Results of the week: the price of bitcoin tested the $45,000 mark, and the Ethereum network burned more than $7 billion in commissions
Bitcoin quotes tested the level of $45,000, the Ministry of Economy of the Russian Federation supported the bill on the legalization of digital gold, since the activation of the London hard fork, the Ethereum network has burned more than $7 billion worth of ether and other events of the outgoing week.
Bitcoin has tested the $45,000 mark
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On Friday, March 25, bitcoin quotes rose above $45,000, almost reaching the local maximum that was set at the beginning of the month.
However, then a correction followed. The first cryptocurrency failed to gain a foothold above this mark, at the time of writing, the asset is trading near $44,900.
BTC/USDT Hourly Chart on Binance Exchange. Data: TradingView.
A possible growth driver was rumors about the intentions of the Luna Foundation Guard (LFG) to invest in bitcoin to ensure the stability of the UST stablecoin.
On March 26, Anthony Pompliano, co-founder of venture capital company Morgan Creek Digital, confirmed this information. Over the past 24 hours, over 24,955 BTC have been received on the alleged LFG wallet.
Almost all assets from the top 10 by market capitalization closed the week in the green zone. The best dynamics was demonstrated by Cardano (+25.5%). The reason is announcement of ADA staking to Coinbase cryptocurrency exchange.
Data: CoinGecko.
According to the CoinCodex service, the native blockchain token Zilliqa has risen in price the most over the week among moderate-cap digital assets. Its price has increased by more than 166%.
The Anchor Protocol DeFi project management token has fallen in price more than others. The price of ANC fell by 7.47%.
Data: CoinCodex.
The total capitalization of the cryptocurrency market amounted to $2.12 trillion. Bitcoin dominance index dropped to 40.2%.
Crypto.com will sponsor the World Cup
The International Football Federation (FIFA) has announced that the Crypto.com cryptocurrency platform will become the official sponsor of the World Cup in Qatar. The final part of the World Cup will be held from November 21 to December 18, 2022.
From 2020, the country has a ban on operations with digital assets.
Since the activation of the London hard fork Ethereum protocol burned over 2 million ETH
Since August 2021, the Ethereum network has burned over 2 million ETH worth more than $7 billion. 230 000 ETH.
On average, the protocol burns 6 ETH per minute. The NFT segment accounts for 35% of all destroyed coins or 701,597 ETH. Second place is occupied by DeFi services with 651,336 ETH (33%).
Ukraine News
Fortnite developer has raised more than $50 million for humanitarian aid to Ukraine. Epic Games will use the income from in-game purchases received from March 20 to April 3 to humanitarian aid to Ukraine.
Mikhail Chobanyan asked the NBU to open a bank account for bitcoin exchanges during martial law and to allow cryptocurrency exchanges to work with non-cash and cash hryvnia.
From the beginning of the war, the NBU limited operations on bank accounts and suspended the foreign exchange market, after which there were difficulties with replenishing accounts on foreign crypto exchanges. According to Chobanyan, non-cash hryvnia and cryptocurrencies in these conditions are “the only bridge connecting the country’s economy with the outside world.”
BlackRock CEO believes that events in Ukraine will accelerate the adoption of cryptocurrencies in international trade.
The Ministry of Digital Transformation of Ukraine and the local cryptocurrency community have launched an NFT-museum of metahistory dedicated to the chronology of the events of the Russian invasion of Ukraine.
The main goal of the museum is to preserve the memory of wartime events, disseminate information among the global digital community and raise funds to support Ukraine.
The Ministry of Economy of the Russian Federation supported the bill on the legalization of bitcoin
The Ministry of Economic Development conceptually supported the bill of the Ministry of Finance “On digital currency” and proposed to finalize some provisions.
According to the department, the concept of mining, the procedure for paying for digital currency, as well as certain requirements for persons who are digital currency exchange operators and operators of digital trading platforms.
The State Duma allowed the sale of oil and other resources for bitcoin. The Prime Minister of the Russian Federation recognized the need to integrate cryptocurrencies into the Russian economy
Pavel Zavalny, head of the Russian State Duma Energy Committee, suggested that countries could pay for the purchase of Russian gas and other resources in cryptocurrency. According to him, the currency that Russia cannot store, acquire or use in settlements becomes “wrappers”.
