Author: Coinposters

Coinposters Crypto News

Categories
Ethereum

Whales Loading Up on Ethereum Amidst Bleak Price Action

Ethereum
Ethereum (ETH) price prediction 03/26

Despite the fact that the price of the world’s second-largest cryptocurrency by market capitalization has been volatile in recent months, major Ethereum investors, known as whales, have continued to add coins to their holdings.

Many investors have sold their crypto assets in a panic as a result of the current fall in the crypto markets. Prices have fallen across the board as there is little prospect of a de-escalation of the situation between Russia and Ukraine.

Negative sentiment, on the other hand, often creates an opportunity for other investors to benefit, and Ethereum whales have been taking advantage of the uncertainty to accumulate tokens at a discount.

Source: Twitter

According to statistics given by on-chain behavior analytics company Santiment, Ethereum’s whale-tire addresses remain high despite the asset’s price dropping by more than 48 percent from November record highs.

In fact, these whales had acquired 2.2 percent more supply in the last six months. The unwavering interest from large Ethereum investors may be an indication of better days to come, providing the broader crypto market finds its footing.

At the time of writing, the price of ether was $2,616.60. Given the continuous complexity of geopolitical events, skyrocketing inflation, and an impending Fed rate hike, Ethereum and other cryptocurrencies may even fall in the short term.

The bitcoin Fear & Greed Index, which monitors investor sentiment, has entered intense fear area, signaling an increase in adverse sentiment.

The announcement that Andre Cronje, one of the most active engineers in decentralized finance (DeFi), was quitting the sector made the outlook even more bleak. Cryptocurrencies linked to Cronje’s ventures, such as Fantom (FTM) and Yearn Finance, have dropped as much as 17% in the last 24 hours as the market reacted angrily to his unexpected exit.

Categories
Blockchain News

Singapore Shuts Down Crypto Transactions

Singapore
Singapore shuts down crypto transactions

Russia has been met with harsh criticism for its invasion of Ukraine. Singapore has joined other concerned countries in imposing sanctions on Russia that include a wide range of commercial operations, including cryptocurrency.

Singapore’s Ministry of Foreign Affairs (MFA) said in a news release that the government is making it illegal to enter into or assist cryptocurrency transactions with Russia. According to the notice, the prohibition applies to all types of digital assets, including NFTs.

“The prohibited cryptocurrency transactions cover all transactions that involve cryptocurrencies and extend to the payment and settlement of transactions that relate to digital assets (such as non-fungible tokens).”

Singapore, according to the government authority, was pursuing measures against Russia despite the United Nations Security Council’s (UNSC) veto. This is due to the fact that Russia’s invasion of Ukraine poses a threat to minor countries like Singapore if it is successful.

In the same line, Singapore has prohibited the facilitation of any transactions that will assist Russia in circumventing sanctions. Banks, finance businesses, insurers, capital market intermediaries, stock exchanges, and payment service providers are all covered by the statute.

The country has also frozen the assets of many Russian banks operating on its territory. VTB Bank, Vnesheconombank, Promsvyazbank, and Bank Rossiya are among them.

Similarly, Singapore has suspended all exports to Russia and the two Ukrainian breakaway territories, Donetsk and Lugansk, which Russia has opted to recognize as separate republics.

The city-state is the first and only country in South Asia to impose an embargo on Russia. Other countries, including the United States, the European Union, and the majority of the G7, have severed ties with the country.

They have also taken steps to keep Russia out of the cryptocurrency sector. As a result of Singapore’s decision, crypto exchanges operating within its borders will be required to comply with Russia’s ban. Several exchanges, including Coinbase, Binance, and Kraken, have stated that imposing a blanket ban on all Russians is not an option.

They are, however, willing to comply with a directive from the governments of the nations in which they operate. The crypto market has not been spared the consequences of the Russia-Ukraine situation.

Bitcoin, the market-leading cryptocurrency, has seen its value swing drastically as geopolitical events continue to influence market sentiment. Bitcoin has moved between a high of $44,950 and a low of $37,699 in the last 14 days. The first cryptocurrency is currently selling at $39,287, a -3.95 percent decrease in the last 24 hours.

Turbulence has also affected the remainder of the market. The crypto market’s capitalization has slipped below $1.8 trillion. The crypto market cap is currently at $1.78 trillion, a -3.51 percent decrease.

Categories
Blockchain News

Binance Introduces Bifinity, a Fiat-to-Crypto Payment Gateway

Binance U.S.
Binance was sued over Terra

Binance, a leading cryptocurrency exchange, announced the opening of a fiat payment gateway today. The payment processor, dubbed Bifinity, will be Binance’s official fiat-to-crypto payment provider.

Bifinity will bring the world of cryptocurrency to businesses, retailers, and millions of consumers. Bifinity’s use of Intuitive APIs will enable retailers to begin taking cryptocurrency payments, providing consumers with broader access and user-friendly platforms for purchasing and trading cryptocurrency.

As the crypto and the Web3 economy continue to grow, we see greater demand to build improved fiat-to-crypto on-ramps to bridge the gap between the traditional finance industry and the decentralized and centralized crypto economy. At Binance, the vision is to increase the freedom of money globally. With the launch of Bifinity, we aim to accelerate mass crypto adoption,” said Helen Hai, President of Bifinity.

Bifinity provides customers with access to over 50 crypto assets throughout the world, as well as the ability to trade their crypto assets. Merchants can also benefit from the payment provider’s straightforward, intuitive, and seamless API connection. It charges businesses cheap payment processing fees and accepts all major payment methods, including Visa and Mastercard.

In other news, Bianance is apparently planning to buy a share in MX Global Sdn Bhd, a Malaysian digital asset market.

According to individuals acquainted with the situation, as reported by The Edge, the transaction is still awaiting permission from the Securities Commission of Malaysia (SC), but has already been approved by the Companies Commercial of Malaysia (CCM).

The Edge stated that it sought opinion from the SC, but the regulator stated that it does not comment on such applications. Datuk Fadzil, the CEO of MX Global, also declined to comment.

However, the Malaysian exchange was closely reviewed by numerous regulators, including the SC, last year. The trading firm was chastised for running a digital asset exchange without the authorization of the securities regulator.

Categories
Blockchain News Technology

Coinbase: “Crypto Tech Could Aid Sanctions Compliance”

Coinbase
Coinbase Prominence Soars Amidst Everything

Coinbase, a cryptocurrency exchange based in the United States, has advocated using bitcoins to help assure compliance with economic sanctions. This proposal is based on the ease with which existing banking infrastructures enable the laundering and evasion of fiat money.

The article, written by Coinbase’s chief legal officer Paul Grewal, discusses the growing number of worldwide sanctions imposed in the midst of the Russia-Ukraine war. The cryptocurrency exchange backed the government’s decision to impose penalties on individuals and regions, emphasizing the necessity of such measures in enhancing national security and discouraging unlawful acts.

Grewal points out that, notwithstanding the sanctions imposed by governments throughout the years, the most sought-after method of sanction evasion remains the laundering of fiat currency through established financial institutions.

He claimed that bad actors continue to exploit fiat currency to conceal the movement of cash by trading through shell firms, incorporating in established tax havens, and leveraging opaque ownership structures.

Grewal, on the other hand, stated that digital asset transactions are inherently public, traceable, and permanent – a crucial quality that governing agencies may use to discover and deter evasion.

Furthermore, noted crypto lawyer Jake Chervinsky emphasized why governments cannot utilize cryptocurrencies to avoid penalties. Recognizing this, Grewal warned that actors seeking to circumvent sanctions would require practically unattainable amounts of digital assets.

Coinbase has taken preemptive measures to build a global punishment program, such as limiting access to flagged businesses during the signup process, detecting evasion attempts, and anticipating risks using a sophisticated blockchain analytics software.

Furthermore, other crypto firms have begun to take efforts to further discourage the usage of cryptocurrencies based on the sanctions advocated by the US government.

For example, Satoshi Labs, a Prague-based crypto wallet supplier, has announced that it will no longer send crypto wallets to Russia. Satoshi Labs spokesperson Kristna MazĂĄnkov stated that while Bitcoin (BTC) is apolitical, the decision to prohibit the shipment of crypto wallets in Russia was made because firm employees had personal ties to the conflict.

In addition to assisting law enforcement in tracking suspicious activity on a transparent blockchain, cryptocurrencies serve an important role in protecting individuals’ privacy; a principle that exists in the traditional banking system.

Categories
Blockchain DeFi News

DeFi Godfather Exits The Crypto Space

Two of the industry’s most accomplished developers are leaving the DeFi field. Andre Cronje, the self-described “DeFi architect” who rose to notoriety as the founder of the yield optimization protocol Yearn.Finance, has announced his retirement from DeFi and crypto.

https://twitter.com/AntonNellCrypto/status/1500405473337565191?s=20&t=OkH2QJmElMT_yOQGFCo2lg

Anton Nell, another constructor most recognized for his ties to the Fantom ecosystem, will be retiring alongside Cronje. Nell announced the news on Twitter on Sunday. “Andre and I have decided to close the chapter of contributing [sic.] to the defi/crypto sector,” Nell wrote, adding that it was “a choice that has been coming for a while now.”

Nell, who collaborated closely with Cronje on several initiatives, indicated that the two will be shutting down the websites they control and leaving the space. Nell spent a brief stint assessing ICO ideas for Crypto Briefing alongside Cronje before to working on Fantom.

Cronje’s future in crypto has been called into question after he deactivated his Twitter account and changed his LinkedIn page to reflect that he had stopped working on Yearn.Finance, Fantom, and the broader Ethereum ecosystem. In a Telegram chat, he later announced to the Keep3r Network community that he would be departing the project.

Cronje, who was Chief Code Reviewer at Crypto Briefing previous to his multiple DeFi commitments, confirmed the report and stressed that the protocols he and Nell created would continue to run (note, because they are deployed as immutable smart contracts, there is no way to shut them down). Cronje told Crypto Briefing in a private message that they are merely trying to transfer the domains and webapps we manage and moving away from defi/crypto. Cronje stated that the pair would resume their jobs in traditional finance.

Yearn is a pseudonym. banteg, a finance developer, commented on the news, emphasizing that Cronje “hasn’t worked on [Yearn] in over a year
 Even if he did, there are 50 full-time employees and 140 part-time employees to back him up.”

Cronje and Nell had a huge impact on DeFi in the few years they were there. Cronje was dubbed the “Godfather of DeFi” after popularizing the yield farming movement at the leadership of Yearn.Finance, which garnered a cult following thanks in part to the stratospheric increase of the YFI token during a period known among crypto enthusiasts as “DeFi summer.” Cronje went on to create a popular suite of goods on Ethereum and other EVM-compatible blockchains.

Cronje became well-known for his “test in production” credo, which he used to launch products on the blockchain before undergoing audits.

Cronje was most recently the project leader of Solidly, a new Fantom project inspired by Curve Finance’s vote-escrowed tokenomics and OlympusDAO’s “(3,3)” flywheel design. Solid recently debuted on Fantom, attracting billions of dollars in liquidity to the network.

The reaction to the upgrade has been divided, but many active crypto users have voiced their gratitude and support for the couple.

Categories
Altcoins Bitcoin Ethereum Price Analysis

Bitcoin Ethereum Uniswap Price Analysis 03/06

California
California regulator investigates crypto firms

For a brief while, the global crypto market was positive, but then reversed course. The altering situation has had an impact on all major coins like Bitcoin in the market, which are now showing bearishness as a result of the fresh developments. Analysts feel that the current market rally was a significant opportunity for investors because it provided them with a wonderful opportunity to improve.

Similarly, it bolstered the market to considerable strength. A recent market change resulted in a significant investment for Shiba Inu, whose 42 billion tokens worth $1 million were purchased by an investor. Along with that, there was excellent market progress.

In contrast, the main cause of the market’s downturn is the increased tempo of bombardment in Ukraine.

According to recent sources, the bombardments in Ukraine have risen, affecting the worldwide crypto market. As it rises more, there is a danger that the market will lose more value. The primary target of the ongoing losses is Bitcoin, which mirrors the pattern of gains seen for Bitcoin.

Here’s a quick rundown of the market condition utilizing three distinct currencies: Bitcoin, Ethereum, and Uniswap.

Apple co-founder Steve Wozniak refers to Bitcoin as “pure gold” because of the potential rewards of investment that it provides to investors. Wozniak has taken a different stance on other cryptocurrencies than he has on Bitcoin. On the one hand, he supports Bitcoin, while on the other hand, he is skeptical of other market currencies.

Bitcoin has lost 0.81 percent in the last 24 hours, according to data from the previous day. In comparison, if we look at its performance over the last seven days, we can see that it has lost 1.08 percent. Losses are generally consistent when compared to other bearish bouts; positive drive is required. If Bitcoin turns green, the market will gain much-needed stability. Bitcoin is currently trading in the $38,869.16 area.

Its market capitalization is expected to be $737,796,919,648. Simultaneously, its 24-hour trading volume is predicted to be $19,538,168,109.

