🇺🇸 U.S. prepares to regulate cryptocurrencies — Biden is expected to order the government to study the features of the crypto market next week, as well as prepare a report on payment systems and the future of money.
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Biden seen issuing crypto oversight exec order next week
President Biden is expected to issue an executive order next week directing agencies across the government to study cryptocurrencies and a central bank digital currency (CBDC).
🤡 Wyoming Senator Cynthia Lummis suggested that the U.S. Federal Reserve (Fed) buy BTC for part of its foreign exchange reserves, which are estimated at more than $40 billion stating that once there is a legislative and regulatory framework, it "will make a lot of sense".
A Fed spokesperson said that probably wouldn’t happen, since the Fed's balance sheet is supposed to be generated entirely from U.S. government bonds (well, who would doubt that?).
A Fed spokesperson said that probably wouldn’t happen, since the Fed's balance sheet is supposed to be generated entirely from U.S. government bonds (well, who would doubt that?).
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Charlie Munger, a longtime friend and partner of Warren Buffett, took a sign of life and criticized bitcoin again. This time he said cryptocurrencies were like "a venereal disease".
"I wish they'd never been invented, I admire the Chinese, I think they made the correct decision, which was to simply ban them. I certainly have not invested in cryptocurrencies. I'm proud of the fact that I avoided it. It’s like some venereal disease or something. I just regard it as beneath contempt."
The investor who takes pride in missing out on the chance to make a few thousand claims to his portfolio is, to me, not okay.
"I wish they'd never been invented, I admire the Chinese, I think they made the correct decision, which was to simply ban them. I certainly have not invested in cryptocurrencies. I'm proud of the fact that I avoided it. It’s like some venereal disease or something. I just regard it as beneath contempt."
The investor who takes pride in missing out on the chance to make a few thousand claims to his portfolio is, to me, not okay.
Minor investors accumulated more than 776,000 bitcoins
According to IntoTheBlock, the number of bitcoin wallets with balances between 0.1 and 1 BTC reached an all-time high this week. The 2,504,217 addresses with that amount of cryptocurrency amassed a total of 776,700 coins worth up to $20.03 billion.
Researchers note the majority of investors prefer to purchase coins that remain on exchanges and send them to cold or offline storage. Since the beginning of January 2022, users have withdrawn more than 80,000 BTC from exchanges.
The largest investors, or so-called whales, are also accumulating.
The Santiment report says bitcoin addresses that control more than 100,000 BTC have accumulated 664,000 coins. A year ago, these wallets held 260,000 bitcoins, and in June their balance exceeded 693,000 BTC.
According to IntoTheBlock, the number of bitcoin wallets with balances between 0.1 and 1 BTC reached an all-time high this week. The 2,504,217 addresses with that amount of cryptocurrency amassed a total of 776,700 coins worth up to $20.03 billion.
Researchers note the majority of investors prefer to purchase coins that remain on exchanges and send them to cold or offline storage. Since the beginning of January 2022, users have withdrawn more than 80,000 BTC from exchanges.
The largest investors, or so-called whales, are also accumulating.
The Santiment report says bitcoin addresses that control more than 100,000 BTC have accumulated 664,000 coins. A year ago, these wallets held 260,000 bitcoins, and in June their balance exceeded 693,000 BTC.
🇸🇻 El Salvador's GDP grew by 10.3% after adopting BTC as the national currency - double-digit growth rates have never been seen in the country.
The Ethereum address with 1,947 ETH in its account awoke after more than 6 years of hibernation.
In 2015, only $2,336 was paid for the coins - that's now $5.2 million.
In 2015, only $2,336 was paid for the coins - that's now $5.2 million.
Ruby on Rails creator calls bitcoin criticism a mistake
David Heinemeier Hansson admitted he took the wrong stance on bitcoin when he criticized the cryptocurrency. Hansson changed his mind after protests by truckers in Canada.
Hansson also noted that he was in a hurry to abandon the cryptocurrency altogether. Now, according to the developer, he appreciates the "fundamental freedom of making transactions" that cryptocurrencies provide.
