U.S. Space Force Major Jason Lowery wants the U.S. military to prioritize the investigation of proof-of-work systems like Bitcoin for the country’s defense.
Israeli Crypto Firms Scramble to Deal With War, in Between the Sirens
Few operational disruptions were reported, but some crypto employees were getting called up for reserve duty. Executives and developers coped with the stress of attending funerals, responding to security warnings and encountering supermarket shortages.
Israel War Prompts Crypto Firms Including Fireblocks, MarketAcross to Start Aid Fund
The organization will host a multi-signature wallet to collect donations in multiple cryptocurrencies, including bitcoin (BTC) and ether (ETH) as well as the dollar-linked stablecoins USDT and USDC.
IRS, Chainalysis and Ukraine Targeting Russian Crypto Sanctions Evaders Jointly
The U.S. Internal Revenue Service and crypto investigations company Chainalysis are working with Ukraine to target Russian oligarchs using crypto to evade sanctions.
Binance Charity to provide over 30K Web3 scholarships in 2023
Among the education centers involved include colleges in Australia, Cyprus and Germany, Nigerian-based tech hub Utiva, Women in Tech, and two Ukrainian organizations.
Indie Russian news firm raises $250K in crypto after sanctions cripple finances
Russian independent media Meduza has managed to raise $250,000 in funding in order to continue providing unbiased news on the war in Ukraine.
Ukraine launches NFT museum ‘to keep the memory of war’
“While Russia uses tanks to destroy Ukraine, we rely on revolutionary blockchain tech,” said the country’s minister of digital transformation Mykhailo Fedorov.
Tracked crypto donations to Ukraine surge to $108M as Kraken, Bored Ape joins in
Two weeks into the Russo-Ukrainian War, donations continue to pour in from generous blockchain enthusiasts worldwide.
Ukraine has received $37M in tracked crypto donations so far
Developers from Polkadot and VeChain have put an additional $13M on the table as well.
USDT premiums soar on Ukraine’s Kuna exchange
The last time USDT premiums spiked so suddenly on Kuna was during the initial stages of the COVID-19 pandemic in 2020.
Twitter users ask Ukrainian armed forces to start accepting crypto donations
Ukraine’s Ministry of Defense claims it has received numerous requests from foreigners to donate to its Armed Forces, but it cannot accept crypto proceeds.
Bitcoin Investors Haven’t Responded To Russia-Ukraine War With Large Inflows (Yet)
On-chain data shows Bitcoin investors haven’t moved large amounts to exchanges in response to the Russia-Ukraine war (at least for now).
Bitcoin Exchange Reserve Doesn’t Spike Up Following The War Breakout Between Russia And Ukraine
As pointed out by an analyst in a CryptoQuant post, the BTC reserve hasn’t moved significantly after the news of the Russia-Ukraine war.
The “all exchanges reserve” is an indicator that measures the total amount of Bitcoin sitting in wallets of all exchanges.
When the value of this metric rises, it means exchanges are receiving net inflows as investors deposit their coins. Such a trend is usually bearish for the price of the crypto as holders generally transfer their coins to exchanges for selling them.
On the other hand, a falling reserve implies exchanges are observing more outflows at the moment. This kind of trend can be bullish as holders usually withdraw their coins for hodling purposes.
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Now, here is a chart that shows the trend in the Bitcoin exchange reserve over the past few days:
Looks like the value of the indicator hasn’t seen any significant change over the last day | Source: CryptoQuant
As you can see in the above graph, the Bitcoin exchange reserve hasn’t increased that much since the start of the Russia-Ukraine war.
The price, though, has still observed a very sharp plunge down. This means that the majority of the sellers have to be those who were already keeping their coins on exchanges, planning in advance to sell them in case war broke out.
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Large inflows are common following big bearish news like this one. However, there haven’t been any such inflows yet. This would imply that those storing their coins in personal wallets haven’t panic transferred their Bitcoin to exchanges for selling, yet.
The quant in the post believes that things may very well change in the coming hours, but for now, BTC hodlers outside the exchanges seem to be holding strong.
BTC Price
At the time of writing, Bitcoin’s price floats around $35.1k, down 18% in the last seven days. Over the past thirty days, the crypto has lost 12% in value.
The below chart shows the trend in the price of BTC over the last five days.
BTC’s price seems to have crashed down over the past day | Source: BTCUSD on TradingView
In the plunge that followed the war breakout between Russia and Ukraine, the price of Bitcoin touched as low as $34.4k before quickly jumping back a little and recovering to the current levels.
Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com