News updates January 21, 2022
1. BTC Risks Crashing Below $35k As Russia Threatens To Completely Ban Bitcoin
On Friday, Bitcoin and Ethereum led other cryptocurrencies in yet another dumping frenzy that saw over $700M in liquidations after Russia’s central bank proposed a blanket ban on the use and mining of cryptocurrencies within the country.
According to a 5-page report seen by ZyCrypto, the bank cited various issues warranting the ban including environmental concerns, well being of residents, and the threat of financial instability.
2. Twitter Introduces Verified NFT Profile Pics, Sets up Foundation Account
The social media giant Twitter has taken further tentative steps into the world of Ethereum (ETH) and non-fungible tokens (NFTs) – by moving to allow some users to use verified NFTs as their profile pictures. And the firm has also apparently created an account on the invite-only ethereum-based NFT marketplace Foundation.
Per an official tweet from the Twitter subscription arm Twitter Blue and a new page on its website, users of the service, which costs USD 2.99 per month, will be able to “set an NFT as their profile picture from the Twitter for iOS app” – which means they must be Apple iPhone users, although this will mean a special “verified” “hexagon-shaped profile picture” can be “seen across all platforms.”
But the move will be more than just aesthetic. Twitter explained:
“Setting up an NFT profile picture means people can associate your Twitter account with your connected wallet’s public crypto wallet address.”
3. India's Crypto Industry Has Great Expectations From the New Budget
India’s cryptocurrency ecosystem is eagerly hoping for a hint of regulation from the government come Feb. 1, 2022.
India’s Finance Minister Nirmala Sitharaman will present the nation’s budget at the beginning of the month, considered the most important financial day of the year for the world’s largest democracy.
4. El Salvador to give crypto loans to local entrepreneurs
The government of El Salvador has announced it wants to give approximately $10m in crypto loans to small and medium-sized companies (SMEs).
According to El Salvador’s National Commission for Micro and Small Enterprises (Conamype) president, Paul Steiner, the loans to Conamype will be offered by Acumen – a Solana-based lending and borrowing platform.
He explained 86% of the companies in El Salvador operate in the informal sector and do not have access to banking services.
5. Dollar holds its ground as selloff drags down Aussie, Bitcoin
The dollar was on track for its best week in a month against major rivals on Friday, as the world's reserve currency held its ground amid a selloff of riskier assets across markets.
6. Bank of Russia Proposes Wide Ban on Cryptocurrency Use, Trade, Mining
True to its hardline stance on decentralized digital money, the Central Bank of Russia is now pushing for a wide-ranging ban on crypto-related activities such as issuance, exchange, and mining. A consultation paper published by the regulator cites threats to financial stability and citizens’ wellbeing among the main reasons for the proposed restrictions
Russia’s Central Bank Seeks Public Opinion on Restrictive Crypto Policy
The monetary authority of Russia is advocating a ban on an array of crypto activities in a report titled “Cryptocurrencies: Trends, Risks, Measures.” The document was published Thursday and the regulator awaits comments and suggestions on its contents until March 1. In the paper, the Central Bank of Russia (CBR) acknowledges the rapid growth of the global crypto market in the past year as well as the annual $5 billion in crypto transactions made by Russians.
At the same time, the bank points out that the growth in value is determined mainly by speculative demand which is forming a bubble, and that cryptocurrencies have the characteristics of a financial pyramid. Their spread, it says, poses threats to the stability of Russia’s financial system, monetary policy sovereignty, and the wellbeing of its citizens.
7. On this day one year ago
1 $BTC: $28,732
1 $ETH: $1,039
1 $BNB: $36.95
1 $SOL: $2.54
1 $ADA: $0.28
1 $LUNA: $0.77
1 $AVAX: $11.31
1 $MATIC: $0.0265
1 $CRO: $0.0718
1 $AXS: $0.54
1 $SAND: $0.11
1 $DOGE: $0.0082
1 $SHIB: 0.0000000001