Ethereum closely tracks Bitcoin developments. Its losses are frequently close to Bitcoin’s profits. It has lost 0.57 percent in the last 24 hours, which is consistent with the recent trend. When compared to the weekly performance, it displays a 6.12 percent loss. As a result of the ongoing losses, the price has shifted to the $2,628.81 level.

Ethereum is also anticipating much-needed stability, which Bitcoin may commence in the event of a probable rally. If this occurs, the price may rise above $3,000. This coin’s current market cap is estimated to be $315,069,735,259. Its projected 24-hour trading volume is $7,991,764,339 USD.

Because of the dominating bearishness, Uniswap is also going through a terrible period. It has suffered losses of 3.59 percent as a result of the current circumstances.

The situation has not changed in the last seven days, with a loss of 13.38 percent. This coin is currently worth $8.65. Its market capitalization is projected to be $5,944,408,964. In comparison, the expected 24-hour trading volume is $149,713,327.

The market has seen no signs of hope in the recent 24 hours, and the bearishness persists. According to the data, its market cap has dropped to $1.75T. The current scenario indicates that its value will continue to deteriorate, as there are few chances of change in the future days. Russia may step up its onslaught, causing greater damage to the market, as seen in recent days. Despite the odds, there is optimism for the market to improve as a result of its endurance.

Categories
Blockchain News

Social Tokens Could Be The Next Big Thing For Crypto

tokens
social tokens could be the next big thing for crypto

The COVID-19 pandemic, as well as other recent occurrences, have underlined the need for a fully digital economy, producing Metaverse ecosystems, Web3 platforms, and digital tokens acceptance.

The Ukrainian government, for example, recently requested the cryptocurrency community on Twitter for donations in Bitcoin (BTC), Ether (ETH), and Tether (USDT). Nonfungible tokens, or NFTs, have also gained popularity as artists and creators throughout the world find new methods to monetize using these models. While these use cases are innovative, they also show that blockchain-based concepts that emerge early on can take years to gain traction in general society.

This appears to be the case with social tokens, or tokens issued by individuals and communities to encourage participation. While social tokens were anticipated to be the next big thing in the crypto sector in 2020, they appear to be gaining traction this year due to rising interest from non-crypto natives.

According to Jan Baeriswyl, token design specialist at Outlier Ventures, a venture capital business that supports the development of new technologies, social tokens are fungible, ERC-20 tokens that can be used for reasons other than financial transactions. For example, social tokens can be used to gain entry to specific communities, such as those found on Discord.

Beariswyl explained that because social tokens are less economically focused, they are more accessible to the masses, which is why we are seeing more demand. He went on to say that social tokens can take numerous forms for different reasons, saying that these digital tokens can be used by creators to communicate with followers or by communities to raise awareness for specific causes.

Furthermore, social tokens are being used to assist creators and communities in gaining access to Web3 platforms that provide decentralized models and incentives for community participation. According to Andrew Berkowitz, CEO of Socialstack, a social token issuance platform built on Ethereum, Polygon, and Celo, Socialstack caters to non-crypto native communities to help issue social tokens that enable for the growth of Web3.

Berkowitz noted that Socialstack recently assisted Project Zero — a non-profit group dedicated to safeguarding the ocean from climate change — in launching a social token in order to build a “environment of value that benefits both the earth and individuals.” Michele Clarke, Project Zero’s founder and CEO, told Cointelegraph that their social token, PZero, allows community members to receive rewards by doing certain tasks.

Clarke, for example, stated that Project Zero already has a user base of around 1 million people. Users can now be rewarded with PZero for raising awareness about specific concerns.

“This can be further amplified by an ambassador with a massive following, a brand partner or collectible artist or news piece that causes a spike into the millions or even hundreds of millions, and we have had a few activations reach over a billion.”

Clarke further stated that one of the primary goals of Project Zero’s social token is to convert members’ short attention spans (typically observed during a significant crisis) into long-term commitment with the group.

According to Jake Beaumont-Nesbitt, Project Zero’s founder and chief community experience officer, the project was formed eight years ago and was decentralized by design because it is made up of a science-based community situated all over the world. Given this, Beaumont-Nesbitt noted that Project Zero was a logical fit for the Web3 ethos because the organization has always existed without centralized platforms or third-party middlemen. Beaumont-Nesbitt stated that by incorporating social tokens into a Web3 approach, Project Zero is now able to better engage with its community.

Clarke mentioned that Project Zero community members will be able to exchange their social tokens for a variety of digital and real-world items.

While Project Zero symbolizes what Baeriswyl would call a community social tokens, other projects are aimed toward individuals, particularly as the creator economy gains traction. Calaxy, for example, is a token-based creative app established by NBA star Spencer Dinwiddie and ex-financier Solo Ceesay. While Calaxy is still in development, Ceesay says the mobile app will effectively allow creators to create their own social fan-tokens within a Web3 ecosystem.

While social tokens are gaining popularity, it’s also vital to note the regulatory risks. The most important problem to address here is a social token in the form of a security.

Ceesay said that tokens issued on Calaxy are stable coins that are collateralized one-to-one with USDC, ensuring that social tokens are not perceived as securities. Ceesay, for example, mentioned that a Calaxy user may be an eight-year-old boy who is a fan of a specific sports player. “We don’t want these users to have a volatile asset,” Ceesay added.

Categories
Altcoins News Regulation

Is Ripple Winning Over SEC?

Ripple
SEC vs. Ripple Case Continues

According to market statistics from Santiment, crypto whales are scooping up a huge part of XRP coins, with accumulations totaling hundreds of millions of dollars in the previous seven days. The erratic swing of the crypto asset’s trading volume portends significant price consequences for Ripple in the coming weeks. There are currently around 350 whale addresses, each of which holds more over 10 million XRP.

The increased buying frenzy also indicates that most Ripple investors are confident that Ripple will win a landmark victory in the ongoing legal battle with the SEC over allegations that they raised over $1.3 billion through an unregistered securities offering. In a recent interview, attorney Joseph Hall, a former SEC officer, stated that the SEC should not have filed the complaint in the first place.

He implied that Ripple would prevail, given the Commission’s lack of basis for bringing the case. He even suggested that the commission’s regulatory activities be halted. The current scenario seen in November-December 2020 shows the most likely direction of future price movements.

Following the rapid acquisition of about 1.3 billion XRP at that time, the XRP price dramatically increased in proportion to BTC over the next three months as the crypto asset showed to be a more stable cryptocurrency throughout the overall crypto market decline. Analysts at Santiment believe that a similar rationale may be applied to the projected price dynamics in the next weeks.

The first conceivable price drift is the anticipated rapid spike in the XRP price if the SEC lawsuit is won by Ripple. Pundits believe that Ripple is unaffected by the current institutional and regulatory turmoil. As most governments focus their policy on BTC and ETH, XRP may benefit from a more stable environment for long-term growth.

Furthermore, most long-term XRP investors tend to be future-oriented and are unwilling to open short positions even in the face of slight price increases. Because the quantity of XRP short-term holders is substantially lower than that of BTC, XRP prices tend to be more stable in such settings.

The second possible price consequence is that the crypto market is about to enter a new phase of decline. As whales move their preferences toward Ripple’s XRP rather than Bitcoin, Ethereum, or Solana, they anticipate a drop in demand for the big crypto currencies.

The presence of a time lag between the changing whales’ behavior and future price movements is the main practical benefit of this approach. As a result, individual investors have taken precautionary steps, such as increasing their holdings of XRP and stablecoins. Close monitoring of XRP accumulation can also be used to predict the general stability of the crypto market and the likelihood of a future unfavorable trend reversal.

Categories
Blockchain Opinion People

BlockFi Analysis: More Women Will Be Getting Into Crypto This Year

BlockFi
More women will be getting into crypto this year

According to a survey conducted by BlockFi, many more women will invest in crypto this year. According to the results of the quarterly Real Talk survey, which was released last week, 60% of respondents want to buy cryptocurrencies in the next three months. One in every three women polled stated they would buy cryptocurrency in 2022.

The poll results demonstrate a dramatic shift in women’s consumer perceptions toward cryptocurrencies in just one year. Only 29 percent of women polled in the company’s latest survey, released in September 2021, said they planned to buy cryptocurrency within a year. According to the findings of the survey, there is a significant reluctance among women to take on investment risks.

The majority of women who are interested in cryptocurrency do so in order to get an economic hedging. According to the new survey, 24% of women polled already possess a crypto asset. The majority, or 70%, are holding and have never sold since purchasing it. It is the most popular crypto approach among women. According to the poll, relatively few women are involved in crypto trading, NFTs, staking, mining, and other crypto products.

Six months ago, only 23% of women indicated they knew how to acquire cryptocurrency; now, that figure has nearly quadrupled to 45%, according to the findings of a recent survey. It suggests that more women who have heard about cryptocurrency have taken steps to learn more about digital assets.

Flori Marquez, Founder & SVP of Operations at BlockFi, stated that it was past time to address the education gap and on-ramp problems that continue to be the primary hurdles to women entering the crypto business.

The educational disparity is obvious, as 80 percent of women polled stated they still find crypto highly puzzling, despite having heard of it 92 percent of the time. Education still makes a big difference between those who have heard about it and those who are already doing it.

According to the poll, 15% of women interested in crypto have a crypto career perspective in addition to other economic perks. One out of every ten people polled indicated they planned to apply for a blockchain or crypto-related job this year. Marquez anticipates that more women will enter the crypto industry.

Categories
News Regulation

The EU Plans to Prevent Russia from Using Crypto

Russia
Proposals to Exempt Crypto Issuers from Russia Taxes Approved

The European Union and the United States are considering how to prevent Russia from adopting cryptocurrency to avoid financial sanctions. On Wednesday, French Finance Minister Bruno Le Maire stated that the EU’s 27 member states were already taking these steps.

“We are taking measures, in particular on cryptocurrencies or crypto assets which should not be used to circumvent the financial sanctions decided upon by the 27 EU countries.”

According to Treasury Secretary Janet Yellen, the US is also keeping an eye on Russia’s potential use of cryptocurrency to circumvent the sanctions. She was replying to a letter from three US senators — Elizabeth Warren, Sherrod Brown, and Mark Warner — who had written to her about the risk of Russia using cryptocurrency to avoid sanctions.

“Given the need to ensure the efficacy and integrity of our sanctions program against Russia and other adversaries, we are seeking information on the steps Treasury is taking to enforce sanctions compliance by the cryptocurrency industry.”

It is unclear what measures the EU was taking, but the US had moved to request that many crypto exchanges limit Russians’ access to cryptocurrency. Sanctions are already being imposed on banks that offer connections to cryptocurrency exchanges, but closing all loopholes will be impossible.

The possibility of blocking those transactions is already in doubt, since a number of crypto exchanges have refused or are unable to freeze Russian crypto assets or stop transactions. Some have stated that they were unable to do so because not all Russians supported the war in Ukraine. According to one conversation, it distinguishes between Russian officials who initiate the war and ordinary Russian residents, and it will not impose a blanket ban.

It is also unclear how such prohibitions could be applied against decentralized wallets and exchanges, given that even crypto exchange CEOs have no influence over them. This week, it was revealed that Tether was being traded against the Rouble as a result of the currency’s decline due to sanctions.

Nothing stops Russia from adopting cryptocurrency to reverse the impact of sanctions imposed within or outside its borders. According to the CEO of Paxful, Russia, which is actively crafting crypto laws as a matter of survival, might be one of the eight countries that legalize Bitcoin.

Categories
Blockchain News

The Crypto Market Losses $100 Billion Amidst Russo-Ukraine War

Market
the crypto market has lost $100 billion amidst russia ukraine conflict

The cryptocurrency market fell on Friday as Wednesday’s gains faded in the aftermath of swiftly growing tensions between Russia and Ukraine. Markets have been roiled since Russian President Vladimir Putin said on television that his army will conduct a special military operation intended at demilitarizing and degasifying Ukraine.

The military attack on Ukraine began on February 24th, when missile explosions were reported in Kyiv and other towns like as Kharkiv, Dnipro, and Mariupol. These conflicts appear to have spooked investors by creating uncertainty in the markets.

According to CoinMarketCap data, the benchmark cryptocurrency is currently trading at $38,839.50, a 6.44 percent loss in the last 24 hours. Ethereum, the second-largest cryptocurrency in the business, is down 5.85 percent on the day to a current price of $2,643.

In recent years, there has been much discussion about whether bitcoin is eroding gold’s market share as a store of value asset. With bitcoin taking a beating as a result of the Ukraine situation, investors are questioning its safe-haven status.

On the other hand, gold climbed around 2% to its highest level in in a year as investors flocked to the precious metal. The gold market is gaining traction as investors prepare for another tumultuous weekend, with all eyes on Russia’s increasing aggression towards Ukraine.

On Friday, gold rose more than $35 as Russian forces in Ukraine launched a terrifying assault on Europe’s largest nuclear power facility. Many other crypto assets suffered huge losses, including Terra (LUNA), Solana (SOL), Polkadot (DOT), and Shiba Inu (SHIB), as the overall crypto market capitalization plunged 9.61 percent to $1.7 trillion.

