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The Ukrainian government announces that $50 million in cryptocurrency was raised within a week since Russia began its invasion of Ukraine. The government has so far spent $15 million in donated cryptocurrency to buy military supplies. Ukraine Government Spends $15 Million in Crypto on Military Supplies Alex Bornyakov, Ukraine’s deputy minister of digital transformation, revealed Friday that his government has spent $15 million in donated cryptocurrency on military supplies, including bulletproof vests, Bloomberg reported. In a Zoom interview from an undisclosed location in Ukraine, he confirmed that the purchased military gear was delivered Friday. Many people have donated cryptocurrency to the Ukrainian government since the war with Russia began. Mykhailo Fedorov, the vice prime minister of Ukraine and the minister of digital transformation, tweeted Friday that the Ukrainian government raised $50 million in cryptocurrency within one week. Most of the donations were in bitcoin (BTC) and ether (ETH). Now, he aims to double the funds raised to $100 million. Bornyakov similarly said that the Ukrainian government expects to double its $50 million in cryptocurrency donations in the next two to three days, Bloomberg conveyed. He revealed that two days after Russia began its invasion of Ukraine, his ministry found suppliers in the U.S. and Europe for the army, including vests, food packages, bandages, and night vision devices. In addition, the deputy minister of digital transformation noted that about 40% of the suppliers are willing to accept cryptocurrency payments. The rest are paid with crypto converted into euros and dollars. The ministry is also working with two companies to launch a non-fungible token (NFT) collection to raise additional funds, the publication further detailed. Noting that it could be ready in less than two weeks, Bornyakov opined: No one was ready to do military NFTs, the war just started eight days ago, they are still trying to figure out how to do this in terms of design. Regarding donated NFTs, he confirmed that someone donated a Cryptopunk. However, he added: “But it’s so hard to sell. We haven’t used it at this point … We are going to keep it for now. … There’s no time to figure out how to convert them. Maybe once things settle down, we’ll figure this out.” What do you think about the Ukrainian government using crypto to pay for military gear? Let us know in the comments section below. View the full article

The American retail and pharmacy corporation CVS is looking to enter the metaverse according to trademark filings registered with the United States Patent and Trademark Office (USPTO). The filings mention things like CVS Health-brand “downloadable virtual goods” and “crypto-collectibles.” CVS Trademark Filings Discuss Virtual Worlds and NFTs The drugstore giant CVS has filed a series of trademark filings with the USPTO on February 28, 2022, and the registrations were published on March 4. The CVS-Health trademark filing #97287237 discusses a number of virtual items and non-fungible token (NFT) concepts. Section 1(a) in the filing states: Downloadable virtual goods, namely, a variety of consumer goods, prescription drugs, health, wellness, beauty, personal care products, and general merchandise for use online and in online virtual worlds. Similarly, section 1(b) is described in the same fashion but also with “digital assets and digital collectibles sold as non-fungible tokens (NFTs).” The CVS Health virtual goods and digital collectibles trademarks follow a slew of well known brands that have also filed similar metaverse-related trademarks with the USPTO. The fast-food giant McDonald’s filed metaverse-related trademarks with the USPTO in mid-February, and Walmart filed metaverse and NFT-related trademarks in mid-January. New Balance, Puma, and Crocs have filed metaverse trademarks as well in recent times. The CVS trademark filings indicate that the concepts are meant to bolster “entertainment and amusement” and for “use in virtual environments.” CVS’s NFT idea aims to provide “online digital artwork and images; crypto-collectibles and application tokens used and transferred on software as a service; crypto-collectibles and application tokens accessed on platform as a service; providing temporary use of non-downloadable digital media, namely, digital assets, digital collectibles, digital tokens and non-fungible tokens.” What do you think about CVS filing for NFT and metaverse related trademarks with the USPTO? Let us know what you think about this subject in the comments section below. View the full article

Fears of a recession and a 1970s-style stagflation economy continue to grip Wall Street and investors this week, as multiple reports show that recession signals have intensified. With oil and commodity prices surging, Reuters reports that investors are “recalibrating their portfolios for an expected period of high inflation and weaker growth.” While Wall Street Fears Stagflation, Analyst Believes ‘Global Markets Will Collapse’ This Year This week there’s been a slew of headlines indicating that fears of a 1970s-style stagflation economy have risen and economic fallout is coming soon. Three days ago, Reuters’ author David Randall noted that U.S. investors are scared of a hawkish central bank, oil prices surging, and the current conflict in Ukraine. Randall spoke with Nuveen’s chief investment officer of global fixed income, Anders Persson, and the analyst noted stagflation isn’t here just yet, but it is getting near that point. “Our base case is still not 1970s stagflation, but we’re getting closer to that ZIP code,” Persson said. On Saturday, Bitcoin.com News reported on the skyrocketing energy stocks, precious metals, and global commodities breaking market records. The same day, the popular Twitter account Pentoshi tweeted about a pending “greater depression.” At the time of writing, the tweet was retweeted 69 times and has close to a thousand likes. Pentoshi told his 523,500 Twitter followers: The most exciting thing this year. Will be global markets collapsing. Any market that trades above 0 will be too high. They will call this: ‘The greater depression’ which will be 10x worse than the Great Depression. US Treasury Yield Curve Highlights ‘Recession Concerns Showing up More Prominently’ The following day, Reuters’ author Davide Barbuscia detailed that “recession concerns are showing up more prominently in the U.S. Treasury yield curve.” Data from Barbuscia’s report stresses that the “closely watched gap between yields on two- and 10-year notes stood at its narrowest since March 2020.” Numerous financial publications are highlighting how rising oil and commodity prices are typically associated with a pending recession. Furthermore, recent filings indicate that Warren Buffett’s Berkshire Hathaway obtained a $5 billion stake in Occidental Petroleum. Berkshire Hathaway has also doubled the firm’s exposure to Chevron as well. What do you think about the reported signals that show a recession or 1970s stagflation is looming over the economy? Let us know what you think about this subject in the comments section below. View the full article

