News Updates March 6, 2022
1. Visa, Mastercard and PayPal Suspend Operations in Russia.
Three of the largest financial companies in the world, Visa, Mastercard and PayPal, suspended their services in Russian territory. This comes as a financial sanction imposed on Russia as the country invaded Ukraine on February 24, 2022. The information was released by each of these companies in a press release a few hours ago.
Visa, Mastercard and PayPal Stop Operating in Russia
Financial sanctions continue to hit Russia as the country moved forward with its invasion of Ukraine, which started on February 24, 2022. Visa, Mastercard and PayPal are concerned about the situation and prefer to leave the country as many other companies in recent days.
2. Bitcoin, Ethereum, Helium, and Iota Daily Price Analyses – 5 March Roundup:
* The global crypto market sees a moment of respite, adding 2.07% in the last 24 hours.
* Bitcoin sees growth of 1.16% in 24 hours.
* Ethereum also turns bullish like Bitcoin, adding 1.65%.
* Helium and Iota also benefit from the current situation, adding 4.36% and 5.05%, respectively.
The global crypto market has changed course after a continuing streak of losses. The result was growing uncertainty, decreasing its value further. The situation stabilized as Bitcoin took the lead to bring a respite to different coins. The bullishness of Bitcoin impacted the progress of Ethereum and Binance Coin, while later other coins too joined the bandwagon. Though crypto is growing, there is a sense of insecurity in central banks shared by IMF. The recent few months have seen a growing acceptance for CBDCs, the fresh row has taken it to new highs. The recent name is China, which wants its digital currency to face Bitcoin and other cryptocurrencies.
1) BTC shows signs of hope:
The fresh rally to Bitcoin has helped the crypto market edge the stock market. The increase in the value of the Bitcoin market cap and thus in the crypto market cap has resulted in increased investments. Bitcoin activity has also increased in Russia, resulting from the blockage of SWIFT, which is a do-or-die situation for Russians.
Bitcoin performance for the last 24 hours shows that it has seen a rally of 1.16% in the last 24 hours. In comparison, its gains for the last seven days are about 2.73%. The price for Bitcoin has also improved, resulting from the new market rally, and is estimated to be $39,491.00.
If we look at the market cap of Bitcoin, it is estimated to be $748,745,603,611. At the same time, its 24-hour trading volume is estimated to be $16,222,650,382.
2) ETH is in a bullish mood:
Ethereum has also improved after the new rally towards Bitcoin and has gained 1.65% over the last 24 hours. The improvement has also reinforced the seven-day gains, which have lowered the value of bearishness. They are estimated to be -1.63% as per the latest updates.
The market improvement has also resulted in the bulk growth of Ethereum. Its current price is in the $2,661.48 range, which has seen an enhancement in the last 24 hours. The current market cap for Ethereum is estimated to be $318,662,912,228. The 24-hour trading volume of Ethereum is estimated to be $7,544,759,780.
The circulating supply for this currency is about 119,840,855 ETH.
3) HNT reverses losses:
Helium was going through a difficult phase due to the ongoing trend of losses in the market. The result was consistent erosion of its value which is evident from its weekly performance of -8.10%. If we look at its 24-hour performance, it has gained 4.36% over the mentioned period. The current price is in the $21.96 range, while its ranking is 47th in the global list.
The current market cap for Helium is about $2,472,982,175. While if we take a peek at its 24-hour trading volume, it is estimated to be $20,758,931. The same amount can be converted to its native currency, valuing 946,958 HNT.
The circulating supply of Helium is 112,773,851 HNT.
4) IOTA continues bullish:
Iota was one of those coins which remained bullish during the hard times. The gains for its past seven days are proof of it. The mentioned data shows that it has gained 3.16%. It has performed even better if we compare it to the 24-hour performance. It has gained 5.05% over the last 24 hours. The current price for it is in the $0.743 range.
If we look at the market cap for Iota, it is estimated to be $2,080,917,214. In comparison, the value of the 24-hour trading volume is estimated to be $22,345,113, which this amount in its trading volume is about 30,136,542 Iota.
Final Thoughts:
The market has taken the desired root after a continuing bearishness. The new gains have brought it a significant value as its market cap has reached $1.78T. It might increase the value further if the gains continue. The performance shows that there have been investments from Russia and other parts of the world to secure money against the decrease in value. If Western countries continue to put sanctions on Russia, there are chances that the crypto market might also be affected.