Mainstream marketplaces have done no better. Overnight, the Dow Jones Industrial Average and the Standard & Poor’s 500 both fell 1.9 percent. The MOEX, a prominent stock index that tracks Russia’s 50 largest and most liquid corporations, has also fallen 20% since yesterday.

Ukraine is one of the countries with the highest rates of bitcoin adoption in the world. The path to cryptocurrency legalization in the country of Eastern Europe has been in the works for quite some time.

To alleviate tensions, the US and some of its allies are rallying behind Ukraine and slamming Russia with harsh sanctions, but fears continue that Russia may turn to cryptocurrencies to dodge sanctions.

Categories
Altcoins Bitcoin Blockchain News

Russia Crypto Transaction Volume Down By 50%

Russia
Proposals to Exempt Crypto Issuers from Russia Taxes Approved

Blockchain-analysis businesses have discovered that Russia denominated crypto purchases and trading on key exchanges have fallen, putting a stop to notions that the country will switch to digital assets in order to circumvent Western economic sanctions.

Since the start of the war between Russia and Ukraine, Bitcoin has nearly doubled in value, rising from about $35,000 to nearly $45,000, according to some industry analysts. The spike has been linked to Russians buying cryptocurrencies in order to avoid economic sanctions.

This idea appears to have been proven wrong, as statistics from Chainalysis showed that ruble-denominated crypto trade volume was just $34.1 million on March 3, less than half of a recent peak of $70.7 million a week before, showing a 51.77 percent fall on the day the war was declared.

According to Citigroup analyst Alexander Saunders, speaking to Bloomberg about sanctions-fueled crypto purchases, Russian volumes have been relatively small so far, suggesting that the price action is more due to investors positioning for an expected uptick in demand from Russia, rather than Russian demand itself.

Recently, the state of New York enhanced its blockchain surveillance capabilities in order to further prohibit cryptocurrencies or digital assets from being used to assist Russian goals. On February 27, New York Governor Kathy Hochul signed an executive order instructing state agencies to divest from Russian institutions and enterprises, as well as entities that support them.

To emphasize the other side of the story, Jake Chervinsky, head of policy at the Blockchain Association US, went so far as to say that these concerns about crypto are completely false, explaining in a Twitter thread that Russia cannot and will not utilize crypto to avoid sanctions.

Ari Redbord, the head of legal and government affairs at crypto crime investigator TRM Labs, echoed this sentiment, stating that it is too late for crypto assets to provide enough liquidity for Russia and that the public nature of blockchains is already a sufficient deterrent for those seeking to circumvent sanctions. He claimed that Russia could not use cryptocurrency to replace the hundreds of billions of money that could be restricted or frozen.

Although many specialists are dismissing the notion that cryptocurrency may be used to help Russia avoid economic sanctions, the United States and the European Union are strengthening their regulatory monitoring of digital assets. Many of the world’s most prominent cryptocurrency exchanges have decided to ban sanctioned persons and organizations. Binance, on the other hand, has refused to restrict the accounts of innocent Russian consumers.

Categories
News NFT

OpenSea Restricts Iranians Because of US Sanctions

OpenSea
OpenSea Increases Security to Prevent NFT Fraud and Scams

OpenSea, the world’s largest NFT marketplace, has apparently began blocking Iranian users from its platform, causing uproar among NFT collectors and reigniting debate about decentralization in the crypto sector. It’s also spawning a bigger debate regarding foreign sanctions and popular Web 3 sites.

On Thursday, numerous Iranian OpenSea users began tweeting that their accounts were being suspended or erased without notice. Bornosor, a popular Iranian NFT performer, expressed his dissatisfaction on Twitter.

Users turned to Twitter to publish screenshots demonstrating that their account history had been wiped, while users who administer verified collections complained that their collections had been gone.

In a statement, an OpenSea official told CoinDesk that users and territories on the US sanctions list are barred from accessing the marketplace’s services, including buying, selling, and transferring NFTs. If they discover that an individual has violated their sanctions policy, they take immediate action to ban the connected accounts.

The Iranian government is sanctioned by the United Specifies, and the sanction specifically states that American enterprises are not permitted to supply goods or services to any user based in a sanctioned country. Iran, North Korea, Syria, and, most recently, Russia have all been included to this list.

OpenSea is a firm based in the United States, with its headquarters in New York and its incorporation in Delaware. This means that the sanction has an impact on the fact that it registered its business in the United States and is required to respect all rules governing commercial operations in the country.

This comes as officials have renewed their focus on cryptocurrency companies’ compliance with sanctions in the midst of the Russia-Ukraine conflict. During a Senate committee hearing on Thursday, U.S. Senator Elizabeth Warren, an outspoken critic of crypto, questioned Federal Reserve Chairman Jerome Powell about whether crypto may be used to undermine sanctions.

These measures by OpenSea have reignited debate over whether huge blockchain-based enterprises and services are sufficiently decentralized, with MetaMask also joining in on sanction-based crackdowns.

According to MetaMask’s Twitter account, Venezualan users were inadvertently barred from accessing their MetaMask wallets when blockchain development company Infura inadvertently widened the scope of its sanctions-related crackdowns.

This is not the first time the bitcoin sector has had to cope with a problem like this. For example, due to US sanctions, an Ethereum software company, ConsenSys, abruptly excluded a group of Iranian students from its coding academy in November 2021.

OpenSea is still the world’s largest NFT marketplace, having handled over $22 billion in transactions since its debut.

Categories
News NFT

Are the Founders of NFT Being Investigated By the SEC?

NFTs
NFTs are on Ethereum layer 2s

According to Bloomberg, the Securities and Exchange Commission (SEC) is investigating whether different Non-fungible token (NFT) should be considered securities under existing securities laws and regulated.

According to people acquainted with the situation, the agency’s attorneys have sent subpoenas to several NFT inventors and NFT marketplaces in order to delve deeper into the industry’s workings.

The SEC’s inquiry has focused on so-called fractional NFTs, in which a creator mints numerous NFTs of the same sort before selling them individually. Aside from being marketed as “digital certificates of authenticity that cannot be copied by their makers,” the majority of NFTs are sold to companies who intend to benefit from reselling them.

According to the SEC’s Howey test, a security is anything that involves investors placing their money into a project with the expectation of return. This has been one of the key reasons in the ongoing case against Ripple, and it is the primary motivation for the agency to pursue NFTs.

According to Chainalysis data, the NFT ecosystem’s sales volume has surged in the previous year, from little under $15 million in 2020 to over $44 billion in crypto transactions last year. This has piqued the regulator’s interest, with SEC Chairman Gary Gensler stating on multiple occasions that many crypto tokens should be classified as securities due to their nature.

Finally, one of the most crypto-friendly SEC officials, Commissioner Hester Peirce, stated in an interview with CoinDesk that NFTs should be regulated.

The Financial Crimes Enforcement Network (FinCEN), a branch of the United States Department of the Treasury, also investigated the legal status of NFTs. It determined that, while NFTs are now only subject to criminal anti-money laundering laws in the United States, their stock-like nature enhanced the risk that an NFT transaction and the entities supporting the transaction would be subject to current or future FinCEN regulation.

However, heightened attention on NFTs has sent shivers down the spines of some markets, causing them to abandon projects that could land them in the eyes of authorities.

Categories
Blockchain News

Coinbase Will Not Be Stopping Russians From Using Crypto Services

Coinbase
Coinbase won't be stopping Russians from accessing crypto services

The major American cryptocurrency exchange, Coinbase, has stated that it will not block all Russian users’ accounts on its site.

On Friday, Coinbase CEO Brian Armstrong stated that many Russians are opposed to Russia’s invasion of Ukraine and that cryptocurrency acts as a lifeline for ordinary inhabitants in the country during these difficult times.

“Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.” 

Nonetheless, the Coinbase CEO stated that the exchange, like any other regulated financial services company in the United States, will always respect regulations, which is why it screens users who sign up on its platform and restricts transactions from sanctioned persons’ IP addresses.

Coinbase will continue to collaborate with regulators, according to Armstrong, because sanctions are a delicate topic.

“Sanctions are a complex issue, and the situation is changing fast, so we’ll keep working with law enforcement and governments, and will take more steps as needed. We’ll also of course keep working to enable crypto services for the people of Ukraine who are in need of help.” 

As Russia escalates its aggression against Ukraine, world leaders such as the United States, the European Union (EU), the United Kingdom (UK), and others have imposed financial sanctions on Russia in an effort to limit its access to funds that it can use to strengthen its military.

Yet, there is suspicion that Russia may be able to circumvent such sanctions by utilizing the decentralized structure of cryptocurrency. As a result, worldwide officials are now urging cryptocurrency exchanges to bar Russians from using their services.

Major cryptocurrency exchanges such as Binance and Kraken have expressed their opposition to freezing all Russian users’ accounts, stating that cryptocurrency is intended to provide greater financial freedom for individuals and that they will only take such action if there are legal requirements to do so.

However, South Korean exchanges like as Upbit, Gopax, Bithumb, and Korbit do not share the same sentiments. According to new reports, these trading sites have begun to comply with regulators, barring IP addresses from Russia.

Categories
Bitcoin Blockchain News

Lugano Adopts Bitcoin and Tether As Legal Tender

Lugano
Lugano adopts bitcoin and tether as legal tender

Residents of Lugano, Switzerland’s Ticino canton’s largest city, will soon be able to buy houses, automobiles, and even pay taxes using Bitcoin, Tether (USDT), and Lugano’s own LVGA currency. Following El Salvador’s contentious bitcoin trial, more countries around the world are pressing to adopt the world’s most popular cryptocurrency this year.

Officials from the Swiss city of Lugano and Tether announced “de facto” bitcoin legalization during a Thursday live event dubbed “Lugano’s Plan B.” This means that in the near future, enterprises and companies in the region will be able to pay for goods, services, and taxes in Bitcoin, USDT, and LVGA. The Swiss franc, on the other hand, will continue to be the true legal tender in Lugano.

Cryptocurrencies used as currency by Lugano residents will be instantly changed into local currency by a broker. Lugano, which has a population of 62,000 people, has partnered with major stablecoin supplier Tether in an effort to become Europe’s premier crypto centre. In a nutshell, Tether and Lugano hope to demonstrate real-world use cases for cryptocurrency among locals through their collaboration.

Mayor Michele Foletti of Lugano stated that the city is investing in its future. He went on to say that the city is excited about blockchain’s possibilities, and that the move will contribute to the creation of a better, more open, transparent, and smart city.

To address the scalability issues with its cryptocurrency infrastructure, the Swiss city intends to adopt Lightning, a second-layer network for bitcoin. Tether will also establish a large fund in Lugano to finance blockchain companies and other blockchain-related services. Tether will also collaborate with local universities and research institutions, where it will provide essential expertise.

Tether’s Chief Technology Officer (CTO), Paolo Ardoino, envisions Lugano as a paradigm for global acceptance of crypto and its underlying technology.

Furthermore, Lugano plans to use clean energy for bitcoin mining. Because of its favourable regulatory environment, Switzerland has long been appealing to enterprises in the bitcoin industry.

While numerous cities and cantons in Switzerland currently accept cryptocurrency for tax payments, Lugano is the first city in the Alpine country to effectively make bitcoin legal tender. This follows El Salvador’s adoption of bitcoin as a legally recognized currency alongside the US dollar, a world first.

El Salvador’s crypto-loving president, Nayib Bukele, has continued down the rabbit hole by routinely acquiring BTC, mining bitcoin using a volcano’s geothermal energy, and even constructing a city dedicated to the flagship cryptocurrency. Perhaps other nations will soon follow El Salvador and Lugano into bitcoin.

Categories
Blockchain News

Ukraine Has Raised $35 Million in Cryptocurrency Donations

Ukraine crypto
President Zelenskyy legalizes crypto in Ukraine

Ukraine has expanded the types of cryptocurrencies it accepts for donations as Russia’s invasion continues.

Since the Russian invasion began, the Ukrainian government has raised $35 million in crypto-asset donations, according to Elliptic, a blockchain analytics company.

Ukraine is expanding the types of cryptocurrencies that it will accept as donations. The announcement comes as military experts predict that Russia’s attacks will become more ferocious and destructive.

Aside from cryptocurrency donations, Ukraine has raised funds through war bonds, which totaled 8.14 billion Ukrainian hryvnias ($270 million).

In the face of Russia’s invasion, Ukraine is accepting donations in the form of dogecoin and other cryptocurrencies. In response to the Russian invasion, Dogecoin and a number of other cryptocurrencies are now accepted as donations in Ukraine.

On Wednesday, Vice Prime Minister Mykhailo Fedorov stated that people can send dogecoins as donations. “Now memes can support our army and save lives from Russian invaders,” Fedorov tweeted. Fedorov mentioned a project he was involved with called Aid for Ukraine in a Twitter post on Tuesday.

Donation of Solana cryptocurrency and any other digital token based on Solana is now possible. Everstake is a cryptocurrency blockchain platform developed in partnership with the Ukrainian government.

