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Crypto Donations to Ukraine Surge to $108M

Donations from generous blockchain enthusiasts worldwide continue to pour in two weeks into the Russo-Ukrainian War. On Wednesday, Cointelegraph reported that total crypto donations to Ukrainian government wallet addresses, charities, and relief efforts had reached $108 million. The top three recipients of such funds are the Ukrainian government’s official Bitcoin (BTC), Ethereum (ETH) wallet addresses, and a BTC donations address for Come Back Alive.

On the same day, Kraken announced that it would donate over $10 million to relief efforts to clients who opened an account in Ukraine before March 9. Ukrainian Kraken clients will receive $1,000 in BTC regardless of their account balance during the first tranche of fund disbursement. In addition, the exchange waived currency exchange fees for withdrawals of up to $1,000.

On Wednesday, the Bored Ape Yacht Club, or BAYC, also contributed to the cryptocurrency fundraising efforts for Ukraine. Following the collection of nearly $1 million in ETH from wallets containing a BAYC nonfungible token, the developers of BAYC announced that they would match the donation with a $1 million ETH donation of their own.

Binance’s Ukraine Emergency Relief Fund, which has received over $11.3 million in BTC, BNB, and Binance USD since its inception, is another notable contribution. Furthermore, it appears Kuna’s Crypto Fund of Ukraine received over $14 million in significant altcoins such as Polkadot (DOT), Tether (USDT), Candle (CNDL), USD Coin (USDC), and Dai during its most recent update on March 3.

Despite the bearish sentiment that has dominated the crypto markets since the beginning of the year, Pitbull Capital CEO Joe DiPasquale believes Bitcoin (BTC) is still on track to reach $100,000 within the next 24 months. Following the outbreak of a military conflict between Russia and Ukraine, Bitcoin has shown a mixed reaction, initially falling alongside equities but then strongly rebounding. Many people wondered if Bitcoin could still be considered the digital equivalent of gold.

There is growing concern that the Russian elite will attempt to circumvent Western sanctions by using cryptocurrency. Like many other analysts in recent weeks, DiPasquale believes crypto is unsuitable for this purpose.

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