donations have now supassed $100 milllion following Kraken and BAYC donations.

Rise In Crypto Demand

Since the recent events, demand for cryptocurrencies has increased, particularly in the afflicted regions. Bitcoin purchases in hryvnias and rubles have reached a nine-month high. Since February 24, the quantity of bitcoin bought using rubles has more than tripled, while demand in Ukraine has nearly doubled. In both places, the soaring bitcoin demand resulted in a 6% premium. In Russia, WhiteBit reduced the BTC-UAH trade pair with a 6% premium, but in Ukraine, Binance and Kuna slashed the BTC-UAH trade pair with a 6% premium.

Source: Kaiko

The price of the assets recovered as a result of the rapid spike in demand for cryptocurrencies, defying the negative trend that had been evident since November. Bitcoin has reclaimed its $38,000 support level, while Ethereum has exceeded $2,500.

 

BTC/USD trades close to $40k. Source: TradingView

It is still too early to predict the full extent of this conflict’s consequences and how the rest of the globe will react. For the time being, one goal is important: to bring the conflict to a close as quickly as possible with as few casualties as possible.

Featured image from Shutterstock, Chart from TradingView.com, Dune, Kaiko, DappRadar, and Eliptic
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Dogecoin

Dogecoin: Libdogecoin Update Released For DOGE – But Will It Boost Memecoin’s Price?

22 hours ago
crypto

Crypto-friendly Custodia Bank Faces Setback As Fed Denies Application For Supervision

1 day ago
Ripple CTO David Schwartz Calls Out SEC for Lack of Clarity on Crypto Regulations

Ripple CTO David Schwartz Calls Out SEC for Lack of Clarity On Crypto Regulations

1 day ago
El Salvador Nayib Bukele

Bitcoin-Friendly El Salvador Wants To Waive Taxes For Tech Innovation

2 days ago
Shiba Inu

Shiba Inu Grapples With Drop In New Addresses, Despite 5,000% Increase In Burn Rate

2 days ago
Crypto

Woman Loses Money To Crypto Scam Via Match Making Site In Mumbai

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
UU.Game
UU.Game
K8
K8

Press Releases

  • Tokens To Watch In Q2 2023: Aptos (APT), Optimism (OP) And...

    16 hours ago
  • Market Experts Predict Big: TMS Network (TMSN) Will Beat...

    17 hours ago
  • XRP Price Breaks Out Of Multi-Year Wedge: XRP Price...

    19 hours ago
  • Is it the right time to ditch Solana (SOL), Shiba Inu...

    19 hours ago
  • Top 6 DeFi Tokens to Buy for Big Profits in 2023

    1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
  • Play Finance

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.