Ukraine accepts non-fungible tokens as donations in addition to non-fungible tokens. An NFT is a one-of-a-kind work of digital art that is validated and tracked using blockchain technology.

Meanwhile, Uniswap, a cryptocurrency exchange, has created a feature that allows you to send ether to the Ukrainian government by converting any digital currency based on Ethereum. Ethereum is a platform on which applications can be developed.

Fedorov also revealed that Gavin Wood, the founder of the Polkadot blockchain platform, sent $5 million in DOT cryptocurrency to Ukraine.

On February 26, Ukraine accepted the first cryptocurrencies for donations: bitcoin, ether, and the stablecoin tether. Stablecoins and other cryptocurrencies are backed by fiat currencies.

Cryptocurrencies have played a significant role in the Russian-Ukrainian conflict since its inception. Rumours circulated that Russians could use cryptocurrencies to avoid sanctions, but experts warned that this would be extremely difficult.

Categories
Blockchain Business News

Binance Restricts Access For Cardholders of Sanctioned Russian Banks

Binance U.S.
Binance was sued over Terra

Binance announced on Thursday that cryptocurrency traders accounts with sanctioned Russian banks will be unable to use their cards to purchase cryptocurrency on the platform. The exchange also confirmed that its services are no longer available in Russia.

Binance joins the list of companies and financial institutions that have suspended operations in Russia since the country launched its attack on Ukraine.

Prior to today’s announcement, Binance, along with other cryptocurrency exchanges such as Kraken and Coinbase, refused to heed Ukraine’s prime minister’s plea, claiming that denying every Russian access to cryptocurrency contradicts the very reason the asset was created.

The companies did, however, state that they would screen their customers and restrict sanctioned individuals. The crypto exchanges claimed that isolating an entire nation would contradict the ideology of fiat and cryptocurrencies.

In the meantime, the ongoing geopolitical conflict between Russia and Ukraine has demonstrated that bitcoin is a secure haven for investors during times of war and crisis.

According to a new report, the global financial market has entered a climate of fear, doubt, and uncertainty (FUD) immediately following the invasion of Ukraine, causing risk assets such as stocks and bitcoin to plummet dramatically. However, the cryptocurrency recovered quickly, outperforming other assets in terms of value.

Categories
Blockchain News

Anonymous Offers $52,000 in BTC to Russian Soldiers

Russia
The Russia-Ukraine Crisis Tests Crypto's Utility

Anonymous, the infamous international hacker network, has offered $52,000 in Bitcoin to Russian soldiers in exchange for surrendering their armored tanks and abandoning the battle with Ukraine. The self-declared anti-oppression activist group, which rose to prominence in 2008 on the hill of the Occupy Wall Street protests, had called on its global network of hackers to join the fight against Russia’s invasion of Ukraine on Friday via its Twitter handle.

In a viral video, an alleged spokesperson for the agency stated, while wearing its signature Guy Fawkes mask, that it is working to ensure Putin’s secrets are no longer safe and that key components of the Kremlin government’s infrastructure could be hijacked.

It has claimed nearly 300 successful cyberattacks on Russian-owned websites, including top-tier banks such as Sberbank, energy companies such as Gazprom, and government agencies such as RTV. This time, it is aimed at Putin’s foot soldiers, offering them 1.2 BTC in exchange for avoiding the war.

Any Russian soldier willing to hand over their arms and armored vehicles must wave a white flag and enter the password ‘millions’, according to official surrender instructions. The Ukrainian Defense Ministry is said to have backed Anonymous’ tactics, adding that it would provide asylum to any repentant Russian soldier and express visa entry to any foreigner willing to come to Ukraine to help fight Russia.

The decentralized group’s actions will add to the growing list of civil organizations and corporate bodies that have expressed their opposition to Russia’s attack. Google, Apple, and even Elon Musk’s Starlink have banded together to assist Ukrainians and deter Russians. Elon Musk offered his Starlink Satellite internet connection to restore connectivity several hours after Kyiv experienced a massive internet blackout as a result of Russian attacks.

Since the beginning of the conflict, Bitcoin has seen an impressive rally beyond its tedious $40K resistance. Part of the increase in value was attributed to increased demand among Ukrainians and Russians who are now facing financial constraints. It has also actively participated in the torrent of cryptocurrency donations pouring in to help Ukrainians.

UkraineDAO, a decentralized crowdfunding platform, recently reached a $7 million milestone, adding to the $50 million in cryptocurrency reportedly amassed through global crowdfunding efforts. Polkadot, Bitcoin, Ether, Dogecoin, and USD Tether are the most frequently donated assets.

Categories
Blockchain News

Anti-War Russians Stand With Ukraine By Making Crypto Donations

Russia
The Russia-Ukraine Crisis Tests Crypto's Utility

While the West is worried about Russia’s prospective use of cryptocurrencies to avoid sanctions, some Russians are using their Bitcoin (BTC) to assist the people of Ukraine.

Pavel Muntyan, a well-known Russian animation producer and the creator of the animated web series Mr. Freeman, has urged anti-war Russians to support Ukrainian citizens as Russia continues its military assault on the country.

On Tuesday, Muntyan took to social media to announce the creation of a cryptocurrency donation address for Russians who want to help Ukrainians anonymously, as Russia has prohibited its citizens from assisting Ukrainians.

On Sunday, Russia’s Prosecutor General’s Office issued an official warning that any assistance to Ukrainians during Russia’s special operation in the country will be considered high treason, with Russians facing up to 20 years in prison.

As a result, Muntyan is now urging Russians to provide financial assistance to those who have suffered as a result of military operations. Russians can now donate with any token on the BNB Smart Chain, Polygon, Ethereum, HECO, and Avalanche blockchains without revealing their identity by using his crypto address. He penned:

“Now you can help Ukraine and do it anonymously. With the help of crypto. All the money will be used to provide Ukrainian civilians with essential goods, as well as to support the families of soldiers of the Ukrainian army.”

He emphasized that the funds raised will only be used to help innocent people and will not be used to support military operations. At the time of writing, the donation address held approximately $1,500 in Ether (ETH) and approximately $350,000 in Tether (USDT) stablecoin.

The Ukraine government and several cryptocurrency companies have set up multiple cryptocurrency donation channels to aid the Ukrainian people in the aftermath of Russia’s military invasion of the country. As of Monday, the total amount of public cryptocurrency donations sent to the Ukrainian government, military, and charities had surpassed $40 million.

Categories
Altcoins Price Analysis

Solana (SOL) Forecast 03/02

Solana
Solana (SOL) Price Analysis 07/09

Solana (SOL) prices may rise by more than 45 percent in the coming weeks as the cryptocurrency attempts to complete a double-bottom chart pattern against the US dollar.

Double-bottoms form at the end of a downtrend when the price drops to a low, then rises and returns to a level near the previous low. When bears are unable to push the price to a newer low, the selling sentiment becomes exhausted, resulting in a sharp upside retracement and subsequent breakout move.

Solana has been exhibiting a similar pattern since Jan.24, particularly after extending its rebound move by rising 25% week-to-date to reach above $100. Furthermore, a bullish divergence between the price and relative strength index trends of SOL indicates a high likelihood of a double-bottom breakout.

However, a bullish confirmation could occur if the price of SOL breaks above the double-bottom neckline near $120 while trading volume increases. As it happens, SOL’s upside target could be equal to the maximum distance between the double-bottom pattern’s lowest point and its neckline.

This would put Solana on track for at least $150, with a bullish move toward $170 possible, as shown in the red chart above. As the double bottom predicted SOL at $150 or higher, popular market analyst Capo warned of a potential bull trap in the Solana market, noting that altcoins in general would resume their downtrends.

The analyst identified $120 as a strong resistance level that would most likely limit SOL’s ongoing upside retracement. He also applied the well-known Elliott Wave Theory to forecast the start of Solana’s next bearish wave cycle, which is labeled “c” in the chart below.

The bearish viewpoint was consistent with a CoinShares report released last week, which revealed that most altcoin-based investment vehicles, including BNB, Polkadot (DOT), Cardano (ADA), Ripple (XRP), and Litecoin (LTC), were experiencing negative investor sentiment. Solana suffered as well, with $2.6 million in capital outflows from SOL investment products in the week ending Feb. 25.

In comparison, during the same time period, all digital asset investment products combined attracted $36 million, with multi-asset portfolios attracting the most capital — $14 million — followed by Bitcoin (BTC) 17.3 million.

Categories
Blockchain News

Ukraine Unveils State-Backed Airdrop for Crypto Donors

Ukraine crypto
President Zelenskyy legalizes crypto in Ukraine

Ukraine government recently revealed that it will provide free airdrops to people who have recently donated crypto to aid the country’s ongoing conflict with Russia.

The announcement happened soon after Mykhailo Fedorov, Ukraine’s prime minister and minister of digital transformation, thanked Uniswap for including the ‘Donate to Ukraine’ feature, which instantly converts any of their listed tokens into Ethereum.

Fedorov revealed the airdrop in a tweet, saying that photos will be taken on March 3 at 6 p.m. Kyiv time. However, the minister did not elaborate on how the airdrop will be distributed. Rumor has it that the airdrop will be limited to people who donate to Ukraine’s Ethereum address.

The Ukrainian government has turned to cryptocurrency as a means of quickly raising funds without being constrained by financial institutions. Following the Russian invasion, Ukrainian officials solicited donations from people all over the world to support their military. The government provided crypto addresses for donations in its plea.

The government and non-governmental organizations have received a total of $42 million in cryptocurrency, according to data from the crypto analytics firm Elliptic. Popular cryptocurrency supporters and executives also contributed to the funding, including Polkadot founder Gavin Wood, who donated $5.8 million in DOT and a CryptoPunk NFT worth more than $200,000.

Fedorov also expressed gratitude to Solana and Everstake for their support.  The two projects have collaborated to launch Aid for Ukraine, a joint initiative with the Ministry of Digital Innovation.

Binance and FTX are also included. Both cryptocurrency exchanges gave undisclosed sums to non-governmental organizations (NGOs) and volunteer groups in the country.

Crypto assets have emerged as an important crowdfunding option. They allow for quick international donations while avoiding financial institutions that may freeze payments to these volunteer groups and non-profits.

The number of non-governmental organizations and other organizations that accept cryptocurrency donations is growing. Previously, these organizations preferred to raise funds in fiat currency, but due to the decentralized nature of digital assets, they now accept cryptocurrency donations.

Categories
News NFT

The Role NFTs Are Playing in the Russo-Ukraine War

Are e Yacht ClubBoy e
BAYC raised more than $300m in virtual land sales

The incredible power of cryptocurrencies has been evident since the beginning of Russia’s invasion of Ukraine. Underneath it all, NFTs are contributing to the ecosystem’s charitable drive.

The Washington Post has dubbed the conflict in Ukraine the “first crypto war” due to the role that the asset class has played since the conflict’s inception. Aside from cryptocurrency donations, NFTs are also used in what can be described as 21st-century war bonds.

Nadya Tolokonnikova’s UkraineDAO launched an NFT of the Ukrainian flag, with proceeds benefiting the charity Come Back Alive. According to Tolokonnikova, the flag was chosen for reasons of solidarity rather than aesthetics.

At the time of publication, the auction had raised well over $3 million, gaining traction in the NFT ecosystem. CryptoPunk #5364, worth approximately $200,000, has also been donated to the Ukrainian cause. The NFT was previously sold for $31,000, and the meteoric rise in CryptoPunks’ value accounts for the new valuation.

Ikonia, a digital platform based in Kyiv and Gothenburg, took things a step further with a collection of over 43 million pieces representing the number of Ukrainian citizens. The NFT, dubbed “Stand With Ukraine,” will be sold for $10, with a 10% royalty donated to charity on all sales, including secondary sales.

According to Ikonia, if every NFT is purchased, $430 million can be raised and donated to this beautiful country in its darkest hour.

Despite the fact that blockchain technology is apolitical, cryptocurrency exchanges have all made substantial donations to Ukraine’s cause. As previously reported, Vitalik Buterin declared his support for Ukraine, saying: “Reminder: Ethereum is neutral, but I am not.”

Binance made a $10 million donation, while the founders of Polkadot and Tron also made significant contributions to the country’s crypto addresses. As part of its efforts to alleviate the strain of the conflict, FTX distributed $25 to each Ukrainian registered on the platform.

Categories
Blockchain News

Africa’s MTN Dives Into the Metaverse

MTN
MTN Dives into the metaverse

MTN, Africa’s largest mobile telecommunications company, has bought 144 plots of land in Africarare, Ubuntuland, making it the continent’s first company to enter the Metaverse.

The story was first broken by top African technology magazine TechCabal, which revealed that the telecommunications behemoth, which controls nearly 80% of Nigeria’s mobile market share, had made metaverse acquisitions to boost its rebranding efforts and position itself as a futuristic technology-inclined company. MTN believes that its participation in indigenous metaverse projects is part of the company’s commitment to fostering African innovation.

The purchase is only a small part of Ubuntuland, a vast expanse of metaverse real estate developed by Mann Made Media, a South African Web3 company (MMM).

