Market Analysis Report (07 Feb 2023)

More than 40 cryptocurrency firms have pledged aid to Turkey after two powerful earthquakes, and multiple aftershocks claimed thousands of lives and damaged large parts of cities in the country.

The earthquakes have so far claimed over 4,000 lives in both Turkey and Syria, and have seen various organizations throughout the world offer support, while the countries established an air corridor to allow search and rescue teams to reach disaster zones faster.

Cryptocurrency exchanges, including Binance, BitMEX and Bybit, have said they are looking to send support or have started preparing aid packages. Cryptocurrency exchange BitGet has already pledged 1 million Turkish Lira ($53,000) in aid, while Huobi Global promised 2 million lira.

Crypto communities have been known to respond quickly to humanitarian crises, with millions of dollars pouring into Ukraine in donations following Russia’s invasion last year, and in COVID-19 relief to India, as the country struggled with a deadly outbreak two years ago.

A group of over 40 blockchain industry and research organizations in Turkey have signed a petition calling on the authorities to allow crypto-based donations. The petitioners want the creation of “official crypto asset wallets” and for them to be distributed through official channels, similar to what was done in Ukraine after the war started in February 2022, to prevent “malicious aid schemes.”

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/feb/07/