David Heinemeier Hansson admitted he took the wrong stance on bitcoin when he criticized the cryptocurrency. Hansson changed his mind after protests by truckers in Canada.
Hansson also noted that he was in a hurry to abandon the cryptocurrency altogether. Now, according to the developer, he appreciates the "fundamental freedom of making transactions" that cryptocurrencies provide.
User found $17 million in his cryptocurrency wallet due to Coingecko failure
The CoinGecko service began displaying a 117,000,000% increase in the price of the Volt Inu token overnight as a result of the failure. The same information is shown by the blockchain browser Etherscan.
The disruption also affected cryptocurrencies. One user shared a screenshot of MetaMask, in which his $15 tokens are valued at $17 million.
The CoinGecko service began displaying a 117,000,000% increase in the price of the Volt Inu token overnight as a result of the failure. The same information is shown by the blockchain browser Etherscan.
The disruption also affected cryptocurrencies. One user shared a screenshot of MetaMask, in which his $15 tokens are valued at $17 million.
Since the legalization of BTC in the fall of 2021, the tourism industry in El Salvador has grown by more than 30%.
It is worth noting that most tourists come from wealthy countries - 60% are from the United States.
Earlier we wrote that El Salvador's GDP grew by 10.3% after the adoption of BTC as the national currency.
It is worth noting that most tourists come from wealthy countries - 60% are from the United States.
Earlier we wrote that El Salvador's GDP grew by 10.3% after the adoption of BTC as the national currency.
Cryptocurrency market valuation fell to its lowest since 2021 amid operation in Ukraine
The total capitalization of the crypto-market has declined to the $1.6 trillion mark, according to CoinGecko. The drop was the first since August 2021.
The decline in the market of digital assets is seen after Russian President Vladimir Putin announced a military operation in Donbass. In a video message, Ukrainian President Vladimir Zelensky said the country was imposing martial law.
The total capitalization of the crypto-market has declined to the $1.6 trillion mark, according to CoinGecko. The drop was the first since August 2021.
The decline in the market of digital assets is seen after Russian President Vladimir Putin announced a military operation in Donbass. In a video message, Ukrainian President Vladimir Zelensky said the country was imposing martial law.
USDT is only 5% backed by dollars - according to a recent audit, it has $4.18 billion in accounts, last year that figure was $7.2 billion.
The share of commercial bonds is also down 21%, but Tether own a large amount of U.S. Treasury securities in its accounts, which are generating small profits.
The share of commercial bonds is also down 21%, but Tether own a large amount of U.S. Treasury securities in its accounts, which are generating small profits.
Analysts at Arcane Research state that stablecoins are growing faster than the rest of the market, with total issuance steadily approaching 200 billion tokens.
If USDC and USDT maintain their growth rates in 2022, USDC stands to be the largest stablecoin by market capitalization as early as June.
Another news story is that Circle is launching business accounts for USDC transactions.
If USDC and USDT maintain their growth rates in 2022, USDC stands to be the largest stablecoin by market capitalization as early as June.
Another news story is that Circle is launching business accounts for USDC transactions.
BitMEX exchange founders pleaded guilty to violating bank secrecy laws
Arthur Hayes and Benjamin Delo, founders of the cryptocurrency exchange BitMEX, admitted their guilt for violating U.S. bank secrecy laws.
The DOJ press office reported that the two citizens, currently under investigation, willfully failed to adhere to the requirements of the anti-money laundering program.
Hayes and Delo agreed to pay a $10 million fine. That's the profit they made from the crime, law enforcement officials stressed.
U.S. Attorney Damian Williams, who announced Hayes and Delo's guilty plea, said his agency intends to further investigate the cryptocurrency company to ensure market transparency and the safety of its participants.
Arthur Hayes and Benjamin Delo, founders of the cryptocurrency exchange BitMEX, admitted their guilt for violating U.S. bank secrecy laws.