MMM’s entire property is a digital ode to the scale and resemblance of Africa’s actual political geography. Mic Mann and his team of creators made their first foray into alternate reality as the first indigenous Metaverse project from and for Africans. Already, Africarare is preparing to host a public real estate sale by the end of 2022.

MMM’s massive expanse of digital real estate, like most metaverse projects, should feature some of Africa’s best creativity, spanning all forms of entertainment, sports, creativity, and others. Ubuntuland will also provide established and emerging African artists with the opportunity to showcase their talents and establish themselves as a global reckoning force in the metaverse.

MTN has not slowed down since rebranding as a technology company. It won the official licensing bid for the establishment of a 5G network in Nigeria, Africa’s largest economy, earlier this month. The victory would solidify its position as a top contender in the African market, supplying next-generation high-speed internet service to meet the needs of a growing technologically savvy population that relies on faster internet service for local and international tasks. Companies with a strong presence on the continent, such as Meta, are taking Africa’s access and connectivity to the Metaverse seriously.

Samsung, Apple, Microsoft, Roblox, Unity Software, PriceWaterCooper House, JPMorgan, and top US microchip company Nvidia, which recently reported a cyberattack linked to Russia, are among the other top communication and finance companies that have confirmed their interest in the Metaverse.

Categories
Bitcoin Price Analysis

Bitcoin Price Analysis 03/01

Bitcoin inflows
Bitcoin exchange volumes have dropped to multi-year lows

The bulls were ecstatic to see Bitcoin break through $44,000 for the first time in more than ten days. The surge to the highlighted mark was rapid and occurred within the last 24 hours. The question on everyone’s mind right now is how it will affect the coin price movement this month.

While answering the question of how long the initial increase will last, a previous analysis noted that BTC trading above its pivot point could be a good sign that the coin is preparing for further rallies.

Furthermore, the Moving Average Convergence Divergence is printing a bullish signal due to positive convergence. Following this reading, we can anticipate more uptrends for the apex coin.

The report ended with the prediction that the top asset will be worth $44,000.  True to that prediction, the largest digital asset flipped the mark a few hours before the time of writing. We saw a similar hike at the start of the previous 28 days last month, which prompted many speculations.

According to one forecast, based on the average gains in February, the firstborn cryptocurrency may rise by 10% to 15% in the next 24 hours. Another prediction was that the top coin would flip for $50,000. The apex coin finished the period under consideration with a 16% increase.

Bitcoin reached a high of $45,850 and a low of $32,324 – indicating that the other aspect of the speculation failed. Nevertheless, how will the largest cryptocurrency by market cap fare this month? To answer this question, we will consider previous performance as well as current market sentiment.

The third month of the year is known as the “almost average month.” One of the reasons for this conclusion is the amount of bearish dominance the asset under consideration has seen during that timeframe. The apex coin gained 195.1 percent during the time period under consideration, while losing 45.9 percent – the highest loss.

We also noticed that only four of the eleven Marchs ended in a positive note, as bitcoin experienced significant gains. The remaining seven, on the other hand, saw BTC close with a few deficits. Every third month of the year, the largest coin by market cap grows by more than 2.1 percent on average.

Based on previous results, there may be some uncertainty about how the coin will fare in March. In the event of a surge, how high will it rise? Given that the third month of the year does not see a massive uptrend, we can expect a 2% -10% increase. We can expect the same figures in the event of a downtrend.

The current state of the market has no doubt enthralled the bulls and has put them in a good mood for the next 30 days. According to Alternative, the fear and greed index has fluctuated between 20 and 54 in the last 28 days.

The indicator, which is currently at 51, shows that the market will soon enter the greedy zone. With more adoptions and media personalities stocking up on the asset, the metric is expected to improve further.

Following the breakdown of the $44k resistance level, BTC may remain at this level. The highlighted price level may serve as an accumulation phase for the bulls, while the bears may take advantage of the market and cause the apex coin to fall below $44k. It may, however, be met by a buyback at $42k.

Bitcoin may face intense selling pressure in the coming days at $45k. The king crypto  may reach $46,000. Based on past performance, a test of the $50k resistance is unlikely, as BTC may experience strong bearish movements at $48k.

Categories
Altcoins News

Polkadot Founder Donates Nearly $6M in DOT To Ukraine

Polkadot
Polkadot Founder donates nearly $6 million in DOT to Ukraine
Source: Twitter

The crypto community’s call for Ukraine to accept other cryptocurrencies has been answered. The official Ukraine Twitter account announced that it will now accept Polkadot (DOT) donations, with other cryptocurrencies to follow.

Polkadot co-founder Gavin Wood previously stated that if Ukraine wallets added DOT, he would personally contribute $5 million. He followed through on his promise, donating 298,367.2269896686 DOT (approximately $5.7 million) to Ukrainian wallets.

According to estimates, total cryptocurrency donations to Ukrainian charities, the military, and the government have exceeded $37 million. Wood’s single donation accounts for more than 10% of all crypto donations.

Wood’s donation is, in fact, one of the largest individual crypto donations to date. FTX, Sam Bankman-exchange Fried’s platform, donated $25 to each Ukrainian on his platform, while Chain.com CEO Deepak Thapliyal donated 100 Ether (ETH), or over $280,000 USD.

According to Polkadot blockchain data, the Polkadot ecosystem has already contributed over $210,000 to the official DOT wallet for Ukraine since this morning.

Coingate, a Lithuanian-based fintech, provides a workaround for cryptocurrencies that are not accepted in Ukraine. Coingate, as a cryptocurrency payment gateway, enables holders of other cryptocurrencies to donate to Ukraine.

Coingate handles cryptocurrency payments for over 70 different cryptocurrencies, eventually crediting the Ukraine bank account with euros. Coingate stated that they have raised 7000 EUR from various crypto communities in the last five days.

Up to now, the crypto community has been quick to respond to Ukraine’s plight with donations and words of encouragement. Ukraine’s innovative crypto activity, according to Twitter users, was an attempt to make history.

Categories
Blockchain News

Hashstack To Bring Under-Collateralized Loans to DeFi Space

Hashstack 150x150 1
Hashstack 150x150 1

Hashstack Finance is pleased to announce the completion of its $1 million seed funding round, which follows the launch of its Open Protocol testnet. The funds will be used to further develop the Open Protocol, attract top talent, and grow the community.

Hashstack Finance is a DeFi platform with an Open protocol that seeks to disrupt the DeFi lending market by providing uncollateralized loans. It highlights the lack of under-collateralized loaning opportunities for retail cryptocurrency investors by allowing loans at up to three times collateral to serve personal financial needs and trading capital requirements. Users can obtain under-collateralized loans to avoid selling long-term holdings to meet short-term cash needs.

Several well-known investors participated in the seed round, including GHAF Capital Partners, Moonrock Capital, Kane & Rao Group, Nimrod Lehavi, MarketAcross, and Chainridge Capital.

Vinay, the founder of Hashstack Finance, stated that bringing under-collateralization to the DeFi is critical to Hashstack’s mission. “We are grateful to have the support of some of the most astute investors in this ecosystem.” The funds raised will be used to hire new employees, develop new products, and expand the company.

Hashstack’s Open Protocol is the only autonomous lending solution in DeFi that allows for non-custodial, under-collateralized loans with a collateral-to-loan ratio of up to 1:3. It means you can borrow up to $300 while only putting up $100 as collateral. You can withdraw $70 (i.e. up to 70% collateral) while using $230 as in-platform trading capital.

According to Kevin Kurian, General Partner at Kane & Rao Group, “Getting the maximum value out of your assets is essential in any market. Hashstack offers a solution that the market has not really seen before. We backed Vinay and his team at Hashstack with our capital to bring forward these new ideas.”

While current DeFi lending protocols necessitate over-collateralization, Hashstack is excited to show borrowers what DeFi lending will look like in the future. Open protocol provides instant under-collateralized loans for personal cash needs, leveraged investments in IDOs, or trading capital.

While current DeFi lending protocols necessitate over-collateralization, Hashstack is excited to show borrowers what DeFi lending will look like in the future. Open protocol provides instant under-collateralized loans for personal cash needs, leveraged investments in IDOs, or trading capital.

Categories
Blockchain News

The United States Blocks Russia’s Crypto Access

Russia
Proposals to Exempt Crypto Issuers from Russia Taxes Approved

According to recent reports, the US government is currently in discussions with some of the largest US-based crypto companies about ways to limit Russia’s access to crypto services. The move is the latest in a series of significant steps taken by the White House to deter Russia aggression.

Crypto.com, Binance, Kraken, and Bittrex are among the country’s largest crypto exchange service providers, with strong regulatory ties to the US market. The US government will focus on these exchanges and other crypto service providers in order to limit undue profit exploitation from frantic Russian users.

Foreign policy experts warned last week that the Russian government was bracing for a barrage of Biden sanctions and would seek to avoid them through the use of crypto.

As the conflict enters its fifth day and a delegate meeting in Belarus fails to reach a ceasefire, Russia continues to bear the brunt of a barrage of international sanctions aimed at its financial services and access to foreign investment.

At the moment, many of Russia’s top energy and finance companies have been barred from meeting global deadlines due to a list of assets allegedly linked to Vladimir Putin that have been targeted for seizure.

The EU’s top nations have already moved to exclude Russia’s entire banking system from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, limiting access to desperately needed funds for war sustenance.

Other digital financial services, such as Apple Pay and Google Pay, have expressed their support for Ukraine. Hundreds of Russians were stranded at pay points after these services were temporarily disconnected, unable to make purchases. Even conflict-free countries, such as Switzerland, have expressed support for Ukraine and threatened sanctions against Russia.

Although it is unclear whether the US is acting in response to Ukraine’s request that the world restrict Russia’s access to crypto-financial services, its decision is favorable in all aspects. A few weeks ago, the Kremlin government struggled to legalize digital currencies before agreeing to a conditional approval in the first week of February.

Categories
Blockchain News

Ukraine Gets $5 Million in Crypto Donations

Ukraine
Ukraine Opens NFT Museum To Preserve Memories Of Ongoing War

To repel the Russian invasion, the Ukraine government is seeking cryptocurrency donations. According to government tweets, wallets for Bitcoin and Ethereum have already received $4.9 million in cryptocurrency. On Saturday, nearly $3 million was donated to Ethereum wallets.

The Bitcoin wallet had received nearly $1 million in bitcoin, some of which had already been sent. Vice Prime Minister Mykhailo Fedorov offered addresses for donating Bitcoin, Ether, and the stablecoin Tether (USDT) in a tweet posted by Ukraine’s official Twitter account.

Due to the ongoing conflict, civilians-turned-refugees in Ukraine report losing access to their account balances and credit cards. According to the United Nations, over 150,000 people had fled Ukraine as of February 26. (UN).

While there was confusion over the intended use of the crypto donations, Ethereum’s Russian-born co-founder, Vitalik Buterin, shared a decentralized autonomous organization (DAO) initiative that focuses solely on Ukraine.

Pussy Riot member Nadya Tolokonnikova led UkraineDAO in releasing a 1/1 nonfungible token (NFT) of the Ukrainian flag in order to raise funds for Ukrainian nonprofits assisting victims of Putin’s war.

Despite the lack of confirmation, it now appears likely that communications to Ukrainian government addresses will be used directly by the government, while communications to the DAO will be redirected to the welfare of citizens via an NGO.

As soon as the Russia-Ukraine conflict erupted, prominent cryptocurrency entrepreneurs stepped in to help Ukrainians. FTX CEO Sam Bankman-Fried was one of the first Ukrainian traders to receive financial assistance from FTX.

Categories
Blockchain News Technology

Binance and Kraken Will Not Seize Russian Crypto Accounts

Binance
Binance and Krake Will not be freezing the accounts of Russians despite sanctions from EU

Following the European Union’s recent sanctions against Russia, leading cryptocurrency exchanges such as Binance and Kraken have stated that they have no plans to freeze the accounts of Russian nationals (EU).

Following a request by Ukraine’s vice prime minister, Mykhailo Fedorov, for major cryptocurrency exchanges to freeze accounts held by Russian citizens, the latest response from exchange operators became relevant.

Binance has confirmed that it will not freeze Russian users’ accounts. Providing the reasoning behind the platform’s decision, as stated by a spokesperson. They have no plans to unilaterally freeze the accounts of millions of innocent users. Cryptocurrency is intended to give people all over the world more financial freedom. That would be contradictory to the reason for the existence of crypto.

In a similar vein, Jesse Powell, the CEO of Kraken, stated in a Twitter thread that the platform will not seize the accounts of its Russian clients unless there is a legal requirement to do so.

Even though Binance and Kraken have refused to comply with the request to freeze Russian-held cryptocurrency accounts, the former crypto exchange has clarified that it will take a different approach to dealing with Russian authorities that have received sanctions without affecting innocent users.

Nevertheless, Binance has stated that if the sanctions increase, it may later block the accounts of any individuals on sanctions lists in order to ensure that all sanctions are fully met.