3. US Virginia Senate allows state banks to offer crypto custody services
The Senate of Virginia in the United States unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services.
Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:
“A bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws.”
4. Gold Proves A Safer Bet Than Bitcoin As Crypto Markets Lose $100 Billion Amid Geopolitical Tensions
The gold market is gaining traction as investors reposition themselves ahead of another uncertain weekend, with all eyes on Russia’s escalating aggression on Ukraine.
On Friday, gold rose more than $35 as Russian forces in Ukraine took control of Europe’s largest nuclear power facility in a terrifying assault.
Many other crypto assets, including Terra (LUNA), Solana (SOL), Polkadot (DOT), and Shiba Inu (SHIB) also took a big hit as the aggregated crypto market capitalization tanked 9.61% to $1.7 trillion.
Traditional markets have not fared much better either. The Dow Jones Industrial Average and the Standard & Poor’s 500 have both plummeted 1.9% in overnight trading. The MOEX, a major equity index that tracks the 50 biggest and most liquid companies in Russia, has also nosedived 20% from yesterday.
5. 780,000 Bitcoin Now Held by Retail Addresses, Reaching Record Highs Despite BTC Dip
Amid BTC decline, retail addresses now hold 780,000 Bitcoins, setting fresh highs.
IntoTheBlock analytics indicates that Bitcoin's retail accumulation might likely be at its peak as the aggregate balance held by addresses with 0.1 to 1 $BTC reached record highs of over 780,000 Bitcoins. Alongside the rest of the cryptocurrency market, Bitcoin suffered further declines to lows of $38,590 on March 4.
6. Louisiana Proposes Bill Allowing Crypto Donation To Political Campaigns
A proposed bill in Louisiana’s House of Representatives seeks to formally allow political campaigns to receive donations in cryptocurrency. The bill, introduced on Feb. 25, will be presented before the house during its upcoming regular session.
The bill is sponsored by Representative Mark Wright, and proposes that cryptocurrency contributions may be accepted by candidates, officeholders and political committees. Candidates will also be required to record and disclose any crypto donations.
But the bill also states that candidates will not be able to transact directly in crypto, and only by converting it to fiat. Essentially, the bill seeks to recognize crypto donations as a form of “in-kind” contribution, ie, a good or service other than money. At a federal level, crypto is not recognized as legal tender.
The bill also seeks to define crypto as a virtual currency under Louisiana law.
Still, the bill is in a very early stage. It will be presented before the lower house when its regular session starts on March 14.
7. Ukraine and crypto
Ukraine itself has been increasingly relying on cryptocurrencies to fund its defense efforts and solve humanitarian problems.
Millions in digital assets have been donated to the government in Kyiv and volunteer groups. Shortly before hostilities began, the Ukrainian parliament adopted a law “On Virtual Assets” to regulate the country’s crypto space.
8. Russia Proceeds With Efforts to Legalize Crypto Amid Sanctions Over Ukraine
Authorities in Russia are continuing their work to establish a comprehensive legal framework for crypto transactions. The efforts, which started before the military invasion of Ukraine, go on amid warnings that Moscow may use cryptocurrencies to evade expanding financial sanctions.
Attempts to legalize and regulate operations with cryptocurrencies are ongoing in Russia, despite the situation surrounding the military assault the Kremlin launched in neighboring Ukraine. An expert council supporting the crypto regulatory working group at the State Duma, the lower house of parliament, is meeting today to review new legislation.
9. Japan working on closing crypto loopholes amid Russia sanctions
The Japanese financial market regulator is now looking at how it can close any loopholes to ensure Russia feels the full effect of these sanctions. Japan’s action echoes the sentiments made by the president of the European Central bank, Christine Lagarde, who has also called for a comprehensive crypto regulatory framework.
One of the ways that Japan seeks to restrict the use of cryptocurrencies is by ensuring that Russian individuals and entities that have been targeted by the sanctions will not transfer their wealth into digital assets.
One of the major sanctions that have dealt a blow to Russia is the removal of the country’s banks from the SWIFT system. The ruble has fallen by around 30%, and with the rising inflation levels, crypto activities have been high in the country.
To ensure that there are no loopholes where sanctioned Russian oligarchs and institutions will use crypto assets to evade the sanctions, the Financial Services Agency (FSA) and the Japan Virtual and Crypto Assets Exchange Association are holding discussions aimed at realizing the best solutions.
