Bitcoin Shows Surprising Resilience Amid Russia Aggression-Provoked Selloff
Although the price of nearly all risk assets, including bitcoin (BTC) and other major cryptassets tumbled on Thursday as Russia launched a full-scale invasion of Ukraine, some are surprised as BTC performed better than expected and even recovered some of its losses.
For now, BTC appears to have found firm support above the USD 34,000 level, having gained more than 5% from its low of just over USD 34,300 earlier in the day.
At 17:00 UTC on Thursday, BTC stood at USD 36,055, down 7% for the past 24 hours and 8% for the week. At the same time, ethereum (ETH) traded at USD 2,467, down 9% for the day and 21% for the week.
As of this writing, brent oil traded at just over USD 103, moving above the important USD 100 level earlier in the day for the first time since 2014 in what marks a significant shift in the price of oil.
Meanwhile, natural gas also traded up significantly today, with UK-listed natural gas futures rising 11.7% for the day. The rising prices for natural gas came after both Germany and the US stated that approval of the much-discussed Nord Stream 2 gas pipeline from Russia to Germany now has been put on hold.
Lastly, the traditional safe-haven gold also rose sharply as reports emerged that Russia had launched a full-scale attack on Ukraine. At its peak earlier today, the price of gold touched USD 1,974, its highest since September 2020. As of press time, however, the gold price had retraced to around USD 1,922 and was up 0.73% for the day.
“Definite breakout on gold,” technical analyst and founder of trading group The Birb Nest, CryptoBirb (Adrian Zduńczyk) said as the yellow metal surged higher. He followed up by saying that BTC is following stocks, although he noted that several large capitalization stocks “are showing more weakness than Bitcoin.”
Although the price of nearly all risk assets, including bitcoin (BTC) and other major cryptassets tumbled on Thursday as Russia launched a full-scale invasion of Ukraine, some are surprised as BTC performed better than expected and even recovered some of its losses.
For now, BTC appears to have found firm support above the USD 34,000 level, having gained more than 5% from its low of just over USD 34,300 earlier in the day.
At 17:00 UTC on Thursday, BTC stood at USD 36,055, down 7% for the past 24 hours and 8% for the week. At the same time, ethereum (ETH) traded at USD 2,467, down 9% for the day and 21% for the week.
As of this writing, brent oil traded at just over USD 103, moving above the important USD 100 level earlier in the day for the first time since 2014 in what marks a significant shift in the price of oil.
Meanwhile, natural gas also traded up significantly today, with UK-listed natural gas futures rising 11.7% for the day. The rising prices for natural gas came after both Germany and the US stated that approval of the much-discussed Nord Stream 2 gas pipeline from Russia to Germany now has been put on hold.
Lastly, the traditional safe-haven gold also rose sharply as reports emerged that Russia had launched a full-scale attack on Ukraine. At its peak earlier today, the price of gold touched USD 1,974, its highest since September 2020. As of press time, however, the gold price had retraced to around USD 1,922 and was up 0.73% for the day.
“Definite breakout on gold,” technical analyst and founder of trading group The Birb Nest, CryptoBirb (Adrian Zduńczyk) said as the yellow metal surged higher. He followed up by saying that BTC is following stocks, although he noted that several large capitalization stocks “are showing more weakness than Bitcoin.”
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🌟 50,000 participants
🌟 TOP 1 country: Ukraine
🔥Over 500,000 members🔥 across all channels, including:
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💫 104,000 followers on Twitter
💫 93,000 followers on Telegram News
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Russian Rubles Could Become 'Worthless' as Allies Target Central Bank After SWIFT Move
After the EU, Canada, and the US agreed to remove selected Russian banks from the SWIFT messaging system, the Russian Central Bank is to be targeted next, which could make rubles "close to worthless."
In a joint statement on Saturday evening, the allies said they commit to ensuring that the Russian banks are disconnected from the international financial system and harm their ability to operate globally.
But what comes as a more unexpected and possibly more painful move is that the allies also said they "commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions."
According to Rob Person, an Associate Professor of International Relations at the US Military Academy in West Point, this would mean that the central bank won't be able to access most of its reserves for currency interventions or exchange dollars and euros for rubles.
"Rubles could (in theory) become close to worthless, with ordinary citizens conducting exchange in dollars. That would have to be on the black market, since it's technically illegal to pay for things with dollars/euros directly. Dollars will be scarce & precious on the street," Person said.
After the EU, Canada, and the US agreed to remove selected Russian banks from the SWIFT messaging system, the Russian Central Bank is to be targeted next, which could make rubles "close to worthless."
In a joint statement on Saturday evening, the allies said they commit to ensuring that the Russian banks are disconnected from the international financial system and harm their ability to operate globally.