Russian Prime Minister Mikhail Mishustin acknowledged the need to integrate cryptocurrencies into the Russian economy, but noted that such a decision should be made jointly with the Central Bank. Mishustin also called for further discussion on the regulation of mining.
Other Russian news
- A Russian court recognized Meta as an “extremist organization”.
- The State Duma obliged candidates in the elections to report the acquisition of cryptocurrencies.
- A suspect in the embezzlement of assets of the WEX bitcoin exchange was detained in the Russian Federation — “ red admin” Alexey Bilyuchenko.
- The Federation Council allowed a ban on VPN services. There are no plans to impose liability for their use.
- Apple confirmed the suspension of support for Mir cards in Apple Pay.
Anonymous hackers reported about the hacking of the Bank of Russia. The Central Bank denied the statement, but on March 26, the group published the files of the regulator.
This week, FSB officers for Dagestan and the local Ministry of Internal Affairs identified suspects in the organization of a financial pyramid that offered investments in digital assets with an income of up to 500% per annum. The damage from its activities was estimated at 1 billion rubles.
At the same time, the Moscow police detained a hacker who is suspected of stealing more than 28 million rubles worth of bitcoins.
The founder of Bored Ape Yacht Club raised $450 million at a $4 billion valuation
The company behind the Bored Ape Yacht Club NFT collection, Yuga Labs, has raised $450M in a $4B valuation in a $4B valuation
The proceeds will be used to scale the team and fund future developments, including in the Otherside metaverse.
FTX Opens Australia and Plans to Enter the UK Market
Parachain project Acala from the Polkadot Ecosystem has announced the launch of the $250M aUSD Ecosystem Fund to encourage the use of Acala USD (aUSD) stablecoin ).
The initiative involves eight Polkadot parachain slot winners as well as various companies in the industry, including Alameda Research, Arrington Capital, Digital Currency Group, IOSG, Jump Crypto, Kraken Ventures, and Pantera Capital.
GameStop Launches NFT Marketplace Beta
U.S.-based game console and PC game retailer GameStop has launched an NFT trading platform based on Ethereum’s layer 2 solution Loopring. Against the backdrop of the announcement, the price of the Loopring token (LRC) increased by almost 45%.
Robinhood released a payment card with a cashback in cryptocurrencies
Online broker Robinhood announced the replacement of debit cards with new Cash Cards with the possibility of receiving cashback in digital assets. There are no commissions or interest on Cash Card. When buying goods and services, spending is rounded to the next dollar.
Trust Wallet is back in the App Store, but not for users from the Russian Federation
On March 22, crypto wallet developers Trust Wallet has announced that the app has become temporarily unavailable in the App Store for iOS users.
Already on March 25, the project team announced that the application was again available in the app store. However, Russian users report that the wallet cannot be loaded from a Russian account.
Trust Wallet founder Viktor Radchenko will step down as CEO of a cryptocurrency wallet in order to devote more time to his family and other projects. Eowyn Chen, acting VP of marketing for Bitcoin exchange Binance, will take his place.
European Parliament to vote for mandatory verification of DeFi wallet users
On March 31, the Committee on Economic and Monetary Affairs of the European Parliament (ECON) will vote on amendments to the regulation on the exchange of information between counterparties when transferring funds. The proposal involves the collection of data on users of non-custodial cryptocurrency wallets.
In particular, the document in its current form will oblige providers of services related to digital assets not only to collect personal data when conducting a transaction with non-custodial wallets, but also to verify their authenticity.  ;
Also on ForkLog:
- TIME magazine will begin accepting ApeCoin as payment for subscriptions.
- Madonna bought NFTs from the Bored Ape Yacht Club collection for $556,000.
- Avalanche Foundation launched a $100 million fund for entertainment.
What else to read and see
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On Monday, March 21, ForkLog’s live broadcast was dedicated to discussing the immediate prospects for bitcoin, the development of the Web 3.0 concept, and forecasts of the current economic situation. The guests were ForkLog LIVE resident Ton Weiss, Unix/Network expert Alex Petrov and Hyperflex CTO Vladimir Maslyakov.
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