The Russian-Ukrainian invasion has caused the value of their currency to plummet. Bitcoin is rising while the rouble is falling. Not only has the value of bitcoin increased, but other digital currencies are following in his footsteps.
Russia’s invasion of Ukraine has resulted in a wave of economic sanctions imposed by countries throughout the world, bringing the Russian rouble to historic lows and increasing the prospect of hyperinflation.
While the crypto market has risen, Ukraine has been requesting donations from the public using digital currency. According to the analysis from Elliptic, they have raised $35 million in digital currency as of now. As bitcoin is rising and the rouble is falling. The people of Ukraine are seeking help through the use of currencies.
In a post on Twitter, Ukraine’s vice prime minister, Mykhailo Fedorov, posted that they will accept Dogecoin. He mentioned that now even a more significant mass can support the Ukrainian army and save the lives of Russian invaders during this difficult time. He tweeted that Dogecoin has exceeded the value of the Russian rouble.
According to CoinMarketCap, bitcoin’s market cap exceeds that of the rouble. The total value of all Bitcoin traded globally is more than the total value of all roubles in circulation worldwide.
Russia’s currency is 17th in the market value of all currency behind that of Thais and Mexico’s. The rouble is currently valued less than Dogecoin, a cryptocurrency established as a joke to mock the irrational speculation around cryptocurrencies.
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