But what comes as a more unexpected and possibly more painful move is that the allies also said they "commit to imposing restrictive measures that will prevent the Russian Central Bank from deploying its international reserves in ways that undermine the impact of our sanctions."
According to Rob Person, an Associate Professor of International Relations at the US Military Academy in West Point, this would mean that the central bank won't be able to access most of its reserves for currency interventions or exchange dollars and euros for rubles.
"Rubles could (in theory) become close to worthless, with ordinary citizens conducting exchange in dollars. That would have to be on the black market, since it's technically illegal to pay for things with dollars/euros directly. Dollars will be scarce & precious on the street," Person said.
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Ukraine Adds More Crypto Options, 'Teases' Airdrop; Platform Selling NFTs for USD 10
In an attempt to further bolster its fundraising campaign, Ukraine is opening up more crypto options for global donors - and has also intrigued the crypto community by mentioning an airdrop. Furthermore, a digital platform has launched a non-fungible token (NFT) collection with the goal of raising USD 430,302,531.
Ukraine is not slowing down and is opening up as many doors for funding its defense efforts against Russia as it can. They've just announced that they will be accepting more cryptoassets "soon" for donations to the country, its armed forces, and its people.
As reported yesterday, Gavin Wood, creator of Polkadot, announced that he would donate USD 5m worth of crypto to the country if they posted an address in the blockchain’s native token DOT. And the country did.
"The people of Ukraine are grateful for the support and donations from the global crypto community as we protect our freedom," Ukraine's official Twitter account said today. "We are now accepting Polkadot donations too."
However, Ukraine's official Twitter account has also intrigued the crypto community with a mysterious statement - they shared that an "airdrop has not been confirmed yet."
The response seems to be aimed at users who have been speculating that those who donate to official addresses might get qualified for some kind of an airdrop.
In an attempt to further bolster its fundraising campaign, Ukraine is opening up more crypto options for global donors - and has also intrigued the crypto community by mentioning an airdrop. Furthermore, a digital platform has launched a non-fungible token (NFT) collection with the goal of raising USD 430,302,531.
Ukraine is not slowing down and is opening up as many doors for funding its defense efforts against Russia as it can. They've just announced that they will be accepting more cryptoassets "soon" for donations to the country, its armed forces, and its people.
As reported yesterday, Gavin Wood, creator of Polkadot, announced that he would donate USD 5m worth of crypto to the country if they posted an address in the blockchain’s native token DOT. And the country did.
"The people of Ukraine are grateful for the support and donations from the global crypto community as we protect our freedom," Ukraine's official Twitter account said today. "We are now accepting Polkadot donations too."
However, Ukraine's official Twitter account has also intrigued the crypto community with a mysterious statement - they shared that an "airdrop has not been confirmed yet."
The response seems to be aimed at users who have been speculating that those who donate to official addresses might get qualified for some kind of an airdrop.
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Washington, Europe Vow to Target Russian Crypto Sanctions Evasion Efforts
The next round of sanctions against Russia and wealthy individuals based in the country could target crypto and crypto exchanges, with Washington already taking aim at those hoping to secure their funds by making bitcoin (BTC) and altcoin buys.
CNBC reported that the American Department of Justice’s new task force has been “broadly designed to enforce sanctions,” and that as part of its remit, it “will target efforts to use cryptocurrency to evade United States sanctions,” with leading politicians calling for more measures.
Warren and another Senator penned a letter to the Treasury chief Janet Yellen, explaining:
“We express our concern that criminals, rogue states, and other actors may use digital assets and alternative payment platforms as a new means to hide cross-border transactions for nefarious purposes.”
The Senators asked Yellen to provide them with answers about what “additional tools, including legal authorities or funding, might be necessary” for American officials “to ensure that cryptocurrency participants are not able to help Russia or other malign actors evade U.S. and multilateral sanctions.”
EU leaders have made similar calls, and could follow up with measures requiring centralized trading platforms to enforce sanctions on their platforms.
At a meeting of EU finance ministers, the French financial chief Bruno Le Maire stated:
“We are taking measures, in particular on cryptocurrencies or cryptoassets, which should not be used to circumvent the financial sanctions. We will be taking stock on a daily basis with regard to the implementation of these sanctions, their effectiveness and any additional measures which may be needed. We want to remain flexible and mobilized.”
In a blog post, Matthew Feeney, the Director of Cato’s Project on Emerging Technologies, claimed that blockchain analytic tools could help unmask sanctioned individuals’ efforts to hide their fiat investments in cryptoassets, claiming that previous efforts to identify wallets belonging to “racists and extremists” had proved successful, and would again in the case of oligarchs trying to hide their tokens.