Following a week-long winning streak, ANC finally fell on Sunday, as crypto bears finally entered the fray. Despite this, WAVES managed to maintain recent highs, and has now climbed close to 60% in the last week. Anchor protocol (ANC) Following a streak of fresh record highs from Wednesday to Saturday, Sunday saw anchor protocol (ANC) fall by over 20% as bears finally re-entered the market. Anchor protocol which was trading higher for five consecutive sessions, saw this momentum halted in a big way. ANC/USD fell to an intraday low of $4.55 during today’s session, following an earlier high of $5.95 to start the day. This drop now means that the all-time high in ANC’s price is $6.18, and comes after upward price momentum seemingly ran out of steam. Prices were overbought for a large part of its run, with many seeing it as inevitable that a drop would come. The 14-day RSI now tracks below 63, after climbing to as high as 86 earlier on this week. WAVES WAVES continued to cement its position as the #48 ranked cryptocurrency currently in circulation, after rebounding from Yesterday’s fall. Today’s move in WAVES/USD comes as prices bounced higher, and are now marginally below resistance at $19.50. Following a low of $16.82 on Saturday, WAVES rallied to an intraday peak of $19.16, which is just under $2 away from its highest point since December 5. This move pushed WAVES 5.23% higher as of writing this, with the 14-day RSI continuing to hover above overbought territory. Price strength currently sits at 72.4, and now looks as though it could be trying to recapture the 76.9 resistance. However as we saw with ANC, when markets are overbought to this extent, an onslaught from bears is also a possibility. Is this a good time to short WAVES? Or will it continue to ride higher? Let us know your thoughts in the comments. View the full article

The crypto-economy has been sliding in value during the last 48 hours as the current market valuation for all 13,000+ crypto assets is $1.83 trillion. Furthermore, the total value locked (TVL) in decentralized finance (defi) protocols has slipped below the $200 billion mark to $196.02 billion on Sunday morning (EST). Meanwhile, Ethereum’s dominance is 55.54% of the current aggregate TVL held in defi today with $108.88 billion. Value Locked in Defi Protocols Sink, Ethereum Loses Decentralized Finance Dominance The value in defi protocols has slipped from the $251 billion mark at the end of December 2021, to today’s current $196.02 billion. That’s a drop of around 21.91% in USD value during the last two months. On Sunday, March 6, 2022, the current TVL held in defi has increased 0.11% during the last 24 hours with Curve Finance dominating the protocol pack. Curve’s $17.88 billion TVL represents 9.12% of the TVL held in defi, as it increased 0.64% during the last week. Curve is followed by Makerdao ($15.15B), Lido ($12.79B), and Convex Finance ($12.58B). Ethereum still dominates the TVL in defi this weekend, but only by 55.59%, according to defillama.com chain stats. On October 5, 2021, ETH defi dominance was 69% and over the last five months, it shed 14% dominance. Today, Terra holds the second-largest defi TVL with $22.67 billion locked, and more than half locked into the Anchor protocol. Terra is followed by BSC ($11.71B), Avalanche ($10.74B), and Fantom ($7.69B) in terms of TVL held in defi protocols on Sunday. Solana’s defi TVL this weekend is $6.83 billion down more than 5% during the last seven days. At press time, there are 381 decentralized exchange (dex) platforms holding a combined TVL of around $64.65 billion. Coingecko.com data shows Uniswap v3 is the top dex this weekend with $856.6 million in 24-hour volume. Uniswap v3 is followed by Pancakeswap ($317M), Spookyswap ($270M), Curve ($155M), and Astroport ($155) in terms of daily dex volumes. The top three leading smart contract platform tokens in terms of seven-day gains include waves (WAVES) up 51% this week, lisk (LSK) up 28.9% and wanchain (WAN) jumped 23.6%. On March 6, there’s currently $23.37 billion total value locked in cross-chain bridges to Ethereum, according to Dune Analytics’ metrics. Leading cross-chain bridge TVLs include blockchains like Avalanche, Polygon, Fantom, Ronin, and Arbitrum respectively. Presently there are 25 decentralized finance (defi) oracles and Chainlink dominates the pack. Chainlink secures $52.23 billion in value across 141 protocols, as it has an oracle dominance of around 54.83% on Sunday morning. What do you think about the activities tied to the decentralized finance (defi) space? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin remained under the $40,000 level on Sunday, as bears continued to pressure cryptocurrency markets. This pressure also kept ethereum lower, with the world’s second-largest crypto hovering around its long-term support level. Bitcoin Sunday saw the price of bitcoin (BTC) trade lower for a fifth consecutive session, as it was unable to shake off recent bearish pressure. BTC/USD fell to an intraday low of $38,211.65 on Sunday, which was around $500 lower than its bottom to start the weekend. Today’s move sees BTC fall to its lowest point since February 28, and is fast approaching its long-term floor of $37,600. As a result of recent declines in price, mid-term momentum in the market has shifted, with the 25-day (blue) moving average crossing below the 10-day (red) MA. This is the first time since December 27 that we have seen such a cross, with the 25-day crossing below the 10-day from an upwards position. Such a shift in momentum could signal even more declines in price in upcoming sessions. Ethereum Although ethereum (ETH) was also lower on Sunday, its decline appeared to look more like consolidation than an actual selloff. Following a low of $2,587.75 on Saturday, ETH/USD had a bottom of $2,595.57 during today’s session thus far. This shows that prices are somewhat climbing, despite the onslaught of bearish action currently taking place in crypto markets. A reason why we could be seeing this from ethereum and not bitcoin (BTC), is that currently the $2,550 support in ETH/USD seems well defined, as bitcoin still looks to be in search of its floor. Looking at the chart, the same can be said for the 14-day Relative Strength Index, which also has found support at 41.80, helping to give bulls a firm ground on which to stand on with potential future positions. Is ethereum setting up for a strong rebound in next week’s session? Leave your thoughts in the comments below. View the full article

