Bitcoin has leapt since Russia’s invasion of Ukraine, bolstered by people in those countries looking to store and move money in anonymous and decentralized crypto.
Bea O’Carroll, managing director at Radkl, a digital asset investment firm, said the war and Western sanctions had seen a trend emerge of bitcoin being used to transfer value. On the day of the attack, about $300 million short bitcoin positions were liquidated, Coinglass data showed, while Singapore-based QCP Capital said “a good portion” of leveraged long positions had been taken out.
Yet for crypto fans, the fact that such holdings could offer a route around sanctions could be a double-edged sword. Fedorov’s government and Ukrainian non-governmental organisations raised over $22 million in cryptocurrencies after the appeals, according to blockchain analysis company Elliptic.
Source: Digital Coin News (digitalcoinnews.net)
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