The next round of sanctions against Russia and wealthy individuals based in the country could target crypto and crypto exchanges, with Washington already taking aim at those hoping to secure their funds by making bitcoin (BTC) and altcoin buys.
CNBC reported that the American Department of Justice’s new task force has been “broadly designed to enforce sanctions,” and that as part of its remit, it “will target efforts to use cryptocurrency to evade United States sanctions,” with leading politicians calling for more measures.
Warren and another Senator penned a letter to the Treasury chief Janet Yellen, explaining:
“We express our concern that criminals, rogue states, and other actors may use digital assets and alternative payment platforms as a new means to hide cross-border transactions for nefarious purposes.”
The Senators asked Yellen to provide them with answers about what “additional tools, including legal authorities or funding, might be necessary” for American officials “to ensure that cryptocurrency participants are not able to help Russia or other malign actors evade U.S. and multilateral sanctions.”
EU leaders have made similar calls, and could follow up with measures requiring centralized trading platforms to enforce sanctions on their platforms.
At a meeting of EU finance ministers, the French financial chief Bruno Le Maire stated:
“We are taking measures, in particular on cryptocurrencies or cryptoassets, which should not be used to circumvent the financial sanctions. We will be taking stock on a daily basis with regard to the implementation of these sanctions, their effectiveness and any additional measures which may be needed. We want to remain flexible and mobilized.”
In a blog post, Matthew Feeney, the Director of Cato’s Project on Emerging Technologies, claimed that blockchain analytic tools could help unmask sanctioned individuals’ efforts to hide their fiat investments in cryptoassets, claiming that previous efforts to identify wallets belonging to “racists and extremists” had proved successful, and would again in the case of oligarchs trying to hide their tokens.
Ukraine Crypto Donations Exceed USD 63M
In a robust sign of support to Ukraine amid the country’s invasion by Russia, the global crypto industry has donated in excess of USD 63.25m as of today, with donations made in bitcoin (BTC), ethereum (ETH), and a number of other cryptos.
Data from blockchain ecosystem security firm SlowMist indicates the largest share of crypto donations was allocated to the Ukrainian government, with a total of USD 38.5m.
It is followed by the country’s Come Back Alive non-governmental organization which supports the country’s military in its fight against the Russian invaders, at USD 14.9m worth of crypto, Ukraine decentralized autonomous organization (DAO), at USD 6.4m, the Ukraine-focused Unchain fund, with USD 2.1m, and relief organization AidForUkraine, at USD 1.4m.
Among others, about BTC 589, or some USD 24.5m, have been donated to the cause so far, complemented by donations in ETH, but also other coins such as tron (TRX), tether (USDT), dogecoin (DOGE), and polkadot (DOT), among others.
In the search for donations from the cryptosphere, Ukrainian organizations are also reaching out to non-fungible token (NFT) collectors, as demonstrated by a recent successful initiative by Ukraine DAO. A total of ETH 2,258, which translates into about USD 6.4m, was collected by supporters of the Ukrainian flag NFT.
Meanwhile, in a bid to increase its support for Ukraine, Uniswap Labs, the entity behind the uniswap (UNI) protocol, has integrated the donate to Ukraine feature which automatically exchanges any of its listed tokens to ETH and donates it to the country’s population, on its home page.
The country's Minister of Digital Transformation, Mykhailo Fedorov, also announced that the National Bank has an account opened for humanitarian aid transferred from Ukraine and abroad.
In a robust sign of support to Ukraine amid the country’s invasion by Russia, the global crypto industry has donated in excess of USD 63.25m as of today, with donations made in bitcoin (BTC), ethereum (ETH), and a number of other cryptos.
Data from blockchain ecosystem security firm SlowMist indicates the largest share of crypto donations was allocated to the Ukrainian government, with a total of USD 38.5m.
It is followed by the country’s Come Back Alive non-governmental organization which supports the country’s military in its fight against the Russian invaders, at USD 14.9m worth of crypto, Ukraine decentralized autonomous organization (DAO), at USD 6.4m, the Ukraine-focused Unchain fund, with USD 2.1m, and relief organization AidForUkraine, at USD 1.4m.
Among others, about BTC 589, or some USD 24.5m, have been donated to the cause so far, complemented by donations in ETH, but also other coins such as tron (TRX), tether (USDT), dogecoin (DOGE), and polkadot (DOT), among others.
In the search for donations from the cryptosphere, Ukrainian organizations are also reaching out to non-fungible token (NFT) collectors, as demonstrated by a recent successful initiative by Ukraine DAO. A total of ETH 2,258, which translates into about USD 6.4m, was collected by supporters of the Ukrainian flag NFT.
