Cryptocurrencies rebound as Biden triggers sanctions
Updated
The entire cryptocurrency market, which was recently impacted by Vladimir Putin invading Ukraine on Thursday early morning, received a boost after US President Joe Biden announced sanctions against Russia.
The president’s statement referred to “sweeping financial sanctions and stringent export controls that will have a profound impact on Russia’s economy, financial system and access to cutting-edge technology”.
He further clarified that “The sanctions measures impose severe costs on Russia’s largest financial institutions and will further isolate Russia from the global financial system.”
The cryptocurrency market was up by 7.9% in European morning trade.
![Christmas comes to aid the Ukrainian army as donations of $4m worth of BTC pour in]( "Bitcoin with Ukrainian flag, designed as a Christmas tree ornament")
Bitcoin given in aid of Ukraine
Bitcoin given in aid of UkraineOn Thursday, Ukranine’s central bank suspended foreign exchange (forex) cash withdrawals and limited how much local currency people could take out from automated teller machines (ATMs).
Meanwhile, over $4m (£2.9m, €3.6m) worth of bitcoin (BTC) has been donated via crowdfunding to the Ukrainian army.
According to Elliptic, which is monitoring amounts donated with live updates, “On February 24th alone, one NGO [non-governmental organisation] received over $675,000 in bitcoin, and by 9.30am on the 25th, it had already received more than $3.4m – over $3m of which was sent by a single donor.
“This pushes the total the group has raised in just 24 hours to over $4m.”
In addition, crypto derivatives exchange FTX, gave $25 to each Ukrainian user. Commenting on the move, FTX chief executive also Sam Bankman-Fried said: “We just gave $25 to each Ukrainian on FTX. Do what you gotta do.”
FTX states that it matches every $10,000 of user donations with crypto aid to chartities it considers “the most effective” – this includes the Malaria Foundation, the American Civil Liberties Union (ACLU).
What is your sentiment on BTC/USD?
Quote of the day: ‘Ethereum is neutral, but I’m not. Glory to Ukraine’
Russian-Canadian computer programmer and Ethereum co-founder Vitalik Buterin wrote that he was “very upset” about Putin’s offensive in Ukraine.
Twitter post by Vitalik Buterin, Russian-Canadian computer programmer and co-founder of Ethereum condemned Putin's military actions. – Credit: TwitterTop cryptocurrency coins by market capitalisation
As of 09:30 GMT:
- Bitcoin (BTC) added 6.7% to $38,119;
- Ether (ETH) jumped 9.7% to $2,609; and
- Binance coin (BNB) increased by 7.4% and was trading at $361.
Winners and losers
- Terra (LUNA) jumped a whopping 22.6% over 24 hours.
- Theta network (THETA) was down 27.7% week-on-week.
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