Following in the footsteps of Binance and Kraken, Dmarket, a platform that allows people to trade virtual in-game items, has barred users from Russia and Belarus from registering while also freezing their accounts. The Russian ruble has also been removed from Dmarket’s platform.

The ongoing conflict between Russia and Ukraine has had an impact on the cryptocurrency market in some way. From causing most cryptocurrencies’ prices to fall over the last week to increasing crypto transactions.

Ukraine’s non-governmental organizations (NGOs) and volunteer groups, including Come Back Alive, raised approximately $4 million in bitcoin donations to support soldiers in the ongoing conflict with Russia.

Categories
Blockchain News

Ukraine Wants CeXs to Freeze the Assets of Russian Crypto Traders

Russia
The Russia-Ukraine Crisis Tests Crypto's Utility

Mykhailo Fedorov, Ukraine Vice Prime Minister and Minister of Digital Transformation, has urged cryptocurrency exchanges to block Russian-based customers’ addresses.

 Fedorov said in a tweet on Sunday that it is critical to freeze not only the addresses associated with Russian and Belarusian politicians, but also to sabotage ordinary users.

Since Russian President Vladimir Putin launched a full-fledged military strike on Ukraine, there has been bloodshed and tears. In response to the unjustified assault, the international community has slapped Russia with a slew of sanctions.

For example, Russia’s central bank’s assets, as well as those of President Putin and Foreign Minister Sergey Lavrov, have been frozen. Furthermore, the United States, United Kingdom, and European Union have removed Russia from the international financial intermediary SWIFT, effectively preventing Russia from sending and receiving transactions to and from its allies such as Belarus.

Nonetheless, there are concerns that the Russian government, as well as the heinous oligarchs, may turn to crypto to avoid the crippling sanctions imposed on the country following the invasion of Ukraine. Cryptocurrencies, according to observers, can be used as a workaround for the sanctions because they allow for borderless payments.

As of now, no major cryptocurrency exchange has chosen to freeze Russian users’ accounts. However, the Ukraine-based digital asset marketplace DMarket has “severed all ties with Russia and Belarus as a result of Ukraine’s invasion.” As a result, DMarket will freeze all previously registered users’ accounts and donate the proceeds to the war effort.

Meanwhile, the Ukrainian government is accepting cryptocurrency donations to help fund its military campaign against Putin’s army. Since the start of the donation campaigns, Ukraine has received over $30 million in various cryptocurrencies, according to estimates. Bitcoin has been trading sideways in recent months, with the latest hostilities between Ukraine and Russia only worsening its prospects.

Following Russia’s invasion of Ukraine, Bitcoin plummeted last week, triggering a crypto market freefall that saw more than $200 billion in value wiped out in less than 24 hours, a loss of more than 11%. The market’s decline boded ill for its safe-haven status, as investors unloaded their holdings as a result of the chaos caused by Russia’s invasion of Ukraine.

The crypto market correction was mirrored in mainstream financial markets, with the American S&P 500 and Nasdaq both falling by more than 2% in response to geopolitical developments.

BTC is currently trading at $41,207. The global cryptocurrency market cap is estimated to be around $1.8 trillion. It remains to be seen whether BTC and the broader crypto market will rise further as peace talks between Ukraine and Russia begin in Belarus.

Categories
Blockchain Business News

Visa and Tribal Partner To Expand Financing Options

Visa
Visa and Tribal Partner To Expand Financing Options

Tribal Credit, a cryptocurrency-focused enterprise payment platform, has partnered with Visa to expand credit and financing options for small and medium-sized businesses across Latin America, highlighting the growing synergies between traditional payment providers and the blockchain industry.

Tribal’s collaboration with Visa enables it to issue business credit cards in local denominations and currencies throughout Latin America, including Mexico, Brazil, Colombia, Argentina, Chile, Peru, Panama, Uruguay, and the Dominican Republic. According to a Tribal spokesperson, the company’s initial focus will be on providing this credit facility to the countries of Colombia, Peru, and Chile.

While the Visa partnership focuses on providing traditional financing solutions to small businesses, Tribal’s technology also allows enterprises to accept payments and transfer funds using cryptocurrencies and blockchain technology. Tribal collaborated with Latin American crypto exchange Bitso and the Stellar Development Foundation in December 2021 to launch a new enterprise cross-border payment service based on Stellar’s USD stablecoin.

Tribal cited El Salvador’s Bitcoin Law and Latin America’s growing acceptance of cryptocurrencies as reasons to continue developing blockchain-based payment solutions.

Visa, too, has broadened its view of cryptocurrencies, even developing a blockchain interoperability project for digital payments. The Universal Payment Channel project is investigating blockchain interoperability with the goal of streamlining digital asset transfers across chains. The credit card company announced a new crypto consulting service in December 2021 to assist merchants and banks in integrating digital assets into their business models.

Visa, surprisingly, has dabbled in the nonfungible token market, purchasing a CryptoPunk for $150,000 in August 2021. In the same month, Visa released a white paper promoting NFTs as a promising medium for fan engagement.

Categories
Altcoins Price Analysis

Terra (LUNA) Price Analysis 02/27

Terra LUNA
Terra LUNA price analysis 02/27

Terra LUNA’s price has broken through the $75 barrier, presenting a retest entry opportunity to reach the $90 mark. The rally that began at $50 has gained more than 50% in the last five days, resulting in the breaking of multiple barriers on the way to the top. However, the retracement suggests a retest in order to gain bullish momentum and reach $90. Will this breakout provide the best opportunity to buy?

LUNA price is consolidating near the horizontal level of $75 on the 4-hour time frame chart. However, recent lower price rejections suggest that the resistance has shifted to support. The bullish crossover of the 100 and 200-period EMAs signals an increase in underlying bullishness, which will fuel the current rally.

If buyers regain momentum, which is followed by tail formations, altcoin prices may reach $90 after surpassing the $84 level. A reversal to $60 is possible if the bears overtake the trend control, according to another viewpoint.

With the increase in bullish momentum, the LUNA price has remained above $50 for the past week and has risen by more than 50% to surpass the $75 mark within a week. The sellers, on the other hand, make a comeback to force a $75 retest.

Last week’s rally follows the $60 breakout, which suggests a double bottom pattern as the Terra token price action shows 2 separate dips at $50. The $1B funding, on the other hand, can be credited with keeping the bullish zeal that kept the altcoin in the top gainers list during the bearish week alive.

The slope of the RSI indicator (69 percent) shows a brief pullback from the overbought zone, but the overall signal remains bullish. Furthermore, the 14-day average rises above the halfway point. The MACD histograms indicate a bullish trend in action, with the fast and slow lines breaking above zero.

Categories
Altcoins Bitcoin Ethereum News Price Analysis

Ethereum, Bitcoin, Ripple, Tezos Forecast

Ethereum
Ethereum, Bitcoin, Ripple, Tezos Forecast 02/27

Bitcoin and other crypto-assets rose after Russia agreed to negotiate with Ukrainian officials on Friday. For the day, Ethereum, XRP, and LUNA tokens gained 6%, 8%, and 10%, respectively, while Bitcoin remained roughly flat. FTM and Tezos are two other notable gainers in the cryptocurrency market.

Dmitry Peskov, a Kremlin spokesman, said on Friday that Russian President Vladimir Putin is ready to send a delegation to Minsk. However, the situation remains volatile, with Russian forces stepping up their attacks on Kyiv.

The Russian President later stated that he did not take the talks seriously. On Friday, bitcoin underperformed most alternative cryptocurrencies (altcoins), indicating that investors were more willing to take risks.

According to analysts, Bitcoin’s unexpected rebound in the last few days could be the result of a so-called short squeeze. After reaching oversold conditions, several altcoins experienced a short squeeze.

The one-week implied volatility of the flagship cryptocurrency jumped to an annualized 75 percent on Thursday, surpassing the one, three, and six-month indices, similar to what happened after the May 2021 crash.

The implied volatility of an investor describes their expectation of price volatility during a specific time period. However, the spot price of Bitcoin may not rise significantly until the volatility spikes subside.

Despite large movements in the crypto space, consumer volumes on the exchange remain tepid, indicating a lack of risk appetite and a lack of market positioning.

On Thursday, Coinbase announced its fourth-quarter earnings, which exceeded revenue expectations. However, the exchange warned shareholders that due to high volatility, trading volumes may fall during the first quarter of this year.

Due to the downside risks that remain in the cryptocurrency market in the face of high global inflation, investors are seeking protection by holding US dollar cash positions and Treasury bills. This is especially true when the market is extremely volatile.

Categories
Bitcoin Blockchain News

What the Ukraine Russia Invasion Means For Bitcoin Future

Russia
The Russia-Ukraine Crisis Tests Crypto's Utility

The crypto market has been impacted by Russia’s military activity against Ukraine. While Sam Bankman-Fried is still undecided about Bitcoin’s long-term prospects in the middle of the crisis, he has identified numerous scenarios that could play out in the market.

SBF, as Bankman-Fried is known, stated in a lengthy Twitter thread that market dynamics in a war situation are highly unpredictable. Regardless, the FTX CEO believes the Bitcoin market might go in one of two paths, depending on how different types of investors trade.

For one thing, the main crypto could be ruled by fundamental investors. Because they are focused on the benefits of Bitcoin, these investors remain unaffected and even acquire the asset during times of panic.

On the other hand, algorithmic investors, as he refers to them, are skeptical of Bitcoin. The benchmark cryptocurrency is viewed as a risk asset that is correlated with the stock market by these investors. As a result, when the stock market reacts to hostilities, they liquidate their Bitcoin positions.

“Fundamental investors are neutral, but algorithmic investors see the S&P500 go down 4%, and so expect BTC to go down 4*4%=16% based on historical studies.”

However, SBF admits that it’s still unclear which side of the divide investors should be on. This is due to the fact that no one viewpoint can be regarded correct. But, he says, in the long run, these conflicting forces will tend to collide in the middle of the market.

The crypto executive concludes that the Bitcoin market is in a different phase than it was a year and a half ago based on this data.

SBF observes that war is still a net negative event in the world, particularly for the regions participating in the conflict.

Other market participants agreed with SBF’s judgment. On-chain activity, according to Ki-Young Ju, CEO of Crypto Quant, now points to the scenarios that are already playing out.

Institutional investors who acquired Bitcoin directly from the market, according to Ju, were not selling. Those using algorithmic trading bots, on the other hand, were dealing with the most valuable crypto-like tech stocks.

The issue has elicited reactions from prominent figures in the crypto sector. Vitalik Buterin, co-founder of Ethereum, has criticised Russia’s decision to abandon peace talks and invade Ukraine. Buterin, who is of Russian nationality, has declared that he supports Ukraine.

Categories
Blockchain News

Ukraine Gets BTC, ETH, USDT Donations Amidst War

Ukraine
Ukraine Opens NFT Museum To Preserve Memories Of Ongoing War

The Ukraine government reached out to the crypto community on Twitter during the first week of the Russia-Ukraine war to raise funds to support its civilians and troops. Ukraine has begun accepting donations in the form of Bitcoin (BTC), Ethereum (ETH), and Tether (USDT).

The Ukrainian government sought assistance from a number of international organizations in response to military threats across the country. However, because time is of the essence, Ukraine’s official Twitter account extended its call for help to Crypto Twitter.

Furthermore, Ukraine’s Vice Prime Minister, Mykhailo Fedorov, shared three crypto wallet addresses, urging the crypto community to donate and assist Ukraine in its fight against Russian troops. While the BTC and ETH addresses remain unchanged, Fedorov’s USDT wallet address is TRC20-based (as opposed to the address shared by Ukraine’s official Twitter handle).

Notable crypto entrepreneurs, such as Ethereum co-founder Vitalik Buterin, suspected that the accounts requesting crypto donations had been hacked at first. However, Ukraine Ambassador Olexander Scherba later confirmed its legitimacy to American diplomat Tomicah Tillemann.

Ukrainian civilians who have become refugees have reported losing access to their fiat savings and credit cards. As of Feb. 26, the United Nations (UN) reported that over 150,000 people had been displaced from Ukraine.

While there was some confusion about the intended use of the cryptocurrency donations, Buterin shared another decentralized autonomous organization (DAO) initiative that is solely focused on Ukrainian citizens.

UkraineDAO, led by Nadya Tolokonnikova of Pussy Riot, launched with the release of a 1/1 nonfungible token (NFT) of the Ukrainian flag to raise funds for Ukrainian civilian organizations to assist those suffering from Putin’s war. On February 24, it was reported that Ukraine’s Ministry of Defense had received numerous requests for cryptocurrency donations from foreigners.

However not confirmed, it is now believed that proceedings to the addresses shared by the Ukrainian government will be used directly by the government, whereas DAO proceedings will be redirected to citizen welfare via an NGO.

Categories
Blockchain News

Coinbase Has Earned Nearly $7 Billion This Year in Transaction Revenue

Coinbase
Coinbase has earned nearly 7 billion this year in transaction revenue

Coinbase released its fourth-quarter 2021 report, which revealed that the company generated total transaction revenue of $6.8 billion in the year in question, up 523.73 percent from the $1.09 billion generated in 2020.