A number of payment and remittance platforms, now including Paypal, have restricted access to their services in Russia as western sanctions over Moscow’s invasion of Ukraine continue to expand. Fintech companies have been limiting operations in the Russian Federation also in response to Kyiv’s call for help. Payments Giant Paypal Halts Services in Russia, Maintains Withdrawals for Now Paypal, the global online payments provider, has joint a growing list of fintechs supporting western sanctions against Russia over its decision to invade neighboring Ukraine. The company, which had been offering Russians only cross-border transactions, terminated its services in the Russian Federation on Saturday. Quoted by Reuters, President and Chief Executive Dan Schulman explained the move with “the current circumstances,” noting that Paypal stands with the international community and condemns Russia’s military aggression against Ukraine. The platform stopped accepting new Russian-based users earlier this week. Through a spokesperson, Paypal added, however, that withdrawals will be supported for an unspecified period of time. The payments giant intends to “ensure that account balances are dispersed in line with applicable laws and regulations.” The announcement comes after calls from officials in Kyiv to suspend services in Russia and support Ukraine’s fundraising efforts. The U.S., California-headquartered company revealed before the weekend that it had “helped raise over $150 million for charities supporting response efforts.” The Ukrainian government and local NGOs have also received millions in crypto donations. Paypal’s move comes after other payment and remittance platforms had already suspended certain services in Russia by the end of February. These include Wise, which processed cross-border payments for Russian users, and Remitly which facilitated remittance of funds. U.K.-based fintech Wise initially imposed a £200 ($265) daily limit on transfers to the Russian Federation but later suspended all money transfers as the U.S. and its European allies imposed more restrictions on the country’s financial system, including the expulsion of some Russian banks from the interbank payment system SWIFT. As a result of the harsher sanctions, Remitly also discontinued support for money transfers for Russian recipients. Similar measures were introduced by other remittance service providers as well, including Transfergo and Zepz. According to crypto media reports, the U.K.-based Revolut has suspended payments to Russia and its ally Belarus this while an announcement on its websites states that the fintech firm is doing everything to ensure its users are able to send money to Ukraine. In a blog post, the company CEO Nik Storonsky highlighted both his Russian and Ukrainian roots and voiced opposition to the war. You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. Do you expect other payment processors to join the sanctions against Russia over its military assault on Ukraine? Tell us in the comments section below. View the full article

Rarify, a startup that helps third parties include NFT elements in their tech platforms, has raised $10 million in its Series A funding round. The round was led by Pantera Capital, a leading cryptocurrency-based venture capital firm. The company has now reached a reported valuation of $100 billion amidst the rise in popularity NFTs are experiencing in different fields including gaming and metaverse applications. Rarify Raises $10 Million, Plans Expansion Rarify, a company that deals with producing infrastructure for third parties to integrate NFT services, has raised $10 million in its recent Series A funding round. The round, which led Rarify to reach a valuation of $100 million, was led by Pantera Capital with the participation of other companies, including Eniac Ventures, Greycroft, Hyper, and Slow Ventures. Rarify aims to simplify the whole process of creating and selling NFTs in the same way that “Square made it super easy to accept payments,” according to statements given by its co-founder Revas Tsivtsivadze. The company will use the funds raised in the funding round to start hiring more aggressively and launch NFT products with corporate partners. Pantera partner Paul Veradittakit stated: Rarify removes the biggest hurdles companies face when introducing NFTs to their existing products. He further explained that Rarify’s solutions could “make NFTs accessible to companies and, by extension, consumers at large.” Fueled by NFT Growth Rarify’s new funding round is the product of the growth of the NFT market and the applicability of NFTs in several industries, including art and gaming. While some still criticize the validity of these tools, there is a sizable market behind them, with one of the main NFT markets, Opensea, having crossed the $20 billion all-time sales mark last month. Traditional gaming companies are also experimenting with adding NFT support to their products. This is the case for Ubisoft, which created its own NFT market called Quartz. Rarify’s goal is to get to these companies adding NFTs into their business models, offering solutions so “that teams don’t need to stitch together disparate systems or spend months integrating blockchain technology,” according to the mission described on its website. The seed funding round of the company managed to raise $2 million dollars in September. Jon Oringer, the founder of Pareto and Shutterstock, who also participated in that round, stated: Opportunity is best harnessed by early movers and Rarify makes NFT feasible for more companies than ever before possible. What do you think about Pantera Capital’s investment in Rarify? Tell us in the comments section below. View the full article