Meanwhile, in a bid to increase its support for Ukraine, Uniswap Labs, the entity behind the uniswap (UNI) protocol, has integrated the donate to Ukraine feature which automatically exchanges any of its listed tokens to ETH and donates it to the country’s population, on its home page.
The country's Minister of Digital Transformation, Mykhailo Fedorov, also announced that the National Bank has an account opened for humanitarian aid transferred from Ukraine and abroad.
Socialswap launches aggregator and solves big problem of all crypto users.
Anyone who remembers the early days of Ethereum knows how cheap and fast it was to make transactions and use smart contracts. Only a short time later, however, this already looks quite different.
Long duration of transactions. Hundreds of dollars transaction fees.
For this reason, Socialswap has developed a unique use case. A DEX aggreagtor that makes swapping cryptocurrencies easier, faster and cheaper than on any other platform.
These and many other use cases of the new aggregator have already led to a massive increase in the number of users of Socialswap in recent days.
World-renowned crypto superstars like Carl the Moon and Evan Luthra are already official advisors of the project.
Click here to learn more about Socialswap: https://info.socialswapinfo.io/
Anyone who remembers the early days of Ethereum knows how cheap and fast it was to make transactions and use smart contracts. Only a short time later, however, this already looks quite different.
Long duration of transactions. Hundreds of dollars transaction fees.
For this reason, Socialswap has developed a unique use case. A DEX aggreagtor that makes swapping cryptocurrencies easier, faster and cheaper than on any other platform.
These and many other use cases of the new aggregator have already led to a massive increase in the number of users of Socialswap in recent days.
World-renowned crypto superstars like Carl the Moon and Evan Luthra are already official advisors of the project.
Click here to learn more about Socialswap: https://info.socialswapinfo.io/
Ukraine Crypto Donations Reach a Plateau; 40% of the Country's Military Suppliers Accept Crypto
Crypto donations to Ukrainian causes have slowed down over the weekend, while reports revealed that roughly 40% of Ukraine’s military suppliers accept crypto payments.
The Ukrainian government and non-profit organizations providing support to the military raised less than USD 2m over the weekend, according to data by the crypto security firm Slowmist.
Ukraine had raised USD 63.4m by March 4. That figure dipped to USD 62.2m on March 5, arguably due to the fall in prices of cryptoassets. By March 6, Ukraine's crypto donations reached just north of USD 64.1m, an increase of around USD 1.1m from two days earlier.
Notably, donations in ethereum (ETH) have eclipsed contributions made in bitcoin (BTC). As per the latest update by the crypto research firm Elliptic, ether accounts for 33.7% of all the crypto donations, while Bitcoin constitutes 31.2% of the donations.
"The majority of donations received to date have been in Bitcoin and Ether, although US dollar stablecoins contribute a significant proportion," Elliptic said. "But it’s not only cryptoassets that are being donated; people are also sending NFTs non-fungible-tokens to the Ukrainian government’s Ethereum account."
Despite the recent slowdown in crypto donations, charitable organizations from around the globe continue their fundraising campaigns to help the humanitarian crisis in Ukraine.
For one, Binance Charity, the philanthropic arm of major crypto exchange Binance, has donated USD 2.5m to UNICEF to fund the organization’s effort of helping Ukrainian children and their families.
"As the conflict escalates, it poses an immediate and growing threat to the lives and well-being of the country’s 7.5 million children," UNICEF said in an announcement, adding that the donations will be used to scale up the organization's activities.
Meanwhile, Alex Bornyakov, deputy minister of Digital Transformation of Ukraine, has reportedly said that USD 15m of crypto donations have been spent on military supplies, including bulletproof vests, bandages, and night-vision devices for the army that were delivered Friday, according to Bloomberg.
Bornyakov added that around 40% of military suppliers are willing to accept crypto payments. The rest are typically paid with crypto converted into euros and dollars, he said.
Meanwhile, not every crypto donor is happy about their "hard-earned" crypto being used to fund the military. "Money could've been well spent on displaced Ukrainians instead of paying arms dealers," one user said.
Crypto donations to Ukrainian causes have slowed down over the weekend, while reports revealed that roughly 40% of Ukraine’s military suppliers accept crypto payments.
The Ukrainian government and non-profit organizations providing support to the military raised less than USD 2m over the weekend, according to data by the crypto security firm Slowmist.
Ukraine had raised USD 63.4m by March 4. That figure dipped to USD 62.2m on March 5, arguably due to the fall in prices of cryptoassets. By March 6, Ukraine's crypto donations reached just north of USD 64.1m, an increase of around USD 1.1m from two days earlier.
