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Cryptocurrency crash devalues Ukraine's government crypto fundraise

By Dr.Dang May 26, 2022, 4:09 p.m.
Cryptocurrency crash devalues Ukraine's government crypto fundraise

Russia's invasion of Ukraine has made <u>Ukraine surfer a mega loss.</u> The world came in for them in form of donations and since then, they have gathered a total of $60 million  of cryptocurrency. These are donations, volunteer groups and investments from various social media. At first glance, it might seem that the situation with Russia and Ukraine has nothing to do whatsoever with cryptocurrencies. After all, most digital tokens wouldn't experience any direct problems if the conflict worsens.

Cryptocurrency crash devalues Ukraine's government crypto fundraise

However, when the overall environment appears to become overly risky, many investors prefer to transfer their money into assets that offer more stability and safety. This is sometimes referred to as the "risk-off" trade. Evidence of a fall was seen after two months when Bitcoin sharply fell by 40%.

What else for ukraine

As mentioned earlier that Bitcoin fell by 40%, (€30,570), other smaller coins like Ether were seen to follow the trend. Contrary to Bitcoin Ether lost around its 10% value. Data by Coinmarketcap recently showed that around $160 billion has been washed off the entire market worldwide.

Through the sea, land, and air, Russia has used any possible route to invade Ukraine. This has never been witnessed in Europe since World War Two. Moreover, it has been rated as the worst and most feared attack ever. Collective funds raised to support Ukraine were kept in cryptocurrency which was used by the government in buying war equipment. 

However, every problem must have a solution. Kiev estimated that it needs $15 billion over the next three months to help its war-torn economy gain some energy. By now, Ukrainians are working tirelessly to raise some funds to make recovery. Obolon, the largest beer brand, tries to sell non-fungible tokens (NFTs) to help it distribute free water for humanitarian aid. 

Despite that, the Ministry of Digital Transformation, has raised 286 ether (around $550,000) with its online "Museum of War" NFT collection. These will be sold as 5,000 NFTs which will cost 0.1 Ether. 

"This project is directly to help us continue to scale, because today the financial situation in the company is difficult because in Ukraine the economic situation is very difficult." This was a statement from Olexander Chub, <u>Obolon's</u> director of foreign trade.

Many opinions arise from citizens as some of them need the government to stay calm on the issue, take it as a game or act. Others are happy as this cryptocurrency issue has cost them a lot and they need it to fall and be buried.

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