Affected by the Russian-Ukrainian war, financial sectors such as gold, stock market, and commodities have suffered setbacks, and cryptocurrencies, as an important part of the financial market, have also been affected. On February 24th, according to data from the crypto-crypto trading platform Coinbetter, BTC fell to a minimum of $34,740, the first time since July 2021 and that it fell below $35,000. The prices of other cryptocurrencies generally followed. The overall market value of cryptocurrencies has shrunk significantly.
However, from the 25th, the market reversed, and BTC began to rise all the way. As of March 2nd, Bitcoin in 24h rose by more than 0.87%, and once exceeded 44,000 US dollars. ETH rose more than 0.58% in 24h to reach $2931.
From the brewing and fermenting of the Russian-Ukrainian war sentiment to the continuous heating of the conflict, and now the flames of war are everywhere, the encrypted power represented by mainstream currencies such as BTC once became the link between the warring states.
• National level
Long before the start of the Russian-Ukrainian war, Russia and Ukraine agreed to legalize cryptocurrencies as part of their plans to give investors and businesses access to digital assets.
On February 24th, the National Bank of Ukraine has limited daily cash withdrawals to 100,000 hryvnia ($3,350) in an effort to control cash outflows from the country. Trading volume on the Ukrainian cryptocurrency exchange Kuna immediately spiked. According to Coingecko, Kuna’s trading volume increased from $1.4 million to $4.8 million, with the majority of trading pairs located in the hryvnia (UAH). This is the platform's highest increase since May 2021.
On February 26th, Ukraine’s Deputy Prime Minister and Minister of Digital Transformation Mikhailo Fedorov tweeted: Accept donations in cryptocurrencies.
On March 1st, the Ukrainian government released the DOT address on its official Twitter, and people all over the world can transfer DOT to donate.
On February 28th, Masha Efrosinina, a local Ukrainian TV host and honorary ambassador of the United Nations Population Fund in Ukraine, said that Russian soldiers who surrendered to Ukraine will be rewarded with cryptocurrency or cash worth 5 million rubles (about 60,000 US dollars).
The Ukrainian government escalated its rhetoric against Russian cryptocurrency users on Sunday, saying it was time for “disruption against ordinary users.” Ukraine’s deputy prime minister said he asked “all major cryptocurrency exchanges to ban addresses of Russian users.”
• Crypto trading platform level
On February the 25th, SBF, the CEO of crypto trading platform FTX, said on social media that $25 has been distributed to Ukrainian users of the FTX platform. A day earlier, SBF said that no one can predict the future, but we can do something good for the world. Cryptocurrency donations are increasingly trending.
• DAO level
Ethereum co-founder "Vitalik Buterin" called for support for locals in Ukraine through UkraineDAO, a local decentralized autonomous organization founded by Nadya Tolokonnikova, a founding member of Russian rock band Pussy Riot, which aims to raise funds for humanitarian relief through the launch of NFTs, currently UkraineDAO supports two charities: Come Back Alive, which has raised more than $4 million in cryptocurrency over the past few days, and Proliska, which mainly Helping residents near the Eastern Ukrainian Contact Line.
In the face of sanctions, cryptocurrencies have become a "secret weapon"
The Deputy Prime Minister of Ukraine has called for sanctions on all Russian cryptocurrency users. Binance and Coinbase have responded. Binance said it would block the accounts of all sanctioned Russian users, but would not freeze the accounts of other Russian users. Coinbase said it would not be comprehensive. All transactions involving Russian addresses are prohibited.
The US Government is asking crypto exchanges to help ensure that Russian individuals and organizations do not use virtual currencies to circumvent sanctions imposed on them by Washington, according to people familiar with the matter.
The Russian-Ukrainian war, the value of crypto power
Let’s not talk about whether decentralized cryptocurrencies should not be sanctioned and instructed by any country, and whether national wars should reach out to cryptocurrencies. It is meaningless to think about these doubts now. What we need to think about is that these extended meaning behind the appearance of things is really driving the fundamentals of cryptocurrencies in a good direction with rapid momentum.
The 21st century is a century of rapid development of the Internet, artificial intelligence, and big data. The national defense war in the 21st century has been extended to a technological war. The use of blockchain technology-based cryptocurrencies to initiate online crowdfunding to ensure logistics will accelerate new crowdfunding methods. The popularity of mainstream value assets such as BTC and ETH among the people of the world.
Cryptocurrencies are playing an important role in the ongoing Russian-Ukrainian war, and Bitcoin seems to be gaining popularity in Russia and Ukraine. We are very confident that after this war crisis, the policies and strong support of various governments will promote the development of crypto finance to a higher level.
Since the establishment of Coinbetter in 2018, the platform has always been based on the international market. It has obtained the US MSB license and the Canadian MSB license. Providing convenient, safe and comprehensive one-stop services is the core of the vigorous development of an exchange. Coinbetter has further developed on the traditional trading model, providing mainstream virtual currency and derivatives transactions including BTC and ETH for users in global compliance regions, and can meet the diversified trading needs of users such as cryptocurrency, legal currency, contracts, and loans at any time. Support’s full business functionality.
With the outbreak of the Russian-Ukrainian conflict in 2022, there will be another wave of surging waves in the cryptocurrency market. Coinbetter will actively embrace market changes and give platform users a comfortable, safe and fair-trading experience.
If you have any thoughts and questions about cryptocurrencies, please feel free to contact us. Coinbetter Market Brand Cooperation Email: media@coinbetter.com, looking forward to communicating with you.
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