This week in crypto, bitcoin and several other major cryptocurrencies initially fell on Monday before recovering, and by Wednesday, traders had bid the price of bitcoin significantly higher in the market, aided by Joe Biden’s “watershed” executive order and a rising stock market, before slipping again on Thursday as US inflation increased as expected and the ECB slowed asset purchases. Ethereum increased in tandem with the broader market as fees reached a seven-month low, configurations for the final testnet prior to the Ethereum Merge were released, fantom and a few other tokens fell as Andre Cronje and Anton Nell left DeFi, and a survey indicated that BNB will not reach its all-time high this year but could reach USD 2,500 by 2030.
Meanwhile, cryptocurrency donations to Ukraine have decreased significantly during the last few days. However, Kraken will distribute USD 10 million to its Ukrainian clients, Ukrainian blockchain developers have published guidelines for crypto donations by Russians and Belarusians, and Ukraine’s deputy minister of digital transformation, Alex Bornyakov, has praised crypto’s efficiency, stating that donations are used to purchase military necessities. Justin Sun appears to be “playing both sides” of the conflict in his conversation with a top Russian ambassador following his donation to Ukraine. Meanwhile, three Ukrainian news organisations began selling exclusive material behind a National Financial Times barrier.
The EU clarified its crypto-related sanctions against Russia and Belarus, though many questions remain unanswered, Pantera’s CEO argued that Russia sanctions may prompt some countries to transition to bitcoin reserves, and a Credit Suisse report concluded that BTC “will almost certainly benefit” from a new world monetary order, while Russia considered allowing citizens to purchase China’s fiat yuan and banks may look to China’s UnionPay in the wake of Visa and Mastercard’s failures. Coinbase’s chief legal officer stated that cryptocurrency’s transparency made it an unsuitable medium of exchange for sanction evaders, and Trezor halted wallet shipments to Russia and Ukraine.
The US and EU made their most recent regulatory moves; Joe Biden’s executive order on crypto called for consumer protection, CBDC consideration, and support for tech innovation, dividing the crypto community; and, before the order was confirmed, the US Treasury issued then deleted an announcement announcing new crypto regulatory measures were on the way. Japan’s top financial and crypto regulator proposed adjustments to payment-related legislation, all of Japan’s crypto exchanges will begin complying with the FATF’s Travel Rule on April 1, and we examined how South Korea’s next president will affect crypto, the economy, and politics in East Asia.
Additionally, eBay promised a new ‘digital wallet’ and stated plans for ‘fractionalization,’ while Stripe reintroduced crypto support alongside NFT support. The Caribbean CBDC has reopened following a two-month hiatus.
Meanwhile, Okcoin announced a USD 165 million Bitcoin investment, while Goldman Sachs exited Russia and is apparently increasing its crypto focus.
This reminds me of #bitcoin trying to stay above 40k once for all…
Who's the guy that save&run? pic.twitter.com/HhERFkoXXF
— Paolo Ardoino (@paoloardoino) March 11, 2022
Additionally, we require a technical analysis. Tx.
He's back. $BTC pic.twitter.com/3h7zmRnqL5
— Dylan LeClair 🟠 (@DylanLeClair_) March 10, 2022
Several experts have also examined ETH’s relationship to BTC; let’s take a look.
ETH lagging behind BTC pic.twitter.com/DKOcjPAVNJ
— The Crypto Monk (@thecryptomonk) March 9, 2022
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.