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Ukraine’s Military Group Received Over $400,000 In Crypto Contributions After Russia Invasion

The average donation amount is about $1,000 to $2,000. The group has received at least 317 individual donations in the past two days.

The whole world is praying for Ukraine that faced a large-scale attack from Russia yesterday. In support of Ukraine, people across Europe took to the streets to protest against Russia’s aggression and countries that are imposing sanctions on Russia. In addition, the Ukrainian Military Corporation receives donations, including those in cryptocurrency. According to blockchain analytics firm Elliptic, on Thursday alone, $400,000 in Bitcoin (BTC) was donated to Come Back Alive. This Ukrainian NGO provides support to the armed forces.

Cryptocurrency donation to Ukraine

The average donation amount is about $1,000 to $2,000. The group has received at least 317 individual donations in the past two days. Notably, in the past, the amount of money the organization raised was insignificant.

Jess Symington, lead researcher at Elliptic, speak:

“This group provides support to the Ukrainian army by supporting their soldiers. They have received very, very small amounts of donations since August 2021 – not very much; maybe like $4 or $5K a month. And then suddenly it spiked starting around February 22nd. “

Tom Robinson, Elliptic’s chief scientist, added:

“Cryptocurrencies are increasingly being used for crowdfunding, with the tacit approval of governments.”

Last week, the Ukrainian government passed a bill to legalize cryptocurrencies. The approval has become the first step in establishing a framework for the regulation and management of digital assets. Cryptocurrency donations received by the Ukrainian Military Corporation so far will be for a variety of purposes, including military equipment for the army, medical supplies, and drones.

On Wednesday, the Ukrainian Ministry of Defense also created a designated bank account to accept donations to the Ukrainian military. Now, only fiat currency can be received. Cryptocurrency donations are not yet available even through other payment systems, like PayPal.

Impact of Russia’s invasion on the market

With the escalation of the Russia-Ukraine crisis, tough times are coming for the markets.

The first impact has been seen through the energy markets. Oil prices rose 7.5%, to more than $100 a barrel for the first time since 2014, on fears that the crisis in Eastern Europe could disrupt Russian crude supplies. Russia is responsible for about 12% of the world’s oil supply and supplies about 40% of gas to the European Union. According to Eurasia Group, most fuel is transported through pipelines, including in Ukraine.

Investors are also worried about other areas. US stocks fluctuated wildly yesterday. Before US President Joe Biden imposed sanctions on Russia, the main stock market indexes plunged. However, after the sanctions, they recovered. The Dow Jones Industrial Average (DJIA) closed up 92.07 points, or 0.28%, at 33,223.83. The S&P 500 index rose 63.2 points, or 1.50%, to 4,288.7. Furthermore, the Nasdaq Composite added 436.10 points, or 3.34%, to close at 13,473.59.

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Daria Rud

Daria is an economics student interested in the development of modern technologies. She wants to know as much as possible about cryptocurrencies because she believes they can change our view of finance and the world at large.

https://www.coinspeaker.com/ukraine-military-group-400000-crypto/ Ukraine’s Military Group Received Over $400,000 In Crypto Contributions After Russia Invasion

Caroline Bleakley

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