The bitcoin mining operation Mawson Infrastructure Group (MIGI) has started to make hosting deals with key players in the mining industry. On March 1, Securities and Exchange Commission (SEC) documents show that Mawson signed a 100-megawatt (MW) co-location agreement with Celsius Mining. Three days later, Mawson announced a 12-megawatt (MW) co-location deal with Foundry Digital. Mawson Signs Co-Location Deals With Celsius Mining and Foundry Digital Mawson Infrastructure Group is making moves within the bitcoin mining industry as the company has recently partnered with Celsius Mining and Foundry Digital. Bitcoin.com News has reported on the bitcoin mining operation Mawson in the past when the firm acquired 11,760 next-generation A1246 ASIC Avalonminers from Canaan. Just prior to the mining equipment acquisition, Mawson rebranded and changed the company’s name from Wize Pharma to Mawson Infrastructure Group. The company rebranded at the end of March 2021 and at the time, Mawson CEO James Manning said the move toward bolstering digital asset infrastructure globally was similar to the explorer and geologist Sir Douglas Mawson’s Antarctic exploration. On March 1, 2022, Mawson inked a deal with Celsius Mining, the crypto lending firm Celsius Network’s mining subsidiary. SEC documents show Celsius Mining will provide a mining facility in order to host the 100-megawatt (MW) co-location. “The industry is experiencing a shortage of energy and energy infrastructure — having focused as a business on ‘Infrastructure First’ long ago, this enables us to take on strategic customers in our hosting co-location business,” Mawson’s CEO Manning said in a statement. “Demand and inbound [inquiry] for hosting continue to rise, and we look forward to updating stockholders on this front further in due course.” After Mawson inked the deal with Celsius Mining, the company announced a partnership with Foundry Digital LLC. Mawson’s announcement said that the “12-megawatt hosting customer [is] to have first mining hardware units online end of Q1, 2022.” The company plans to deploy the mining rigs inside its “proprietary Modular Data Centre (MDC) technology at its facilities in the United States.” Foundry operates the mining pool Foundry USA, which has been the top mining pool in terms of hashrate for most of 2022. What do you think about Mawson’s co-location mining deals with Foundry and Celsius? Let us know what you think about this subject in the comments section below. View the full article

The past week’s non-fungible token (NFT) sales have dropped again, following the last few weeks of diminishing volumes. Across 14 blockchains that support NFTs, sales have slipped 29.46% lower than the week prior. Despite the drop in NFT sales volume, NFT sales stemming from the Arbitrum network spiked by 97.53% this week. NFT Interest and Sales Nosedive According to Google Trends (GT) data, interest in NFTs has dive-bombed, as the search query for the term “NFT” slid from a score of 100 on GT during the first month of 2022, to this week’s score of 42. Statistics for the search query term “metaverse” show interest there has also slid significantly, sliding from January’s high score of 88 to today’s GT score of 32. While NFT interest is sliding, sales volume has dipped a great deal as well. Over the last seven days, NFT sales have dropped 29.46% lower than last week’s sales volume. Metrics from cryptoslam.io’s seven-day records show that the largest blockchain in terms of NFT sales, Ethereum, is down 32.13%. Wax blockchain sales have dropped by 38.52% this past week, but Palm and Theta NFT sales lost the most. Palm-based NFT sales are down 73.36% since last week and Theta’s NFT sales are down 78.87%. Bitcoin.com News reported on the Arbitrum NFT project Treasure DAO getting hacked and losing more than 100 NFTs. Despite the hack, Arbitrum NFT sales have jumped a great deal this week spiking 97.53% since the week prior. The NFT collection that recorded the most NFT sales during the last seven days is Invisible Friends as the ETH-based NFTs have seen $46.9 million in sales, up 32.13% since the week prior. The Invisible Friends NFT compilation sales were followed by Wonderpals, Cryptopunks, Clonex, and Bored Ape Yacht Club (BAYC). This week’s most expensive NFT sale was Meebit #1657 for 282 wrapped ether (WETH) or $844,069, followed by Ringers #376 for $800,941 in WETH. Those two pricey NFT sales were followed by Meebit #8475 ($753K), Meebit #18277 ($738K), Meebit #19564 ($723K), and Bored Ape #8386 for $600,609, or 200 wrapped ethereum. Additionally, the “Topps Timeless Series” 1952 Mickey Mantle NFT card sold for 175 ether or $471K at the time of settlement on Opensea. The leading NFT marketplace Opensea posted the week’s top sales in terms of NFT sales volume, but sales are down 29.97% according to current dappradar.com stats. Opensea saw 220,223 NFT traders this week, but the number of traders is down 12.96% since the week before. What do you think about this week’s NFT sales and the interest over time stats from GT? Let us know what you think about this subject in the comments section below. View the full article

Cosmos was 10% lower on Saturday, as the red wave once again submerged crypto markets. Despite this, Anchor protocol was again able to extend gains, climbing by as much as 15% in the process. Cosmos (ATOM) Cosmos (ATOM) was able to hang on to the #20 spot in the crypto top 100 on Saturday, despite falling by double digits to start the weekend. Today’s fall in ATOM/USD comes as prices failed to maintain a one-month high during yesterday’s session, as its resistance level held firm. Following a failed breakout of this ceiling, which was at $33.70, ATOM/USD proceeded to fall to a low of $29.71 earlier today. As of writing, ATOM is trading 8.23% lower, as the 14-day RSI marginally remains neither oversold or overbought, and is tracking at 51. This is somewhat good news for bulls, who remain optimistic about a potential rebound, with many still hopeful that the $34.00 resistance point could be hit in upcoming sessions. The recent upward crossover of the 10-day and 25-day moving averages will likely be one of the indicators that spurs them on. Anchor Protocol (ANC) Friday’s biggest crypto gainer was also Saturday’s, as ANC extended its run, cementing a new record high in the process. Anchor protocol is now up for a fifth consecutive session, with bulls ignoring the current uncertainty in the market to push its price higher. As of writing, ANC/USD rose to an intraday high of $6.18 during today’s session, which is a new all-time high. This rise in price momentum comes as the 10-day (red) short-term moving average continues to go from strength to strength, with no signs of any slowing down. However, as we know from previous bull runs, what goes up, could eventually come down, and with ANC extremely overbought, bears are likely lurking. Could we see ANC hit $10 in the next few weeks? Let us know your thoughts in the comments. View the full article

