More than $30 million worth of cryptocurrency — primarily Bitcoin and Ethereum — has been donated in support of Ukraine’s resistance to Russia’s invasion over the last few days.
The official Twitter account of the Ukrainian government shared two cryptocurrency wallet addresses on Saturday to receive donations of Bitcoin, Ethereum, and Tether. According to research from blockchain analytics firm Elliptic, those wallets have attracted $31.7 million worth of crypto so far.
The prices of Bitcoin and Ethereum plunged Wednesday night after news that Russia had invaded Ukraine. Bitcoin dropped back below $35,000, and Ethereum dropped below $2,400 — though both had risen by Friday afternoon. As of Monday morning, Bitcoin was back over $40,000 and Ethereum was near $2,800.
The developing war in Ukraine introduces new and significant volatility to the crypto market, several experts told NextAdvisor. The crypto market has been increasingly tracking the stock market lately, which combined with more mainstream adoption and the slumping prices we’ve seen to start the year, makes it even more intertwined with developing circumstances in Eastern Europe, experts say.