The financial report far exceeded market expectations, with the company reporting $2.5 billion in net revenue for the fourth quarter, outperforming analyst predictions by 27%.

Coinbase was expected to generate $1.9 billion in revenue in the fourth quarter of 2021, according to FactSet consensus. Notably, the popular cryptocurrency exchange more than doubled transaction revenue from Q3 to Q4, accounting for 91 percent ($2.276 billion) of total Q4 revenue.

Coinbase reported a strong fourth-quarter performance, as the quarter saw the firm’s highest transaction revenue generation. Bitcoin reached an all-time high of $68,789.63 on November 10th, 2021, during the quarter in question.

Despite the report showing $840 million in net income and significant growth from 7.4 million monthly transacting users (MTU) in Q3, the company now boasts of 11.4 million users in Q4. However, COIN share prices are down 28.48 percent year to date.

Retail customers accounted for approximately $6.5 billion of total transaction revenue, accounting for 94.94 percent of total income generated. The rest came from institutional clients. It’s also worth noting that non-trading products like lending and staking only accounted for $213 million, or 9% of Q4 revenue.

According to Coinbase, there has recently been a decrease in crypto market volatility and asset prices when compared to the all-time high conditions of the fourth quarter of 2021. They blamed it on global market insecurity. Coinbase anticipates a comparative decline in MTUs and subsequent transaction revenue in Q1 2022, according to the report.

Despite a potentially slow first quarter, Coinbase wrote to investors that it intends to make aggressive internal investments in 2022, while also preparing for any potentially unfavorable market conditions. They said,

“In the event of a material decline in our business, below the ranges we have planned for, we may slow down our investments and would expect to manage our adjusted EBITDA losses to approximately $500 million on a full-year basis.”

Coinbase also cited the rapid growth of Web3, NFTs, and DeFi as potential future growth sources for the company, citing the rapid increase in NFT sales last year as an example. The company also stated that it plans to hire 6,000 people by 2022, with a strong emphasis on customer support and reliability, which Coinbase has previously struggled with.

Coinbase estimates that between $4.25 and $5.25 billion will be spent in 2022, with a strong emphasis on technology and development teams. At the time of writing, COIN is down 5.80 percent in pre-market trading.

Categories
Bitcoin News

Brazil Following in El Salvador’s Footsteps on Bitcoin Adoption

Brazil
Over 60% of Brazil Thinks Crypto is the Future of Finance

Brazil Senate Committee on Economic Activities has approved the crypto bill after nearly three years of deliberation. If passed, they would be the most populous Latin American country to do so.

The Brazilian Senate committee announced on their official website that they had unanimously approved the country’s crypto bill, bill PL 3825/19. It’s worth noting that the bill was originally drafted collaboratively by Senator Flavio Arns, the original author, the Central Bank, the nation’s Securities and Exchange Commission, and the tax authorities.

The committee’s approval of the bill marks the start of a process that could result in Brazil having clear regulations governing everyday transactions involving cryptocurrencies in the country.

If it is approved by both the Senate and the House, it will be sent to the President for his signature before becoming law.

The bill proposes tax breaks for Bitcoin miners as well as regulations to combat financial crime in the space. Miners who use renewable energy sources would be exempt from import tax under the bill, in an effort to encourage green mining of Bitcoin. In order to combat illicit activity in the nascent market, the bill also emphasizes anti-money laundering regulations.

Senator Iraja Abreu, the committee’s appointed spokesperson, stated:

“The intention of the project is to curb or restrict illegal practices, such as money laundering, tax evasion, and many other crimes. There is a market that is licit, legal, which is the vast majority of this market, but there are exceptions.“

If the bill is passed, it is likely that there will be increased adoption of cryptocurrencies in the country, including institutional adoption, because they will be clear on the requirements to remain compliant.

Latin American countries appear to be very interested in the cryptocurrency space. El Salvador is currently the most popular, having adopted Bitcoin as legal tender and launching a Bitcoin-backed bond.

Categories
Blockchain News

Ukraine Asks For Crypto Donations via Twitter

Ukraine
Ukraine Opens NFT Museum To Preserve Memories Of Ongoing War

On Saturday, Ukraine official Twitter account issued direct appeals for cryptocurrency donations in the midst of Russia’s ongoing invasion.

The official account, @Ukraine, had shared three such messages as of press time, though the first two had been deleted. The addresses posted remained consistent – for both bitcoin and ether/USDT – though the wording of the appeals changed with each iteration. It is unclear whether the messages were deleted and reposted on purpose, or if the inclusion of cryptocurrency addresses triggered Twitter controls implemented in the aftermath of the 2020 account hacks.

The donation addresses were also shared by Vice Prime Minister Mykhailo Fedorov’s verified Twitter account and Telegram channel.

The Ukrainian Ministry of Digital Transformation, which Fedorov leads, stated that communications channels of the Ministry of Digital Transformation of Ukraine and Minister Mykhailo Fedorov are secure when reached via a press contact email listed on its website. They have not been hacked, it has been added. This is their official position and the messages they wish to convey.

“We are attempting to contribute to Ukraine’s victory and to raise international society’s awareness of what is going on in Ukraine. We will assist you in any way we can “The representative went on.

Olexander Scherba, a Ukrainian diplomat, also shared the Ukrainian account’s donation appeal. According to blockchain data, the BTC address has received a total of 9.78612041 BTC as of press time, with the first transaction occurring on February 24.

Approximately 85 ETH has been sent to the specified address. According to Etherscan data, donations have also been made in the form of USDT, USDC, and several non-fungible tokens.

Nonetheless, the messages have raised questions about their veracity, particularly given that the Russian military conducted cyberattacks during its invasion. Ethereum co-founder Vitalik Buterin was among those urging caution, advising people to avoid sending donations in the absence of additional verification.

Buterin stated that there have been numerous hacks in conjunction with this invasion, and that this could easily be a hack. This information environment is as hostile as it gets, so exercise extreme caution.

Buterin later stated that he would be deleting his message, writing: “I’ve received confirmation from a couple of sources that it’s genuine. For the time being, I’m removing my warning. However, remain vigilant, and always proceed with caution when sending irreversible crypto transactions.”

Justin Sun, the founder of Tron, claimed on Twitter that he spoke with the World Trade Organization’s Ukrainian embassy and that the messages were confirmed by the embassy.

Elliptic, a blockchain analytics firm that has been tracking donations during the Ukrainian invasion, announced on Saturday that $5.1 million in cryptocurrency has been donated in the last few days across nearly 3,000 donations.

When reached for comment on the donations, Elliptic co-founder Tom Robinson told The Block that about $200,000 in bitcoin donations were sent to an exchange in Ukraine. “It’s a little suspicious that the funds are being transferred to an exchange so quickly,” he wrote. “I haven’t been able to verify whether this is a genuine fundraising campaign.”

The posts come as Russian invasion forces approach Kyiv, Ukraine’s capital. According to reports, Ukraine’s president, Volodymyr Zelenskiy, has turned down US offers to evacuate.

Categories
Blockchain Business News

BitConnect Founder Convicted of a $2 Billion Fraud

ETF
The SEC rehects another bitcoin etf application

The US Department of Justice (DOJ) has charged Satishkumar Kurjibhai Kumbhani with using the infamous BitConnect cryptocurrency platform to commit fraud.

According to US Attorney Randy Grossman, the indictment alleges a massive cryptocurrency scheme that defrauded investors out of more than $2 billion. The United States Attorney’s Office and their law enforcement partners are dedicated to bringing victims of cryptocurrency fraud to justice.

According to the DOJ, Kumbhani, an Indian citizen, conspired with others to defraud investors out of more than $2 billion. It is believed to be the largest cryptocurrency fraud case ever prosecuted.

The court claims BitConnect deceived investors by promoting its Lending Program, which it claims uses proprietary technology known as the BitConnect Trading Bot and Volatility Software to generate massive profits and returns. Meanwhile, BitConnect was merely used to promote a Ponzi scheme, in which the funds of new investors were used to pay the earlier investors.

Kumbhani was also charged in a separate conspiracy to manipulate the price of BitConnect’s token, known as BCC, causing increased demand for the cryptocurrency.

The DOJ also charged the BitConnect founder with operating an unlicensed money transmitting business, as well as his participation in a money laundering conspiracy involving the transfer of Bitcoin (BTC) and BCC to investors and crypto purchasers using funds obtained through the alleged fraud.

Glenn Arcaro pleaded guilty to his role in the alleged scheme last September, prompting the charges. Arcaro, 44, was BitConnect’s director and promoter. When he is sentenced on May 6, 2022, he faces up to 20 years in prison.

In the meantime, the DOJ has asked BitConnect victims to identify themselves, providing a link to a form where an impact statement can be submitted. As the cryptocurrency industry grows and mainstream adoption increases, bad actors have turned it into a playground for their nefarious activities.

Categories
News Regulation

European Central Bank Wants Crypto Regulation to be Expedited

Russia
Proposals to Exempt Crypto Issuers from Russia Taxes Approved

Christine Lagarde, President of the European Central Bank (ECB), has now urged the European Union to expedite MiCA regulations in order to prevent Russia from evading new sanctions.

She made the remarks during a press conference when asked if Russia could use cryptocurrency to circumvent sanctions.

“There are always criminal ways to try to get around a prohibition,” she said. “That’s why it’s critical that MiCA is pushed through as soon as possible so we have a regulatory framework.”

Markets in Crypto-Assets, or MiCA, is a regulation introduced by the EU two years ago that governs distributed ledger technology (DLT) and digital asset operations while protecting investors from risk. The regulation has yet to be made into law.

Furthermore, six European countries, including Germany, Austria, Italy, Luxembourg, Spain, and the Netherlands, are attempting to bring crypto firms under the supervision of the EU’s financial crime watchdog in order to prevent financial crimes such as money laundering and terrorist financing. The new regulatory body will go into effect in 2024.

Russia launched a full-scale invasion of Ukraine in the early hours of Thursday, targeting the country’s capital, Kyiv, as well as several other major cities. Many countries around the world have condemned Russia’s attack on Ukraine, which was sanctioned by President Vladimir Putin.

Russia’s move has elicited harsh criticism from European Union (EU) leaders and other world leaders, who have described it as senseless aggression.

Provoked by Russia’s continued attacks on Ukraine, the EU has joined other global leaders such as the United Kingdom and the United States in imposing sanctions on Russia, limiting Russia’s access to E.U. financial and capital markets.

Following the sanctions, media reports suggest that Russia may use cryptocurrency to avoid sanctions because the asset class’s decentralized nature allows it to circumvent restrictions imposed by any government or financial institution.

President Putin only recently urged the government and the Bank of Russia to reach an agreement on crypto regulations, citing the benefits that the asset class offers. As a result, the European Central Bank appears concerned that Russia may turn to cryptocurrency, though only time will tell if this occurs.

Categories
Blockchain News

The Crypto Community on Russia’s Ukraine Invasion

Ukraine invasion
The Crypto community on Russia Ukraine invasion

The crypto community has reacted strongly to Russia’s military incursion in Ukraine. The invasion’s news sent Bitcoin (BTC) and other cryptocurrencies plummeting at first.

Since then, the US government has retaliated against Russia’s invasion with tough economic sanctions, which have helped cryptocurrency prices recover from their initial price drop. There are a few voices of hope in the crypto world among all the doom and gloom.

Vitalik Buterin, the co-founder of Ethereum and a Russian citizen, has spoken out against Russia’s invasion, saying that the country should not have given up hope of a peaceful conclusion.

Sam Bankman-Fried, the CEO of FTX, has committed to help Ukrainian traders financially. Bankman-Fried declared on Twitter that any Ukrainian account holder enrolled on the FTX cryptocurrency platform is eligible for $25 in free money, writing: “we just awarded $25 to everyone Ukrainian on FTX do what you need do.”

The crypto community reacted to a Twitter message calling for donations to the country’s troops by urging the Ministry of Defense to develop a crypto wallet; due to the country’s restrictions, none has yet been formed.

As the situation between Russia and Ukraine worsens, more people are turning to Bitcoin to help fund the Ukrainian military. People have donated almost $400,000 worth of BTC to the non-governmental organization Come Back Alive, according to a report from blockchain analysis firm Elliptic. The local army receives military equipment, as well as medical and food supplies, from the NGO. In addition, an anonymous donor recently donated 80 BTC to a charity group helping the Ukrainian army, which is worth over $3 million at current pricing.

Over the preceding year, the Cyber Alliance, a community of Ukrainian cyber activists, received around $100,000 in Bitcoin, Ether (ETH), Litecoin (LTC), and a mix of stablecoins.

UkraineDAO was created by Pussy Riot, a Russian rock band famed for its anti-government protests, in collaboration with Trippy Labs and PleasrDAO. The UkraineDAO will sell Ethereum NFTs to help Ukrainians who have been displaced by the conflict. The NFT drop will consist of 10,000 NFTs of the Ukrainian flag. The proceeds from the sale of this coin will go to the Proliska NGO and the Return Alive Foundation.

