London, (Business News Report)|| The Ukrainian Army has received a large donation of bitcoin on the crypto wallet of the Kiev-based Come Back Alive foundation.
According to the latest data, the donation amount is 130 bitcoins, worth about $5.1 million.
According to the analysis of the blockchain company EllipticK, the previous amount came from more than 2,200 donors to the Ukrainian army.
Come Back Alive was founded in 2014 and takes its name from a phrase that its founder, IT expert Vitaly Denega, put on flak jackets sent to soldiers fighting Russian and separatist forces in eastern Ukraine.
Funds were raised to provide supplies and equipment such as drones and thermal cameras.
The institution began accepting bitcoin in 2018, but observers say the majority of the cryptocurrency it now holds has arrived within the past few days.
“Cryptocurrency is particularly suited to international fundraising because it doesn’t respect national boundaries and it’s censorship-resistant — there is no central authority that can block transactions, for example in response to sanctions,” said Tom Robinson, Elliptic’s chief scientist.
On the other hand, Patreon, a private company where creators can post content for donations, took down the group’s donation page on Thursday after the invasion, returning hundreds of thousands of dollars to donors.
Despite the Russian-Ukrainian war that occupies the world’s attention, the prices of cryptocurrencies rose on Saturday, ignoring the ongoing war.
The market value of cryptocurrencies rose at the beginning of Saturday’s trading by about 4.05% to reach $1.78 trillion, and the number of digital currencies reached 10,749 currencies.
Bitcoin has lost more than 50% of its value since its record high in November.
Bitcoin’s drop since its November high has wiped out more than $600 billion from its market capitalization, and lost more than $1 trillion from the overall crypto market.
Meanwhile, the price of the digital currency Bitcoin BTC increased by 1.24% to reach $38892.00.
The price of the Ethereum coin (ETH) jumped by 5.63% to $2,758.53.