The DOJ press office reported that the two citizens, currently under investigation, willfully failed to adhere to the requirements of the anti-money laundering program.
Hayes and Delo agreed to pay a $10 million fine. That's the profit they made from the crime, law enforcement officials stressed.
U.S. Attorney Damian Williams, who announced Hayes and Delo's guilty plea, said his agency intends to further investigate the cryptocurrency company to ensure market transparency and the safety of its participants.
Ether trading fell to a 3-month low on cryptocurrency exchanges
The largest altcoin ether (ETH) collapsed by more than 12% to $2403. The cryptocurrency's capitalization fell nearly 20% to $284.169 billion over the week.
According to Glassnode, the exchange balance of ETH updated a three-month high today. The cryptocurrency's volume on trading platforms exceeded 14.795 million coins.
Meanwhile, data from the same Glassnode platform confirms that long-term investors or so-called hodlers, on the contrary, are aggressively purchasing coins, dumped by speculators.
The number of non-zero-balance Etherium wallets rose to a new record today (over 75.704 million).
Etherium miner activity is also weakening. According to BitinfoCharts, the network's hash rate fell to 996,069 terahashes per second (Th/s) on February 23.
The largest altcoin ether (ETH) collapsed by more than 12% to $2403. The cryptocurrency's capitalization fell nearly 20% to $284.169 billion over the week.
According to Glassnode, the exchange balance of ETH updated a three-month high today. The cryptocurrency's volume on trading platforms exceeded 14.795 million coins.
Meanwhile, data from the same Glassnode platform confirms that long-term investors or so-called hodlers, on the contrary, are aggressively purchasing coins, dumped by speculators.
The number of non-zero-balance Etherium wallets rose to a new record today (over 75.704 million).
Etherium miner activity is also weakening. According to BitinfoCharts, the network's hash rate fell to 996,069 terahashes per second (Th/s) on February 23.
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Tense period
This week, the price of bitcoin dipped to $34,300 for the first time in more than a month. On February 27, the cryptocurrency is trading at $38,700 and its capitalization stands at $735 billion.
The next week is still going to be tough, until the crisis in Ukraine ends and the US Federal Reserve meets. In the coming days, it's worth watching the reaction of stock indices, as bitcoin has a close connection with them.
This week, the price of bitcoin dipped to $34,300 for the first time in more than a month. On February 27, the cryptocurrency is trading at $38,700 and its capitalization stands at $735 billion.
The next week is still going to be tough, until the crisis in Ukraine ends and the US Federal Reserve meets. In the coming days, it's worth watching the reaction of stock indices, as bitcoin has a close connection with them.
The first metaverse fashion week is upcoming
From March 24 to 27, 2022, the Polugon UNXD blockchain-based NFT trading floor and the Decentraland virtual space are set to host an exceptional event called "Metaverse Fashion Week."
The prices of clothing and accessories in Decentraland vary greatly: The simplest hoodies, T-shirts and baseball caps are sold on OpenSea for 0.01 ETH ($ Z9 at current exchange rates), but the cost of rare sweaters reaches Z ETH ($ 11700).
In September, UNXD sold nine NFTs created by legendary fashion designers Domenico Dolce and Stefano Gabbana. The price of non-fungible tokens reached astronomical values. As an example, a gold dress was bought for 225.5 ETH ($879,450).
From March 24 to 27, 2022, the Polugon UNXD blockchain-based NFT trading floor and the Decentraland virtual space are set to host an exceptional event called "Metaverse Fashion Week."
The prices of clothing and accessories in Decentraland vary greatly: The simplest hoodies, T-shirts and baseball caps are sold on OpenSea for 0.01 ETH ($ Z9 at current exchange rates), but the cost of rare sweaters reaches Z ETH ($ 11700).
In September, UNXD sold nine NFTs created by legendary fashion designers Domenico Dolce and Stefano Gabbana. The price of non-fungible tokens reached astronomical values. As an example, a gold dress was bought for 225.5 ETH ($879,450).
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