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Bitcoin and cryptocurrencies have been pushed into the spotlight over the last week as global financial sanctions on Russia come into force.

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The bitcoin price had bounced higher on expectations sanctioned Russians could turn to bitcoin and crypto but fell back as following comments from Fed chair Jerome Powell.

Amid ongoing hostilities with advancing Russian forces, Ukraine has been increasingly relying on cryptocurrency donations to solve humanitarian problems and finance its defense efforts. Crypto helps the country to receive and quickly distribute money and operate internationally, a high-ranking government official has indicated.

Ukraine Accepts, Spends Millions in Crypto, Deputy Minister Reveals

Since the Russian military assault started, Ukraine has been actively seeking financial support in the form of crypto donations. “It’s a very rapid way to get a payment — in times like that you can’t just wait for days to get money and then you have to distribute them,” the country’s Deputy Minister of Digital Transformation Oleksandr Bornyakov said in an interview.

But no other genuine details have so far made it out of the stolen data folder.

The reported Nvidia hack has allegedly thrown up the codenames of a bunch of next-gen GPUs, which have now been leaked out to the press. The most pertinent ones for us would be the Lovelace GeForce GPUs, of which there are six listed, but here are also listings for the server-based Hopper and Blackwell GPUs. This looks to have come from an initial leak of some of the stolen documents, supplied to Videocardz.

The green team is allegedly being held to ransom over the Ethereum hash rate limiter attached to its most recent graphics card release after hacking group, Lapsus$, made off with around 1TB of sensitive data.

Nearly $20 million has been raised in cryptocurrencies like bitcoin and ether since Russian forces invaded Ukraine last week.

The geopolitical tension surrounding Russia’s invasion of Ukraine is intensifying. In retaliation to Russia’s attack on the sovereign nation, Western nations have either imposed or are contemplating sanctions against the country.

Although cryptocurrencies have sunk deep into the red in reaction to the Ukrainian crisis, analysts see the space as a potential beneficiary.

What Happened: The sanctions may not produce the intended effect in Russia, where cryptocurrency ownership is relatively higher, according to Bloomberg. The country is also taking steps to legalize cryptos.

With Ukraine’s proposed law recognizing bitcoin and other cryptocurrencies, the stage is set for the country to become a leader in the market.

Billionaire entrepreneur and shark tank star Mark Cuban says he’s heavily invested in two popular altcoins while waiting for the first viral crypto app to emerge.

In a new interview with Crypto Banter, Cuban says that he owns “a lot” of Ethereum (ETH) and Polygon (MATIC) due to their strong use cases.