Notably, donations in ethereum (ETH) have eclipsed contributions made in bitcoin (BTC). As per the latest update by the crypto research firm Elliptic, ether accounts for 33.7% of all the crypto donations, while Bitcoin constitutes 31.2% of the donations.
"The majority of donations received to date have been in Bitcoin and Ether, although US dollar stablecoins contribute a significant proportion," Elliptic said. "But it’s not only cryptoassets that are being donated; people are also sending NFTs non-fungible-tokens to the Ukrainian government’s Ethereum account."
Despite the recent slowdown in crypto donations, charitable organizations from around the globe continue their fundraising campaigns to help the humanitarian crisis in Ukraine.
For one, Binance Charity, the philanthropic arm of major crypto exchange Binance, has donated USD 2.5m to UNICEF to fund the organization’s effort of helping Ukrainian children and their families.
"As the conflict escalates, it poses an immediate and growing threat to the lives and well-being of the country’s 7.5 million children," UNICEF said in an announcement, adding that the donations will be used to scale up the organization's activities.
Meanwhile, Alex Bornyakov, deputy minister of Digital Transformation of Ukraine, has reportedly said that USD 15m of crypto donations have been spent on military supplies, including bulletproof vests, bandages, and night-vision devices for the army that were delivered Friday, according to Bloomberg.
Bornyakov added that around 40% of military suppliers are willing to accept crypto payments. The rest are typically paid with crypto converted into euros and dollars, he said.
Meanwhile, not every crypto donor is happy about their "hard-earned" crypto being used to fund the military. "Money could've been well spent on displaced Ukrainians instead of paying arms dealers," one user said.
Russian Banks Eye CNY Solution as Central Bank Bars Forex Sales; New Sanctions Approved
The Russian ruble has been thrown into disarray as the nation attempts to battle economic sanctions by effectively suspending the sale of most foreign currencies – while exploring the notion of allowing citizens to purchase China’s fiat yuan.
In a press release from the Central Bank, the top regulatory body announced that it had created a “temporary procedure” that entailed a ban on withdrawals of more than USD 10,000 from foreign currency deposit accounts.
The bank added that it would allow citizens to withdraw more than this amount – but only if the holdings were converted to rubles “at the exchange rate on the day” of the withdrawals.
The measures have already come into force and will be in effect until September 9, 2022.
Commercial banks have also been ordered not to sell foreign currency to individuals in the aforementioned period.
The ruble plunged to unprecedented lows against the USD on the news, before bouncing back sharply. The size of the bounceback appears to be unclear, with TradingView data at the time of writing showing a 53% rise to the USD 0.12 mark and Investing.com data showing the ruble at a much lower USD 0.08 with a rise of 10%.
The Russian ruble has been thrown into disarray as the nation attempts to battle economic sanctions by effectively suspending the sale of most foreign currencies – while exploring the notion of allowing citizens to purchase China’s fiat yuan.
In a press release from the Central Bank, the top regulatory body announced that it had created a “temporary procedure” that entailed a ban on withdrawals of more than USD 10,000 from foreign currency deposit accounts.
The bank added that it would allow citizens to withdraw more than this amount – but only if the holdings were converted to rubles “at the exchange rate on the day” of the withdrawals.
The measures have already come into force and will be in effect until September 9, 2022.
Commercial banks have also been ordered not to sell foreign currency to individuals in the aforementioned period.
The ruble plunged to unprecedented lows against the USD on the news, before bouncing back sharply. The size of the bounceback appears to be unclear, with TradingView data at the time of writing showing a 53% rise to the USD 0.12 mark and Investing.com data showing the ruble at a much lower USD 0.08 with a rise of 10%.
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The real life Ready Player One.
Are you ready to enter the Astroverse?
💥 Astrominers is a collection of 8,888 NFTs
🎨 Made by famous artists
🌎 Collection that gives back to the earth
💧 For each NFT sold, one water-bund will be created
🚀 On THE ETHEREUM BLOCKCHAIN
☠️ Game in the Metaverse in partnership with well-known gaming company
⚠️⚠️1 NFT and 10 WL Giveaway ! ⚠️⚠️
To enter:
1️⃣ Like, Share and Follow our socials (Open ticket and send proof)
2️⃣ Join our Discord (link is below)
3️⃣ invite a friend on our discord (each invite is an extra entry 😉)
👀Join our Discord to change your life vision!
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PS: Holders of BAYC/MAYC, DOODLES, IF, CYBERKONG, CLONE X, COOL CAT and AZUKI come claim your WL spot in our discord 😉
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The project that has fundraised millions of dollars DeFiHorse is about to hit the market with DFH Token - one of the most promising coins of 2022. If you’re an investor, go check out the details on the Public Sale HERE!
