News Updates March 1, 2022
1. Just-In: Crypto Market Cap Crosses $2 Trillion As Russia-Ukraine Conflict Boosts Adoption
Crypto market capitalization crossed the $2 trillion mark for the first time in two weeks, helped largely by speculation over growing adoption due to the Russia-Ukraine conflict. The market has now recouped its losses made during initial jitters over the invasion.
Russia-Ukraine Conflict Boosts Crypto Adoption
Preliminary talks between Russia and Ukraine, although largely inconclusive, had also inspired some optimism in markets, helping bitcoin extend its recovery past $42,000- a key resistance level. While most altcoins also rallied, bitcoin’s market dominance remained unscathed at 42%.
2. Canadian Court Extends Rare Order, Freezes up to $20M in crypto to 'Freedom Convoy'
In Canada, Ontario Superior Court has frozen millions of dollars and cryptocurrencies linked to organizers of the Ottawa’ Freedom Convoy’ protest by obtaining a so-called Mareva injunction.
Experts said this is the first time Canada has used a rare legal tool against cryptocurrencies.
The Mareva injunction was issued by Ontario Superior Court Judge Calum MacLeod and extended until March 9, giving Ottawa protest organizers more time to consult with lawyers.
Mareva’s order freezes certain funds for team leaders and fundraisers, including organizers Patrick King, Tamara Lich, Christopher Garrah, Nicholas St. Louis and Benjamin Dichter, and the nonprofit Freedom 2022 Human Rights and Freedoms.
Meanwhile, it also said that the relevant banks, financial enterprises, fundraising and cryptocurrency platforms, or people who manage cryptocurrency wallets. TD Canada Trust, Adopt-a-Trucker, GoFundMe Inc., Bull Bitcoin and TallyCoin, etc., have frozen the relevant assets.
3. JPMorgan Conducts Strategic Investment to Blockchain Firm TRM Labs, Expanding Crypto Business
On Monday, financial tycoon JPMorgan Chase (JPM) said it is making a “strategic investment” in San Francisco-based blockchain intelligence platform TRM Labs.
TRM Labs integrates more than a dozen blockchains, aiming to utilize blockchain technology to detect signs of financial crimes, such as fraud and money laundering, in real-time and help financial institutions, cryptocurrency companies, and public institutions deal with corresponding risk management.
4. Cambridge University launches crypto research project with IMF and BIS
The University of Cambridge is collaborating with some of the world’s top banking institutions and private companies to introduce a new project targeting cryptocurrency research.
The Cambridge Center for Alternative Finance, or CCAF, has launched a research initiative aiming to bring more insights on the rapidly growing digital asset industry, the CCAF announced to Cointelegraph on Monday.
5. eBay Considers to Accept Crypto Payments for Entice Millennials
In its bid to become the primary marketplace for all things digital, e-commerce marketplace eBay is likely on its way to accepting digital currency payments on its platform.
6. U.S. Requests Crypto Exchanges to Avoid Russian Running away from Sanctions
The U.S. is reportedly urging major crypto exchanges to make sure no Russian individuals or institutions escape from the sanctions by using cryptocurrencies, according to Bloomberg.
Citing to personnel with direct knowledge of matters, the Biden’s administration, including the Treasury Department and National Security Council from the White House, are discussing with leading crypto exchanges, such as Binance, FTX Trading Ltd and Coinbase Global Inc., asking these exchanges to “thwart any attempts to sidestep the stiff restrictions levied by the U.S. and its allies after Russia invaded Ukraine last week.”