The American fast-food restaurant chain Shake Shack is giving bitcoin rewards to customers leveraging Cash App’s debit card payment rail, Cash Card. According to Shake Shack, participants will get 15% of their purchase back in the form of bitcoin, and the crypto promotion will last until mid-March. Shake Shack Experiments With Bitcoin Trial to Lure Millennial and Gen Z Customers The fast-food restaurant chain Shake Shack is experimenting with cryptocurrency rewards as the company has partnered with Block Inc. in order to give away bitcoin (BTC). The announcement stems from a Wall Street Journal (WSJ) report authored by Ann-Marie Alcántara and Shake Shack explained the move is meant to lure younger customers. Executives at the burger chain told Alcántara that while it’s looking to attract millennial and Gen Z-age customers, Shake Shack is also “interested in more cryptocurrency options.” The offer will give Shake Shack consumers the ability to receive 15% of their purchase back, but paid in bitcoin. Essentially, customers need to leverage Block’s Cash Card and Cash Boost system in order to get the BTC reward. Jay Livingston, Shake Shack’s chief marketing officer, told the WSJ reporter that the fast-food restaurant chain has not seen demand for crypto payments. However, Livingston said the experiment with the Block’s Cash App is a good way to determine whether the restaurant should accept digital assets. “You’re always trying to place your bets on those things that truly will be meaningful and not waste resources on the ones that won’t,” Livingston told Alcántara. “If we just started taking crypto right now at our kiosk, it would have very low adoption. But through someone like Cash App, who’s been promoting it, you will get some more people that want it and that also want to learn,” the Shake Shack CMO noted. Shake Shack is not the first to test the waters with crypto solutions as Burger King (BK) and Robinhood gave a single dogecoin (DOGE) reward to BK consumers for spending $5. Robinhood and BK also distributed 20 bitcoin and 200 ether during the rewards event timeline. McDonald’s has yet to trial crypto payments but the fast-food giant has been testing non-fungible token (NFT) technology. For instance, McDonald’s introduced the cult-classic “McRib” NFT collectible last November, and McDonald’s France tweeted out images of NFTs in April. What do you think about Shake Shack experimenting with cryptocurrency rewards? Let us know what you think about this subject in the comments section below. View the full article

Bitcoin has fallen below $40,000 to start the weekend, as cryptocurrency markets extend recent losses. ETH was also lower on Saturday, falling to its lowest point this week in the process. Bitcoin BTC fell for its fourth consecutive session on Saturday, as the world’s largest cryptocurrency dropped below its long-term support level. The price of BTC/USD fell below its $40,000 floor during the session, hitting an intraday low of $38,777.04 in the process. As of writing, BTC is down 5.27% on the day, and is currently trading at $39,151.54, with the 14-day RSI tracking at 45.4. This decline in price strength comes as the floor of 47 within the RSI indicator was broken, and is now trading at its lowest since last Sunday. As prices continue to fall, traders are naturally looking to find a stable floor, which appears to be around the $37,600 region. However, as established on Friday, a rebound could also be imminent, as bulls historically have lived in the current price range. Ethereum Unlike bitcoin, ETH appears to have found its floor to start the weekend, despite also falling to its lowest level in the last seven days. Earlier in today’s session, ETH/USD hit an intraday low of $2,587.75, however these losses have somewhat eased, and ethereum is now trading at $2,645.77. This is marginally lower than today’s peak of $2,705.25, however as Saturday’s session matures, many remain hopeful of increases in price. The floor of $2,550 seems to be the target of bears, which have been firmly present since prices were trading at the $3,000 resistance point. History has shown that bulls tend to rally at the current level, as seen the last few times we were at this support point around $2,600. Could we see prices recover heading into Sunday? Leave your thoughts in the comments below. View the full article

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. Expert Council Meets in Russia to Discuss Law ‘On Digital Currency’ 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. The members of the body will hold discussions on the draft law “On Digital Currency.” The bill was submitted by the Ministry of Finance and reflects its concept on the matter. Unlike the Central Bank of Russia, the treasury department favors legalizing the industry under strict rules. Its approach has been backed by the federal government and other institutions. Bitnalog, a portal advising Russians on how to pay their taxes on crypto incomes and profits, has published an announcement by the Duma on Telegram about the upcoming meeting. It was originally supposed to take place on Friday, but the outlet later updated subscribers to its channel that it has been rescheduled for Saturday, March 5. In January, Bank of Russia proposed a blanket ban on most crypto-related activities, including use in payments, trading, and mining of digital currencies in the Russian Federation. The experts will now try to address its concerns, including highlighted risks for the country’s financial stability and the need to protect investors. The renewed push to fill regulatory gaps remaining after the law “On Digital Financial Assets” went into force last year, comes amid warnings that Russia might try to use cryptocurrencies to circumvent international sanctions. These include expulsion of Russian banks from SWIFT and restricting access to cryptocurrency platforms for Russian users. Meanwhile, 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. You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. Do you think Russia will accelerate the legalization of cryptocurrencies amid financial sanctions? Share your expectations in the comments section below. View the full article

