FX.co ★ Latest sanctions by the US increased demand for cryptocurrencies

Digital assets are gaining support, thanks to the sanctions recently made by the US. The persistent rise of inflation also prompted increased demand for crypto, so it grew as much as 20% in the last two days.

Interestingly, those that gained the most were "privacy coins" such as Monero and ZCash. They are tokens that hide the flow of money through their underlying blockchain networks, keeping their users anonymous. They rose even faster than the main coins.

The Ukrainian government and volunteer organizations were also reported to have raised around $30 million in crypto donations.

As for the speculation that crypto will be a useful vehicle for evading sanctions, it is uncertain because digital assets are heavily dependent on exchanges acting as intermediaries for buying and selling, despite the proclaimed decentralization of the crypto community. The European Union is also working on crypto regulation so that digital coins cannot be used as a workaround for sanctions.