Choosing IBCO, DeFiHorse claims to give priority to the community. 100% transparent, no pump & dump, the project aims to build a strong and reliable foundation for the global users to generate the best benefits. ❤️
eBay to Launch ‘Digital Wallet’, Teases Fractionalization
The e-commerce heavyweight eBay has claimed that it is exploring the option of adding “new forms of payment” and will launch a digital wallet in the second quarter of the financial year – but has stopped short of announcing any crypto pay-related developments. Meanwhile, the company also made note of coming “fractionalization”, which may suggest non-fungible tokens (NFTs), but it makes no mention of them.
At an Investor Day event, the firm’s Chief Executive Jamie Iannone said that the firm will promote new businesses avenues, including a digital platform named the eBay Vault.
Details of its digital wallet appear to be relatively scant thus far. But there are clues that suggest NFTs could well play a part.
Last year, eBay began allowing users to trade NFTs on its platform. The firm built its trading empire on providing a marketplace for physical collectibles. As such, a “digital wallet” could well be little more than a secure, software-based digital home for credit and debit card information.
But it could also be a wallet capable of storing – and displaying – customer NFTs. A further hint came in a promotional YouTube video entitled “Announcing the eBay Vault.”
Although the video contained no direct mention of crypto or NFTs, in one slide, the firm noted that “in the future,” “fractionalization” would be added.
In the NFT world, fractionalization can refer to the digital ownership of a token, whereby the digital rights of a single NFT are broken up into small pieces – fractions. This makes it possible for more than one person to “own” an individual NFT. If, for instance, Tommy owns half of Rare NFT #1, it is also possible for Judy and Paul to own a quarter each of the same NFT.
The e-commerce heavyweight eBay has claimed that it is exploring the option of adding “new forms of payment” and will launch a digital wallet in the second quarter of the financial year – but has stopped short of announcing any crypto pay-related developments. Meanwhile, the company also made note of coming “fractionalization”, which may suggest non-fungible tokens (NFTs), but it makes no mention of them.
At an Investor Day event, the firm’s Chief Executive Jamie Iannone said that the firm will promote new businesses avenues, including a digital platform named the eBay Vault.
Details of its digital wallet appear to be relatively scant thus far. But there are clues that suggest NFTs could well play a part.
Last year, eBay began allowing users to trade NFTs on its platform. The firm built its trading empire on providing a marketplace for physical collectibles. As such, a “digital wallet” could well be little more than a secure, software-based digital home for credit and debit card information.
But it could also be a wallet capable of storing – and displaying – customer NFTs. A further hint came in a promotional YouTube video entitled “Announcing the eBay Vault.”
Although the video contained no direct mention of crypto or NFTs, in one slide, the firm noted that “in the future,” “fractionalization” would be added.
In the NFT world, fractionalization can refer to the digital ownership of a token, whereby the digital rights of a single NFT are broken up into small pieces – fractions. This makes it possible for more than one person to “own” an individual NFT. If, for instance, Tommy owns half of Rare NFT #1, it is also possible for Judy and Paul to own a quarter each of the same NFT.
EU Crypto Industry Calls to Arms as Bitcoin & Ethereum Ban in Cards Again
France-based hardware wallet manufacturer Ledger sounded an alarm about a possible EU-wide ban on cryptoassets that are using the proof-of-work (PoW) consensus mechanism, calling people to contact members of the European Parliament (MEPs) and oppose the move.
"At the last possible moment, certain parties offered amendments to MiCA regulation on Markets in Cryptoassets that would ban proof-of-work consensus protocols, such as Bitcoin, Ethereum, and other popular blockchains and cryptoassets in Europe, issuing an ultimatum to the rest of Parliament: "accept our Bitcoin ban or we will oppose the entire MiCA package"," one of the main players in the crypto industry said.
(Ethereum, the second-largest cryptoasset by market capitalization, aims to move to the proof-of-stake consensus mechanism, which does not require energy-intensive intensive mining, but critics argue it's more centralized and less secure.)
The European Parliament Committee on Economic and Monetary Affairs (ECON) will vote on MiCA on Monday, March 14.
However, according to Patrick Hansen, Head of Strategy & Growth at Unstoppable Finance, a developer of a DeFi wallet, the MEPs will vote on two suggestions and one of them "doesn't plan a ban."
"There seems to be a very thin majority against the ban right now, but to be determined," Hansen said.
As reported earlier this month, a draft of MiCA that was first proposed by the European Commission in September 2020, was revised to remove language that proposed a ban on PoW-based cryptoassets.
France-based hardware wallet manufacturer Ledger sounded an alarm about a possible EU-wide ban on cryptoassets that are using the proof-of-work (PoW) consensus mechanism, calling people to contact members of the European Parliament (MEPs) and oppose the move.