Citadel CEO Ken Griffin, a bitcoin skeptic, admits he has not been right on his crypto call. He now says: “It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.” Citadel Getting Into Crypto The CEO and founder of financial services firm Citadel, billionaire Ken Griffin, talked about cryptocurrency and his company’s decision to enter the space in an interview with David Rubenstein on Bloomberg Thursday. The billionaire executive has long been a bitcoin skeptic. He previously described the rush to embrace cryptocurrencies as a “jihadist call” against the U.S. dollar. In 2017, he told CNBC that bitcoin has “many of the elements of the tulip bulb mania.” He also said: “I get very worried that people that are buying bitcoins don’t really understand what they’re participating in.” Griffin made headlines in November last year when he bought a rare copy of the U.S. Constitution at a Sotheby’s auction for $43.2 million, beating out ConstitutionDAO. He was asked whether Citadel has plans to trade or make markets in crypto. “To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto,” he replied, elaborating: It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies. Founded in 1990, Citadel operates two primary businesses. The first is Citadel, one of the largest hedge funds with more than $38 billion in assets under management. The other is Citadel Securities, the largest market maker in stocks, options, and interest rate swaps for retail and institutional clients. The firm handles 40% of all stock trades in the U.S. Griffin also admitted Thursday that he has not been right about his crypto call. “Crypto has been one of the great stories in finance over the course of the last 15 years. And I’ll be clear, I’ve been in the naysayer camp over that period of time,” the CEO shared, adding: But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call. Nonetheless, the Citadel CEO clarified: “I still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that.” What do you think about Citadel getting into crypto and the CEO’s comments? Let us know in the comments section below. View the full article

The Central Bank of Brazil and Fenasbac, the National Federation of Associations of Central Bank Servers, decided to select nine projects to monitor and support their different proposals for the application of a hypothetical Brazilian central bank digital currency (CBDC), the digital real. Projects from companies and organizations like Aave, Banco Santander, and Mercado Bitcoin were selected to be developed as examples of how a digital real could be used. LIFT Challenge Selects Nine Digital Real Projects The LIFT challenge, an initiative organized by Fenasbac and the Central Bank of Brazil, has selected nine projects which present different ideas on how a future digital real CBDC (central bank digital currency) might be inserted into several applications. The Laboratory of Financial and Technological Innovations (LIFT) decided that these nine projects were the most interesting, selected out of 47 proposals presented by 43 organizations. The challenge attracted the attention of companies from all over the world, including proposals by organizations from Germany, the United States, Israel, Mexico, Portugal, the United Kingdom, and Sweden. Regarding the criteria used to select these projects and reject others, the central bank stated: [The central bank] sought a balance between the diversity of the portfolio of proposals presented to the laboratory and the need for detailed monitoring of the chosen projects. Project Diversity The nine projects approved are very different one from another, and seek to include the digital real into different applications that include delivery versus payment solutions, payment versus payment solutions, internet of things (IoT), defi applications, and also dual offline payment proposals. The nine selected proposals were presented by Aave, Banco Santander Brasil, Febraban, Giesecke + Devrient, Itaú Unibanco, Bitcoin Market, Tecban, VERT, and Visa do Brasil. Giesecke + Devrient’s proposal, for example, seeks to use the CDBC as a tool to solve the problem of dual offline payments. Aave, the decentralized finance protocol, also presented a project that would focus on offering loans while ensuring compliance of these operations with the rules of the financial system, using defi tools like liquidity pools. Itau’s Unibanco project will center on using the currency to handle international payments, linking this with the development of an application for Colombian users. The application of Visa do Brasil would leverage the token for financing SMEs with a defi application. The Central Bank of Brazil seeks to study all of these applications to deepen its understanding of the uses of a digital currency with the idea of creating its own digital currency in the future, according to a press release. What do you think about the nine projects selected by the Central Bank of Brazil? Tell us in the comments section below. View the full article

Israel’s central bank says the public’s adoption of the digital shekel is not expected “to materially affect the banking system.” The bank, however, warns that any issuance of such digital currency will likely result in a decline of the volume of the public’s deposits. Increase in the Banking System’s Interest Expenses Israel’s central bank, the Bank of Israel (BOI), has said its analysis of the proposed digital shekel’s possible impact on banking stability showed that the expected effect is not as significant as previously thought. However, the bank’s analysis notes “the decline in the volume of the public’s deposits” held in banks following the issuance of digital shekel, would nonetheless lead to “some increase in the banking system’s interest expenses.” The same might also lead to an erosion of the banking system’s net profit, the BOI warned. While the central bank said it has not yet made a decision to issue the central bank digital currency (CBDC), in its recently released statement, the BOI revealed it “is building an action plan for the potential issuance” of such a digital currency. The statement also makes reference to a paper that was published by the BOI’s steering committee. In that paper, the committee examined the bank’s motivations for issuing the CBDC — also known as SHAKED — as well as the ramifications of such a digital currency on financial intermediation. Erosion of Banks’ Liquidity Ratios Meanwhile, the BOI statement also discusses some of the key findings from the steering committee’s May 2021 paper. The BOI statement notes: Transferring a certain volume of money from the public’s deposits to SHAKED would have various effects on the balance sheets of the banking system and of the Bank of Israel. The banking system’s balance sheet would contract due to the decline in the ‘Public’s deposits’ item on the liabilities side and in the ‘Deposits at the Bank of Israel’ on the assets side. The BOI adds that in the event the banking system attempts to maintain the credit portfolio to the public at levels prior to the CBDC launch, that development would “erode banks’ liquidity ratios to a certain extent.” Besides looking at the potential impact that the CBDC might have on the banking system and the economy, the BOI said it will also “examine other issues that arise as part of the research and preparation toward a potential issuance of a digital shekel in the future.” The central bank concludes its statement by reiterating that it has not made a decision to issue the digital shekel just yet. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

