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Ukraine Announces Crypto ‘Airdrop’ as Part of its Fundraising Efforts

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Ukraine Announces Crypto 'Airdrop' as Part of its Fundraising Efforts
  • Crypto airdrops are often used to distribute free digital currency tokens.
  • This week has seen a steady increase in long holdings in Bitcoin.

A growing amount of short bets were reversed after Bitcoin jumped to $44,000, according to statistics from Coinglass. As the Russia-Ukraine war has grown in popularity, so has the token’s value, increasing the crypto market.

Short bets in the world’s most popular cryptocurrency have been liquidated during the previous 24 hours, according to data from Coinglass. Growing adoption in Ukraine and Russia was spurred by sanctions imposed by the West and the interruptions caused by fighting in the previous week.

In the latest 24 hours, long holdings accounted for 54 percent of the overall posture on bitcoin, compared to 50/50 on the broader market. Still, this week has seen a steady increase in long holdings in Bitcoin.

Fundraising Efforts

In an attempt to raise funds for its defence against a Russian invasion, Ukraine launched a cryptocurrency “airdrop” on March 3 as part of its fundraising efforts. It is not yet apparent what shape Ukraine’s airdrop would take. Still, crypto airdrops are often used to distribute free digital currency tokens to consumers to stimulate greater adoption.

On Wednesday, the country’s official Twitter account said that the airdrop had been confirmed. The Ukrainian government has already received over $33 million in bitcoin and other cryptocurrencies due to a social media plea launched over the weekend.

Mykhailo Fedorov, Ukraine’s Vice Prime Minister and Minister of Digital Transformation said the contributions would “contribute to the Ukrainian victory as well as support civil people” who have been displaced and affected by Russia’s military attack.

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