BTC, ETH, DOGE, Others Register Fluctuations amid Ukraine Conflict: Market Outlook

ByDawn Pipkin

Mar 6, 2022

The global crypto market cap stands around $1.85 trillion, reflecting a 1.5% change over the previous 24 hours (CoinGecko reports).

Bitcoin (BTC) hovers beneath the $40K mark on Sunday, following a 1.4% surge over the past 24 hours, changing hands at $39,514.13. That comes as the global markets endure extended fluctuations amid the Russia-Ukraine war. The crypto market cap stands with a 1.5% 24-hour change at $1.85 trillion (CoinGecko data).

Ethereum remained the most donated crypto the war-torn nation Ukraine received. The leading alternative coin surged 1.2% to $2,658.07. However, most alts saw slight overnight gains. Dogecoin gained 1.8% to $0.125064, whereas Shiba Inu noted a 0.6% increase at $0.00002426. Polygon climbed by 0.7% within the past 24 hours to $1.49.

Ukraine Digital Transformation deputy minister Alex Bornyakov confirmed the nation spent $15M of the received crypto donations on military supplies such as the bulletproof vests delivered on Friday. The minister stated that the Ukrainian government awaits doubling its $50M of donated crypto within the coming three days. Ukraine received most donations in Ether and Bitcoin.

Bornyakov stated that the 250-person ministry secured suppliers in the US and Europe for bandages, food packages, night-vision devices, and vests for the army two days following Russia’s invasion. Nearly 40% of these suppliers are open to accepting crypto. He added that the remaining ones would receive payments in cryptocurrency converted into dollars and euros.

Though many crypto companies and startup founders donated, most contributions came from individuals. Moreover, the ministry received donations in Solana, Polkadot, and Tether, plus multiple non-fungible tokens, including the valuable CryptoPunk.

Ukraine formed the ministry two years ago to develop the nation’s information-technology industry, mode government services online, and ensure speedy internet access to Ukrainians. Most individuals in the team are under 35 years, and Bornyakov confirmed they work remotely from outside or inside Ukraine.

For now, crypto investors remain worried as the market lacks directional bias. Experts urge traders to be cautious and prevent long positions if possible. What are your opinions on the current crypto market situation? You can share your thoughts in the comment section below.

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