"At the last possible moment, certain parties offered amendments to MiCA regulation on Markets in Cryptoassets that would ban proof-of-work consensus protocols, such as Bitcoin, Ethereum, and other popular blockchains and cryptoassets in Europe, issuing an ultimatum to the rest of Parliament: "accept our Bitcoin ban or we will oppose the entire MiCA package"," one of the main players in the crypto industry said.
(Ethereum, the second-largest cryptoasset by market capitalization, aims to move to the proof-of-stake consensus mechanism, which does not require energy-intensive intensive mining, but critics argue it's more centralized and less secure.)
The European Parliament Committee on Economic and Monetary Affairs (ECON) will vote on MiCA on Monday, March 14.
However, according to Patrick Hansen, Head of Strategy & Growth at Unstoppable Finance, a developer of a DeFi wallet, the MEPs will vote on two suggestions and one of them "doesn't plan a ban."
"There seems to be a very thin majority against the ban right now, but to be determined," Hansen said.
As reported earlier this month, a draft of MiCA that was first proposed by the European Commission in September 2020, was revised to remove language that proposed a ban on PoW-based cryptoassets.
Bitcoin and Ethereum Get Support in EU, Ban Idea Rejected
Stefan Berger, a member of the European Parliament in charge of shepherding the MiCA regulation, confirmed that the European Parliament Committee on Economic and Monetary Affairs (ECON) rejected a suggestion that could ban proof-of-work (PoW) consensus protocols such as Bitcoin (BTC), Ethereum (ETH), in the EU.
"By accepting my proposal, members have paved the way for future-oriented crypto regulation. It is now a matter of accepting the report as a whole in the final vote & sending out a strong signal for innovation," Berger tweeted.
With 30 MEPs voting against the controversial proposal that could de-facto ban PoW-based cryptoassets in the EU, and 23 in favor of the measure, according to a breakdown obtained by Patrick Hansen, Head of Strategy & Growth at Unstoppable Finance, a developer of a DeFi wallet, the latest development suggests that the vast majority of lawmakers from the center-right European People’s Party (EPP), the largest group in the parliament which comprises 177 of its 705 members, is against the controversial measure. Among this group, 14 EPP committee members voted against the potential PoW ban, and only one lawmaker supported it.
At the same time, the second-largest group of the parliament, the Socialists and Democrats, supported the possible ban, with all 13 committee members voting in its favor.
"Bitcoin mining alone uses up more energy than countries the size of Austria or Portugal. The S&D and Green proposal to give the Commission the mandate to adopt a delegated act defining minimum environmental sustainability standards for the consensus mechanisms used for validating crypto-asset transactions was voted down by the conservatives and liberals with the support of the far-right ID group. The Socialists and Democrats abstained in the final vote," the group said in a statement.
Stefan Berger, a member of the European Parliament in charge of shepherding the MiCA regulation, confirmed that the European Parliament Committee on Economic and Monetary Affairs (ECON) rejected a suggestion that could ban proof-of-work (PoW) consensus protocols such as Bitcoin (BTC), Ethereum (ETH), in the EU.
"By accepting my proposal, members have paved the way for future-oriented crypto regulation. It is now a matter of accepting the report as a whole in the final vote & sending out a strong signal for innovation," Berger tweeted.
With 30 MEPs voting against the controversial proposal that could de-facto ban PoW-based cryptoassets in the EU, and 23 in favor of the measure, according to a breakdown obtained by Patrick Hansen, Head of Strategy & Growth at Unstoppable Finance, a developer of a DeFi wallet, the latest development suggests that the vast majority of lawmakers from the center-right European People’s Party (EPP), the largest group in the parliament which comprises 177 of its 705 members, is against the controversial measure. Among this group, 14 EPP committee members voted against the potential PoW ban, and only one lawmaker supported it.
At the same time, the second-largest group of the parliament, the Socialists and Democrats, supported the possible ban, with all 13 committee members voting in its favor.
"Bitcoin mining alone uses up more energy than countries the size of Austria or Portugal. The S&D and Green proposal to give the Commission the mandate to adopt a delegated act defining minimum environmental sustainability standards for the consensus mechanisms used for validating crypto-asset transactions was voted down by the conservatives and liberals with the support of the far-right ID group. The Socialists and Democrats abstained in the final vote," the group said in a statement.
Fed Raises Interest Rate by 25 Basis Points in First Rate Hike Since 2018
The US Federal Reserve (Fed) raised interest rates by 25 basis points today, marking the first rate hike in the US since before the COVID-19 pandemic. The increase was in line with what the central bank has long communicated to the market that it would do.
“… the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting,” the Fed’s announcement said.
