Bitcoin Donations Grow For Ukraine

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Bitcoin Donations Grow For Ukraine

Bitcoin Donations Grow For Ukraine

Bitcoin donations have lately increased for the support of Ukraine following military assaults of Russia on the country. Ukrainian deputy minister Alex Bornyakov revealed earlier this month the cryptocurrency donations touched nearly $100 million and more than half of it landed in the main fund of Kuna, the local crypto exchange.

Meanwhile, CryptoCompare data reveals that Bitcoin prices started surging initially after the Russian invasion of Ukraine on February 24 and reached as high as $42,000. However, some macroeconomic factors failed to favor the digital currency and the price was dropped to $39,000.

A similar price movement was witnessed by Ether from the stable of Ethereum. It is the second-largest cryptocurrency in the world with respect to market capitalization. It initially moved to $2,750 due to the Russia-Ukraine conflict and later plunged to $2,600.

Abreast of the rise and fall in the prices of major cryptocurrencies, the Ukrainian government requested crypto exchanges to block Russian users from their platforms. Binance, Coinbase and a couple of other leading platforms denied accepting the request and stated just the sanctioned individuals can be blocked and not all the innocent ones.

However, Coinbase thereafter blocked about 25,000 entities or users linked to Russia and engaged in unlawful activity. Chief Legal Officer Paul Grewal said the platform is using analytics to identify addresses linked to these banned users.

The Russia-Ukraine conflict has entered the second month amid failed peace talks. The Russian missiles and tanks have destroyed key cities of the country resulting in the displacement of millions of citizens. The refugees have taken shelter in neighboring countries including Poland.

The Western allies have imposed various sanctions on Russia and more is learned to be followed. As of now, the import of oil and gas has been banned from Russia and simultaneously the Russian banks have been removed from the international SWIFT payment systems.

United States president Joe Biden lately stated Putin (Russian president) should not remain in power and this has sparked controversy about whether he is talking about regime change. Biden and his government clarified the remark was about moral outrage and not to articulate a policy change.

Meanwhile, the prices of food and other necessary items have jumped high in the UK and several European countries due to shortages of oil and gas. The inflation is high and analysts believe the worse is yet to come with respect to the increased cost of living. The room rents in London and other cities/towns have surged significantly.

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