NYDIG’s February report highlights how Ukrainian military support continues its influx by the millions as Russian Bitcoin transactions rise.- $57 million have been donated for military support in Ukraine as of March 4.
- Russian Bitcoin transactions have increased as the BTC/RUB pair trades $62 million, but it does not seem to have affected the BTC price.
- Bitcoin is up roughly 9% for the month of February, coming back from the January dip and separating itself from other risk-on assets.
Ukrainians have embraced bitcoin for everyday purchases as its central bank cuts traditional payment rails.
NYDIG, a financial company that focuses on institutional-grade Bitcoin solutions, released its February 2022 Bitcoin Brief report discussing relevant statistics related to bitcoin as an asset, comparing it to other financial products, and diving into Bitcoin metrics in Ukraine as the Russian invasion perdures.
Speaking to cultural and geopolitical concerns, NYDIG’s report highlighted how “in just seven days, over 113,000 digital asset donations were sent directly to the government or an NGO providing support to the military.” As of March 4, the total value of donations reached $57 million, the report said.
Ukrainians have also been embracing bitcoin for everyday purchases as “the National Bank of Ukraine suspended the foreign exchange market, limited cash withdrawals, and prohibited the use of fiat currencies via digital platforms like Venmo or PayPal,” per the report.
As the invasion continues, NYDIG discussed the theories of Russian purchasing of bitcoin as a way to skirt sanctions saying, “Since the invasion began through March 4, the bitcoin / ruble pair has traded about $62 [million] in volume on Binance (Russia’s dominant crypto exchange), while the market cap of bitcoin has increased by $75 [billion].” They concluded this with, “These are not comparable numbers.”
Bitcoin was up around 9% in February, marking a deviation from the norm as other risk-on assets approached negative territory. This point was strengthened during January when bitcoin dipped along with other risk-on assets.
https://bitcoinmagazine.com/culture/ukrainians-embrace-bitcoin-for-daily-purchases-nydig-report ....
Kraken exchange is gifting $1,000 in Bitcoin to every user in UkraineKraken is putting together a massive assistance package to help victims of Russia’s ongoing invasion of Ukraine, with over $10 million going straight to those who have been affected.
Clients who opened an account with Kraken before March 9, 2022 will be entitled to receive $1,000 in bitcoin, which may be withdrawn immediately from our exchange, starting tomorrow and lasting until July 1. At this time, currency conversion expenses of up to $1,000 will be waived.
“We hope to continue being able to provide critical financial services in a time of need to both our clients in Ukraine and in Russia,” said Jesse Powell, CEO of Kraken. “Cryptocurrency remains an important humanitarian tool, especially at a time when many around the world can no longer rely on traditional banks and custodians.”
As part of the effort, Kraken will also donate an amount equivalent to the total trading fees paid by Russia-based clients in the first half of 2022 to the aid package. Further, additional aid may be announced as the crisis continues to unfold.
https://news.coincu.com/71268-kraken-to-distribute-over-10-million-in-aid-to-clients-impacted-by-ukraine-crisis/ Kraken is offering $1,000 free to the first 10,000 accounts in ukraine who claim it.
Ukraine currently lacks financial payment options with the closure of services like paypal in the country. That vacuum is now being filled by ukrainians using bitcoin.
Another interesting angle to this is Elon Musk warning starlink satellite internet users to be cautious with their usage:
https://twitter.com/elonmusk/status/1499472139333746691Apparently, starlink is the only non russian communications service in the country which still works and there are some missiles which lock onto sources of EM radiation like satellite dishes and home in to destroy them.
