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A week is long in the cryptocurrency world, and the past week is a perfect example of this. The cryptocurrency market tanked last week, moving in tandem with risk-on assets such as equities when news broke of russia’s invasion of Ukraine. This led crypto-sceptics to claim that digital currencies clearly aren’t the gold 2.0 that many crypto-bulls believe. But the opposite happened this week, with cryptocurrencies soaring on Wednesday even as stocks struggled. So why is crypto up and what have tensions between Russia and Ukraine taught us about the crypto market’s various uses? Ukranians are flocking to cryptocurrencies Ukraine has…
In the midst of ongoing Russian aggression, Ukraine is increasingly turning to cryptocurrency for its aid and financial needs. According to a top-ranking official, crypto allows the country receive quick money distributions and work internationally. Ukraine actively sought financial assistance in crypto donation form since the Russian military attack began. “It’s a very rapid way to get a payment — in times like that you can’t just wait for days to get money and then you have to distribute them,” the country’s Deputy Minister of Digital Transformation Oleksandr Bornyakov said in an interview. Officials in Kyiv established a partnership fund…
The ongoing Russian-Ukraine war has sparked huge discussions amongst market enthusiasts over whether cryptocurrencies are a safe-haven asset. Yes, you read it right. The rally of more than 22% in major crypto coins like bitcoin and Ethereum in the last seven days has aided the narrative. The world’s largest cryptocurrency, bitcoin, has decoupled from traditional markets and risk-on assets amid the Russia-Ukraine conflict. This has particularly supported the idea of looking at the digital currency as the best safe-haven asset as well as a store of value. Sanctions Put Ruble Under Pressure Moscow has begun attacking Ukraine and has strained…
Indian businesswoman Swati Daga first bought bitcoin in 2017, when the cryptocurrency was trading well under $3,000. Her decision to invest in digital currencies was met with wariness by her family, she recalls. “The elders in my family told me not to throw my money away,” said Daga, who runs a food business near New Delhi. But the 33-year-old hasn’t regretted her decision — bitcoin’s value has increased 15 times since then — and she continues to invest as much as 10% of her savings in cryptocurrencies, including bitcoin and ethereum. “I find stock markets boring,” she told CNN Business,…
Sotheby’s auction house is almost three centuries old but its top brass want to embrace the cutting edge of technology and all of its buzzwords — metaverse, NFT and crypto among them. “The reason Sotheby’s has existed for 277 years is because we have a history of embracing innovation and so NFTs is no different,” Charles Stewart, the firm’s American chief executive, tells AFP in an interview. He is talking about non-fungible tokens, the ubiquitous digital objects that are linked to pieces of art or other items, some of which the ancient auction house has sold for millions of dollars…
The Bitcoin price is likely to hit $50,000 before the end of this month amid rising geopolitical tensions and growing institutional investments, predicts the CEO of one of the world’s largest independent financial advisory, asset management and fintech organisations.The bullish prediction from deVere Group’s Nigel Green comes as the world’s biggest cryptocurrency by market capitalisation jumped in price by more than 15% in a day.He says: “In the past 24 hours, Bitcoin surged by more than $6,000 at one point to above $44,000 – its sharpest daily increase since February 2021.“As it currently stands, I can see no reason why…
The US and its allies, amongst them the UK, Germany, Canada, France and Spain, have increased their sanctions against Russia by announcing that certain Russian banks are to be shut off from SWIFT – the global messaging system used by banks worldwide to conduct their business and issue payments. Russian leader Vladimir Putin has said removal from SWIFT is an “act of war,” as it effectively cuts Russia off from the most extensive international banking system. Weaponizing this key global transaction system might cut Russia off in the short-term, buying Ukraine more time, but there are other unintended consequences of…
In many ways, the cryptocurrency space is like an ocean: vast, mysterious and endlessly alluring. It’s also filling up with garbage. As more investors dip their toes into crypto investing, cryptocurrency scams are making off with more and more loot. In 2021, scammers made off with $14 billion in cryptocurrency, according to data from blockchain analytics firm Chainalysis. That’s 79 per cent more than in 2020. Because they come in so many forms, and because scammers are becoming increasingly sophisticated in their efforts, crypto scams can be hard to detect. Here are four common crypto cons to beware of. 1.…
Shares of wildly-popular cryptocurrency platform Coinbase (COIN) has been free-falling alongside almost anything growth-related these days. Now off over 52% from its all-time high, just north of $350 per share back in November, investors don’t seem to be willing to give the intriguing growth stock the benefit of the doubt. With a modest 11.9 times trailing earnings multiple and 34.1 times forward earnings multiple, COIN stock probably should have been spared from the tech-targeted market carnage. Although Coinbase was one of the most exciting companies to go public nearly a year ago, the market seems to be doubting the value…
According to Cardano Blockchain Insights, the total number of Cardano wallets increased 3.66% between Feb. 1, 2022, and Feb. 24, 2022. The number of wallets storing Cardano’s native cryptocurrency, ADA, has increased dramatically in 2022. Since the beginning of February, 4,565 new wallets have been added daily to the network. Much of ADA is locked up in staking. According to Cardano Blockchain Insights, 69% of ADA has been staked, taking most coins out of circulation and contributing to scarcity and price action. According to Finbold, the number of wallets holding ADA surpassed three million on Feb. 3. As of Feb. 24, there…