The price of bitcoin (BTC) dropped immediately following the announcement, trading down by 1.3% to USD 39,900 in the first five minutes after the release of the Fed’s statement. At the same time, the US S&P 500 stock index dropped 0.5%.
The Fed’s announcement also said that the implications of Russia’s invasion of Ukraine are “highly uncertain” for the US economy, but noted that it is “likely to create additional upward pressure on inflation.”
The Fed further signaled that it expects to raise rates six more times this year, and three more rate increases in 2023.
The US Federal Reserve (Fed) raised interest rates by 25 basis points today, marking the first rate hike in the US since before the COVID-19 pandemic. The increase was in line with what the central bank has long communicated to the market that it would do.
“… the Committee decided to raise the target range for the federal funds rate to 1/4 to 1/2 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee expects to begin reducing its holdings of Treasury securities and agency debt and agency mortgage-backed securities at a coming meeting,” the Fed’s announcement said.
The price of bitcoin (BTC) dropped immediately following the announcement, trading down by 1.3% to USD 39,900 in the first five minutes after the release of the Fed’s statement. At the same time, the US S&P 500 stock index dropped 0.5%.
The Fed’s announcement also said that the implications of Russia’s invasion of Ukraine are “highly uncertain” for the US economy, but noted that it is “likely to create additional upward pressure on inflation.”
The Fed further signaled that it expects to raise rates six more times this year, and three more rate increases in 2023.
Russia Tries to Replace Apple Pay and Google Pay with Gazprom Pay
Russian banks are continuing to ramp up the range of services they provide in a bid to continue providing their services outside the global banking networks they have been frozen out of after Russia invaded Ukraine.
As previously reported, a number of Russian banks and their cards have been frozen out of digital payment platforms such as Apple Pay and Google Pay in line with Western-led sanctions. But banks are responding with a number of solutions, including a new service from Gazprombank, the banking branch of the state-controlled energy giant Gazprom.
Per a press release, the bank has unveiled a solution named the GazpromPay wallet, which should go online on March 22. The bank said that the wallet will allow users to make “quick, convenient, and safe” payments from any bank card when using online stores.
The bank added that the wallet would allow customers with smart devices to link existing bank cards as well as “instantly issue” and use “virtual cards” in order to make purchases at online stores with “profitable cashback” options providing up to 5% refunds on purchases.
The solution will do away with the need for customers to enter card details every time they pay online, the firm said, adding that the “need to invest in the development of such services in Russia today has acquired particular relevance” in recent days.
As reported earlier today, fellow Russian banks including Sberbank have been granted permission to operate “digital financial asset” issuance and exchange services in a bid to broaden the range of services they provide their customers as sanctions continue to bite.
Meanwhile, in a further sign that reports of the disillusionment of key Vladimir Putin aide Elvira Nabiullina may have been premature, the latter – the Governor of the Central Bank – has stated that a “gradually resumption” of trading will begin on the Moscow Exchange.
Nabiullina stated that trading in federal loan bonds would resume on March 21, although purchases would be made in volumes that would be “necessary to limit risks to financial stability,” Kommersant reported.
Russian banks are continuing to ramp up the range of services they provide in a bid to continue providing their services outside the global banking networks they have been frozen out of after Russia invaded Ukraine.
As previously reported, a number of Russian banks and their cards have been frozen out of digital payment platforms such as Apple Pay and Google Pay in line with Western-led sanctions. But banks are responding with a number of solutions, including a new service from Gazprombank, the banking branch of the state-controlled energy giant Gazprom.
Per a press release, the bank has unveiled a solution named the GazpromPay wallet, which should go online on March 22. The bank said that the wallet will allow users to make “quick, convenient, and safe” payments from any bank card when using online stores.
The bank added that the wallet would allow customers with smart devices to link existing bank cards as well as “instantly issue” and use “virtual cards” in order to make purchases at online stores with “profitable cashback” options providing up to 5% refunds on purchases.
The solution will do away with the need for customers to enter card details every time they pay online, the firm said, adding that the “need to invest in the development of such services in Russia today has acquired particular relevance” in recent days.
As reported earlier today, fellow Russian banks including Sberbank have been granted permission to operate “digital financial asset” issuance and exchange services in a bid to broaden the range of services they provide their customers as sanctions continue to bite.
Meanwhile, in a further sign that reports of the disillusionment of key Vladimir Putin aide Elvira Nabiullina may have been premature, the latter – the Governor of the Central Bank – has stated that a “gradually resumption” of trading will begin on the Moscow Exchange.
Nabiullina stated that trading in federal loan bonds would resume on March 21, although purchases would be made in volumes that would be “necessary to limit risks to financial stability,” Kommersant reported.