Blockchain gaming firm Animoca Brands has revealed the company is breaking ties with Russian users following the Ukraine invasion that started seven days ago. Animoca Brands co-founder Yat Siu noted in an interview that the company received legal advice about the situation and the Animoca executive compared the newly sanctioned Russia to North Korea. Animoca Brands Restricts Russian Users From Leveraging Firm’s Blockchain Gaming Products According to the Hong Kong-based blockchain gaming giant Animoca Brands, the company is imposing restrictions on Russian users. Animoca Brands’ overarching ban follows a number of crypto firms like Binance, Kraken, and Coinbase saying the businesses will not blanket ban all Russian users. Animoca Brands co-founder Yat Siu spoke with Bloomberg in an interview and he explained that the company received legal advice about the newly sanctioned country. The co-founder noted that the restrictions could affect specific subsidiaries including the blockchain firm Lympo and Gamee. However, Yat Siu detailed that the company’s Russian user base was a low amount of users. The Animoca Brands co-founder did not discuss the effect the restrictions on Russian users might have on the company’s most popular game The Sandbox. The company’s website, Twitter account, and subsidiaries have not issued any official statements about the Russian user restrictions. Speaking with Bloomberg, Yat Siu said that the company does not want to be “financially excluded” over associations with Russia. “The legal advice we’ve been receiving is we now have to impose some restrictions,” Yat Siu explained to Bloomberg’s Olga Kharif. “It’s a sanctioned country on par with North Korea. The moment we end up doing business in those areas, we might ourselves become financially excluded from the financial system.” While a number of crypto exchanges have stated that they would not ban all Russian users, there have been a few that have decided to add restrictions like Animoca Brands’ latest move. Kuna exchange delisted Russian ruble trading pairs last week and the fifth-largest ethereum mining operation, Flexpool, banned Russian users from mining with the pool. The Ukrainian-born startup Dmarket has also cut “all relationships with Russia and Belarus.” You can support Ukrainian families, children, refugees, and displaced people by donating BTC, ETH, and BNB to Binance Charity’s Ukraine Emergency Relief Fund. What do you think about Animoca Brands banning Russian users from its products? Let us know what you think about this subject in the comments section below. View the full article

PRESS RELEASE. SINGAPORE, March. 3, 2022 / DN News Desk / — Jordan Belfort, also known as the Wolf of Wall Street, has joined the pioneering blockchain gaming platform OneTo11 as an investor. He joins several other big names such as Maximus Capital, Jason Stone, and Carl Runefelt. OneTo11 raised a total of $2.5 Million in this round of funding that closed on Feb. 17, 2022. Belfort, a famous Wall Street trader, found worldwide fame when he was portrayed by Leonardo DiCaprio in the film “The Wolf of Wall Street.” He currently works as a motivational speaker and investor backing some of the most exciting up-and-coming enterprises in the fintech sector. Speaking about his decision to invest in the blockchain gaming ecosystem, Jordan Belfort said: “OneTo11 is a project that has a vision of becoming more than just a gaming platform; they are developing an entire gaming economy. I was seriously impressed with their user base reaching 2.2 million users in just 15 months. I decided to invest due to their ideology of bringing Play-To-Earn gaming to the masses using blockchain technology.” OneTo11 aims to transform the world of sports gaming. It is India’s first blockchain-based social networking fantasy gaming mobile application. It provides sports lovers in India and around the world a place where they can play, invest and earn from contests and platform commissions. Using blockchain technology, the platform brings socialization into the world of fantasy sports gaming and removes limits and delays to withdrawals. It’s a revolutionary platform mixing entertainment with the chance to earn rewards through a decentralized application. It also demonstrates the potential of the blockchain to deliver a more secure, social, and rewarding experience for lovers of all sports. OneTo11 was founded by experienced tech entrepreneurs Ravindra Kumar (CEO), Tirath Sharma (CTO), Manasvi Singh (CMO), and Anirban Chatterjee (COO) who saw an opportunity to use blockchain technology to deliver a brand new online experience to fantasy gamers. The platform has been guided by a formidable group of advisors. Mario Nawfal is the CEO of NFT Technologies, the world’s first NFT creation and trading infrastructure that is powered by a liquid matching engine. Lily Nguyen is a growth expert, Sundeep Siripurapu is the Director of Launchpads at Trustswap Inc., and Evan Luthra is the blockchain and NFT expert. With these stalwarts offering their expertise and guidance, OneTo11 promises to be a hot topic in the dynamic fintech world. To date, the company has attracted several major companies and investors, including: Maximus Capital GDA Capital Magnus Capital NFT Technologies Dutch Crypto Investors Oracles Investment Group International Blockchain Consulting Jason Stone Carl Runefelt OneTo11 will use the funds for aggressive expansion in new markets (Middle East, Europe, South Asia, North and South America) and developing more games to the existing portfolio. A spokesperson for OneTo11 said: “We are delighted to have Jordan on board. He has shown a willingness to support exciting early-stage projects that have the potential to transform the marketplace. We look forward to working with him as we progress with our vision of creating a new, revolutionary gaming economy for the digital age.” About OneTo11 OneTo11 is India’s first blockchain-based fantasy gaming platform. It provides a place for sports lovers of all kinds to play games, make investments and earn rewards, all while raising awareness about the transformative potential of the blockchain and cryptocurrencies. For more information about the company, visit oneto11.io. Media Contact: Company Name: Digital Nod Contact Person: Karishhma Mago City: Shelby Twp State: Michigan Country: United States Website: https://digitalnod.co/ This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release. View the full article