Categories
Bitcoin News

Bitcoin Rises Above the $40k Mark Amidst Ukraine Russia Invasion

Bitcoin inflows
Bitcoin exchange volumes have dropped to multi-year lows

Bitcoin, the flagship cryptocurrency asset, briefly traded above the $40,000 trading zone late last night, after falling below the $35,000 trading zone due to Russia’s invasion of Ukraine. Bitcoin rose more than $5,000, or 16.80 percent, from its low of $34,459 yesterday to trade as high as $40,250 in what many are calling a relief rally.

Markets around the world were affected by Russia’s special military operation in Ukraine, which marked the start of a full-scale invasion of its neighbor. The cryptocurrency market was not spared, as its market capitalization fell below $1.5 trillion. However, it has recovered and is now worth $1.72 trillion at the time of writing.

Altcoins have also recovered from yesterday’s losses, as expected. Ether, for example, which briefly fell below the $2,300 mark, quickly recovered alongside Bitcoin and now trades at $2,603 per coin.

As of the time of writing, the top 20 cryptocurrencies are seeing gains of 10% or more, with Terra’s LUNA token leading the charge with a gain of more than 20%. The token also made it into the top ten in terms of market capitalization, and it is currently ranked #9 with a market capitalization of $25.3 billion.

The late-afternoon rally seen at the start of the Asian session means that the cryptocurrency market has fully recovered from the losses seen earlier in the day yesterday.

The rally is largely due to Bitcoin reaching a critical support zone, where many buy orders were filled. According to Coinglass data, 94,769 traders were liquidated in the last 24 hours, totaling $439.61 million in liquidations. Longs accounted for $155.45 million, or 35.36 percent of the total, with shorts accounting for the remainder.

This also indicated that the majority of liquidation occurred near the end of the New York/beginning of the Asian session, when Bitcoin experienced a significant price increase.

Categories
Blockchain News

Ukraine Military Receives $4 million in Bitcoin Donations

Ukraine
Ukraine Opens NFT Museum To Preserve Memories Of Ongoing War

Non-governmental organizations (NGOs) and volunteer groups in Ukraine have raised $4 million in bitcoin donations to aid soldiers fighting in the ongoing conflict with Russia.

According to Elliptic, a blockchain analytics firm, the NGOs had received several bitcoin donations in varying amounts, with one donor sending more than $3 million in digital currency.

The NGO Come Back Alive is one of the recipients of these donations. Come Back Alive, a Ukraine non-governmental organization founded in May 2014, raises funds to assist soldiers in times of war.

The organization, which began accepting cryptocurrency as a donation option in 2018, provides medical supplies, humanitarian aid, weapons, and psychological support.

This news comes at a time when Ukrainian NGOs and volunteer groups are raising funds through crowdfunding. Elliptic recently revealed that in 2021, these organizations raised a total of $570,000, with Come Back Alive receiving $200,000 in bitcoin.

Previously, NGOs and volunteer groups all over the world received donations in fiat currency. However, in recent years, these organizations have turned to crypto, viewing it as a dependable funding option and accepting it as donations.

One of the primary reasons crypto is being used as an option recently is because of its decentralized nature, which allows it to circumvent restrictions imposed by banks and other financial institutions.

A growing number of non-governmental organizations (NGOs) and volunteer groups are now accepting cryptocurrency as a means of raising funds.

In 2020, an NGO called the “Human Rights Foundation,” or HRF, began accepting Bitcoin donations through BTCPayServer, a self-hosted, open-source crypto payment processor.

Susan G. Komen, a breast cancer organization in the United States, announced a partnership with The Giving Block last month to accept cryptocurrency donations.

Meanwhile, Ukraine Vice Prime Minister, Mykhailo Fedorovon, recently announced on Twitter that the country’s parliament passed legislation making Bitcoin and other cryptocurrencies legal in the country.

Categories
Ethereum News

Ethereum Creator Vitalik Buterin On Russia’s Attack Against Ukraine

Vitalik Buterin
Vitalik Buterin's Concept For An Extremely Secure Blockchain

Many cryptocurrency market participants have weighed in on the conflict between Ukraine and Russia. Vitalik Buterin, the co-founder of Ethereum, has stated that his personal opinions have no bearing on Ethereum’s position in the ongoing crisis.

Buterin has condemned Russia’s actions, pledging his support for Ukraine. Buterin stated in a Russian tweet that he is dissatisfied with Vladimir Putin’s decision to abandon the peaceful resolution of the dispute. He goes on to say that the move will only lead to a situation in which no one will be safe.

Buterin has made no secret of his dissatisfaction with the situation. He warned earlier this month that an attack on Ukraine would only harm Russia, Ukraine, and humanity.

The announcement by Russia that it will conduct special military operations in Ukraine has sparked a strong reaction in global markets. The market fell further after it was revealed that Russia had begun launching attacks across Ukraine.

Over $300 billion has been deducted from the crypto market cap, which has dropped 10.6 percent on the day and is now worth $1.5 trillion. Bitcoin, the most important cryptocurrency, has plummeted significantly. Bitcoin (BTC) is currently trading at around $35,343, a 9.64 percent decrease in the last 24 hours. Bitcoin fell to an intraday low of $34,522.

Ethereum (ETH) is also down 13.2 percent and is currently trading around $2,400. Cardano (ADA) suffered the greatest percentage loss among the top ten cryptocurrencies by market cap, falling 17.8 percent. BNB, XRP, and LUNA are down 12.4%, 13.6%, and 8.29%, respectively.

Meanwhile, the values of stablecoins such as Tether (USDT), Binance USD (BUSD), and USD Coin (USDC) increased slightly on the day. Stablecoin trading volumes have skyrocketed as safe-haven demand has risen.

Aside from the crypto market, the stock market has also crashed, while oil prices have risen. According to The Guardian, Russian stock markets have dropped to their lowest level since 2016. According to the report, the price of oil has risen from $60 per barrel to more than $100 per barrel.

Categories
News NFT

Porn Actress Runs Away With $1.5M of CryptoSis

CryptoSis
Lana Rhoades runs away with $1.5 million of cryptosis investors

Lana Rhoades, an ex-adult film star turned social media influencer, has abandoned her NFT project dubbed CryptoSis and fled with funds raised by the project’s community.

According to a recent report, Rhoades decided to abandon ship less than a month after unveiling the CryptoSis NFT Collection, withdrawing an estimated $1.5 million in investor funds.

The explosive growth of the NFT space has attracted a number of creators, collectors, and investors. Last year, Rhoades announced her CryptoSis project, which was set to introduce several other adult film personalities to the NFT industry.

According to Rhoades, the CryptoSis NFT Collection would include various tokenized cartoon images of the actress, which would become extremely valuable. Rhoades became the first film star in her industry to jump on the NFT bandwagon as a result of the project.

Using her celebrity, she allegedly grew the project’s investor pool to over 100,000 members in just a few days without using any paid advertisements. The platform’s TikTok account (now deleted), @CryptoSisNFT, gained over 50,000 followers in less than 48 hours, with one of the videos receiving over 3 million views.

According to Rhoades, investors were drawn to the CryptoSis project because of its massive potential and wanted to be a part of its journey. Rhoades did not present the CryptoSis NFT Collection to her fans as purely digital artworks when marketing it to them. She claimed on several occasions that they were valuable investments that would grow in value as more investors came in.

She claimed that she was working to raise the value of CryptoSis and make it a profitable investment for holders, allowing them to sell it for more than they paid to mint it. She also mentioned that the project would kick off a sort of NFT franchise, and that other actresses have agreed to create their own collections.

Even though some found these assertions to be unpersuasive, others invested because the project’s roadmap promised to reward investors with a variety of incentives once NFT sales attained a certain threshold.

However, in a tragic turn of events for CryptoSis NFT investors, Rhoades cashed out the $1.5 million raised by the community and left the space, claiming that users had become negative and rude to her.

Categories
Altcoins News

Dogecoin Creator Against Meme Coins?

Billy Markus
Billy Markus Mocks Bitcoin's Performance

Billy Markus, the founder of the Dogecoin (DOGE), appeared to be frustrated by the number of meme coin spammers flooding his Twitter threads, and blasted the crypto shillers in a series of tweets.

Markus recounts how DOGE was created more than eight years ago as a true meme mocking idiotic coins. However, the creator points out that meme coins are no longer memes. Markus stated that they are created by people who want to get rich off of other people who want to get rich.

https://twitter.com/BillyM2k/status/1496525816490074118?s=20&t=0fV4TqGYqcmEdJ1VlYBeHg

Markus proceeded with his rant by displaying Binance Smart Chain tokens. According to him, these cryptocurrencies have harmed the internet in every way. He also stated that he doesn’t mind if people want to gamble, but he asked that spam ads be removed from his threads. Finally, he stated that these inconsequential advertisements make the internet less enjoyable.

Many of Markus’ over one million Twitter followers saw the tweets and expressed their own frustrations. Despite the fact that the DOGE creator made his points clearly, meme coin spammers continued to flood the thread with meme coin advertisements.

In January 2021, Dogecoin became one of the top ten cryptos in terms of market capitalization. According to Cointelegraph Markets Pro,  DOGE is currently trading at $0.11 per token, keeping it in the top nine cryptos by market capitalization despite a 17% drop on the day.

One of Cointelegraph’s experts recently suggested DOGE as a token with a high return on investment in 2022, citing notable backers Elon Musk and Mark Cuban in a recent discussion of meme coins.

Categories
Altcoins Guides & Tutorials

Celsius (CEL): What You Need To Know

Celsius
Celsius (CEL): What you need to know

The Celsius Network is a blockchain-enabled fintech platform that anyone with a smartphone can access. The network, through its suite of lending, yield creation, and payments solutions, provides access to financial services and conditions not available through traditional institutions. The Celsius mandate is simple at its core: provide financial services while doing what is best for the community, not the intermediaries.

What is Celsius?

Celsius (CEL) offers peer-to-peer lending services to DeFi users all over the world. The network combines a new cryptocurrency with DeFi lending pools to allow users to access funding while also earning money by lending out their cryptocurrency. Notably, the DeFi lending sector is currently one of the fastest-growing blockchain industries.

It is one of the market’s best-performing peer-to-peer protocols. The network has over one million registered users and has lent $25.2 billion in assets. Furthermore, since its inception, the network has distributed over $929 million in yield rewards.

It officially entered the market in June 2018. Investors jumped on board right away. This success aided the protocol’s expansion of operations. Notably, the platform recently closed another $400 million funding round.

How it Works

The Celsius Network is made up of hosted accounts on Celsius and a variety of crypto exchanges with the goal of minimizing crypto-asset transfers outside of its system.

Finally, there are four major players in the system:

  • Depositors who earn interest on their account holdings are referred to as lenders.
  • Borrowers are margin traders who want to trade leveraged short or long positions.
  • Celsius Platform – Allows trades to take place, manages risk, and determines trading fees.
  • Markets for foreign exchange – Conducts trades and lends/provides liquidity

Participants who use the Celsius network to earn extra income deposit crypto assets on the platform and earn rewards in a variety of cryptocurrencies such as Bitcoin, Ethereum, or USDC.

Celsius manages deposited funds in a ‘Lending Stake Pool,’ which are then lent to external exchanges, with the interest earned distributed among the users.

Celsius uses a modified Proof-of-Stake (PoS) formula to determine the distribution paid to lenders, where the interest paid to lenders is a function of the funds deposited and the number of days participating in Celsius’ consensus mechanism.

There are several types of users who might want to borrow from the Celsius platform.

  • Users who deposit crypto on the Celsius Network and use the funds as collateral to receive a loan are referred to as general users.
  • Traders – Accredited investors (or SEC-registered funds) who borrow capital to trade from Celsius lending pools. To cover potential losses and fees associated with certain trading activities, these accounts require a minimum balance of $10,000.
  • Exchanges – Institutions that borrow from Celsius lending pools in the event that they require additional liquidity to settle trades.

What Makes it Unique

Celsius brings some significant advantages to the DeFi lending market. For one thing, the network’s collateral options are extremely flexible. To secure a loan, users can select from +40 options. Instead of selling your cryptocurrency, you can use it to secure funding with the altcoin. Your collateral is returned once you have paid off your loan.

Lenders have a lot to gain by joining Celsius. The platform offers rewards up to a 17 percent yield. The system calculates and distributes these rewards based on your loan terms every Monday. The lack of human interaction in the process ensures that these rewards are always delivered on time.

Another significant advantage of Celsius is its high transparency. The developers are forthcoming about the network’s current state. They provide social media channels as well as direct contact information. They also regularly publish information on the blockchain. In addition, Chainalysis is used for third-party verifications on the platform.

Celsius borrowers can repay their loans in a variety of ways. You can pay off your loans with either fiat currency or stablecoins. When it comes time to fulfill their loan commitment, this added flexibility can save borrowers time and effort.

Bottomline

Celsius offers the market a valuable service. A global audience of disenfranchised borrowers can now gain access to liquidity thanks to the platform. It also allows lenders to earn passive income without having to sell their digital assets. These features will keep it a popular choice for users now and in the future.

© 2015-2023 Coinposters. All rights reserved!