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Pussy Riot’s NFTs of Ukrainian flags raise $7.15m

By Daniela Ešnerová


Updated

Flag of Ukraine
Donations to Ukraine in crypto exceed $35m – Photo: Shutterstock

Cryptocurrencies are continuing to shape their role in the changing financial world order as Russia’s conflict in Ukraine continues to rage. 

Digital currencies have become a place to hide for people whose country’s financial system has been hit by sanctions that have crippled the rouble (RUB). However, cryptocurrencies have also become a popular way of donating to the invaded country. Ukraine had received $35m of donations in crypto as of 2 March, according to the country’s Vice Prime Minister, Mykhailo Fedorov.

As of Wednesday, $7.15m had been raised through selling non-fungible tokens of the Ukrainian flag by UkraineDAO (decentralised autonomnous organisation) – an iniative co-founded by Nadezhda ‘Nadya’ Tolokonnikova, co-founder of Pussy Riot, the Russian feminist protest punk band. The group has long been a critic of Vladimir Putin. The proceeds will go to Return Alive Foundation and NGO Proliska.

XRP/USD

0.60 Price
-0.420% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

SOL/USD

172.64 Price
-1.280% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

ETH/USD

3,489.46 Price
-1.090% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

DOGE/USD

0.13 Price
-3.030% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

Quote of the day:

Federal Reserve Chair Jerome Powell speaking to Congress on Wednesday:

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“What’s needed is a framework, in particular ways to prevent these unbacked cryptocurrencies from serving as a vehicle for terrorist financing and just general criminal behaviour, tax avoidance and the like.”

Top cryptocurrency coins by market capitalisation

As of 11:45 UTC:

Markets in this article

BNB/USD
Binance Coin / USD
599.80 USD
-3.81 -0.640%
BNB/USD
Binance Coin / USD
599.80 USD
-3.81 -0.640%
BTC/USD
Bitcoin / USD
66806.55 USD
-648.15 -0.960%
ETH/USD
Ethereum / USD
3489.46 USD
-38.59 -1.090%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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