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Bitcoin ($BTC) whales have apparently been buying the cryptocurrency’s price drop shortly after its price bottomed around $34,700 last Thursday after Russian President Vladimir Putin announced a “special military operation.” against Ukraine in what is now considered a large-scale operation. invasion of the country.
According to cryptocurrency analytics firm Santiment, after the BTC price crashed from Russia’s military advance on Ukraine, bitcoin whales conducted “some massive transactions,” meaning that BTC holders with between $100,000 and $1 million in their wallets quickly moved funds in reaction to the announcement.
It’s unclear if the whales were preparing to sell their coins or improving their security, among other possibilities. As reported, BTC price crashed shortly after the invasion was announced, but has since quickly recovered to now trade above $40,000.
Late last week, in a televised address, President Putin warned the United States and NATO not to get involved, saying that anyone who “tries to interfere with us, or even more so, to create threats to our country and our People, you should know that Russia’s response will be immediate and will lead to consequences like you have never experienced before in your history.”
Russia’s military action has drawn condemnation from world leaders, with several Western nations imposing sanctions against Russia that have even included disconnecting some of its banks from the SWIFT network.
Holiness, like daily hodl It has also reportedly noted that BTC token circulation hit a 9-month high, revealing “how polarized traders have become with the war,” as the increase in token circulation was similar to that seen in March. of 2020, when crypto asset prices plummeted by almost 50%
Although when the war began, the Ukrainian government did not accept donations in cryptocurrencies and these were floated to Come Back Alive, an NGO that supports the armed forces of the country, while the war with Russia continued, the official Twitter account of the government revealed that is now accept donations in the form of Bitcoin ($BTC), Ethereum ($ETH), and $USDT.
Cryptocurrency donations sent to the Ukrainian government and various non-governmental organizations intended to support the country in the midst of its ongoing war with Russia. have passed the $30 million mark.
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The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading crypto assets carries a risk of financial loss.
IMAGE CREDIT
Featured Image via pixabay.
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