The Rwandan central bank may not know whether it can issue a digital currency until December 2022, when it completes a study that looks at the benefits and risks that come with such a currency, the bank’s deputy governor has said. The Investigation Phase The deputy governor of the Rwandan central bank, Soraya Hakuziyaremye, recently suggested that Rwanda is likely to know the outcome of the bank’s investigation into central bank digital currencies (CBDC) by the end of the year. In her remarks published in The New Times, Hakuziyaremye revealed that the decision to issue or not issue a CBDC will depend on the findings of the research study currently being undertaken by the National Bank of Rwanda (NBR). “We are now at an investigation phase. We are analysing what could be the benefits to Rwandans to have CBDC but also the risk not only to our economy but the sector depending on the form of digital currency we would issue,” Hakuziyaremye explained. As reported by Bitcoin.com News in June 2021, the Rwandan central bank had commenced a research study that looked at the possible implications of a CBDC on monetary and financial stability. In addition, the report said the study would also look at “the operationalization model.” By launching the research study, the NBR became one of the few central banks in Africa to signal its intention to embrace digital currencies. However, only the Central Bank of Nigeria has rolled out its digital currency so far. CBDCs and Financial Inclusion Meanwhile, the deputy governor suggested that if Rwanda were to proceed with the digital currency launch, any such CBDC must lead to the reduction of the number of people that are financially excluded. She explained: “What is important is to look at financial inclusion because if you issue a digital currency, you shouldn’t be excluding your population, it has to go with closing the digital divide and making sure that people have the option to use it.” Olivier Mugabonake, the chairperson of Rwanda Fintech Network, is quoted in the report discussing the potential opportunities that CBDC can bring to the local economy. He said: “Technically speaking, there are some companies which are ready to start adopting the technology. I understand the regulator needs to assess wisely and make sure it is adopted in a secured manner.” What are your views on this story? You can tell us what you think in the comments section below. View the full article

A text threatening to prohibit cryptocurrencies relying on energy-intensive proof-of-work mining has been deleted from the draft legislation aimed at regulating the European crypto space. The move comes after the controversial provision sparked objections from the crypto community. MiCA Proposal Drops Ban on Proof-of-Work Coins Wording that could have banned cryptocurrencies with proof-of-work (PoW) mining, like bitcoin, is missing in the latest version of EU’s Markets in Crypto Assets (MiCA) framework. The European Parliament (EP) was expected to approve the proposal on the last day of February but the vote was postponed to address concerns raised by representatives of the crypto industry. “The Bitcoin ban in the EU is off the table for now,” BTC Echo noted, quoting the document. The German crypto news outlet revealed that the controversial paragraph has been dropped. The text proposed by the factions of the Left, Greens, and Social Democrats would have prohibited companies from offering services for the acquisition, custody and trading of PoW-based crypto assets. The scheduled vote was canceled on the request of Stefan Berger, the rapporteur for the legislative package, who has now confirmed BTC Echo’s report in a tweet posted late on Tuesday. He also told the publication that negotiations have resumed. “We now want to get the MiCA through the Parliament as quickly as possible,” Berger emphasized. His statement echoes a call issued by the President of the European Central Bank Christine Lagarde, who last week urged the EU to swiftly adopt the regulation in order to prevent Russia from using cryptocurrencies to evade sanctions imposed over its military invasion of Ukraine. “Talks are in full swing,” assured Berger who is a member of the Committee on Economic and Monetary Affairs. Once the EP passes the regulatory package, its final adoption will depend on the outcome of the dialogue between the Parliament, the European Commission, and the EU member states. The executive body in Brussels will then evaluate the future implementation of the approved draft. In the past few months, officials and regulators from several member states have called for an EU-wide ban on proof-of-work mining, pointing to its power-hungry nature. Sweden was among the first to insist on such a measure, citing bitcoin mining’s increasing use of renewable energy at the expense of climate neutrality goals in other sectors. Do you expect the EU to soon adopt the Markets in Crypto Assets proposal? Tell us in the comments section below. View the full article

Square Enix, the Japanese game publishing and developing company, has announced a new deal with The Sandbox to allow one of its IPs to be featured in the metaverse-based platform. The company will bring elements of Dungeon Siege — one of its oldest intellectual properties — to The Sandbox, allowing players to include these elements in their own custom-made experiences. Square Enix Partners With The Sandbox Square Enix, a traditional gaming company, announced it is partnering with the metaverse-based platform The Sandbox, bringing one of its IPs to the virtual world. The IP that the company will introduce is Dungeon Siege, an RPG experience that has sold more than 1.7 million copies and spawned a series of sequels. The collaboration will encompass the integration of the Dungeon Siege into the metaverse in two different ways. Square Enix will establish an interactive piece of land in the platform to allow players to enjoy experiences including Dungeon Siege elements, and to also recognize the ways in which they can integrate these elements to create their own stories. The second integration contemplates the inclusion of voxel elements based on the Dungeon Siege universe for users to create their own experiences using the native Voxedit and Game Maker utilities. In this way, users will be able to create their own micro-worlds without writing code. Hideaki Uehara, director of business development at Square Enix, stated: Dungeon Siege has always been about inspiring adventure and entering The Sandbox metaverse to empower players to craft their own personal adventures opens an exciting new chapter for the franchise. Uehara further stated the company was excited to see the franchise come to life in The Sandbox, powered by the imagination of its fans. Dipping Toes Into the Metaverse This is one of the first forays of Square Enix into a metaverse-based platform. However, the company had already declared it was contemplating a robust entry into blockchain and play-to-earn (P2E) experiences that include NFT elements. In fact, the president of the company, Yosuke Matsuda, explained in a new year’s letter that the company will invest aggressively in areas including blockchain gaming and that self-sustaining token economies could fuel game growth. Other gaming companies have already partnered with The Sandbox to bring their IPs to the platform. This is the case for Ubisoft, which also included its Rabbids intellectual property on the platform in February. What do you think about Square Enix bringing Dungeon Siege to The Sandbox? Tell us in the comments section below. View the full article

South African cryptocurrency exchange Valr announced recently that it has raised $50 million in a Series B round led by Pantera Capital. The capital raise means Valr is now valued at a reported $240 million. Funds Raised to Finance Valr’s Expansion Into Other Markets The South African cryptocurrency exchange, Valr, recently announced that it raised $50 million in a Series B funding round. The round was led by Pantera Capital, while Alameda Research, Cadenza, CMT Digital, Coinbase Ventures, Distributed Global, GSR and Third Prime also took part. According to a report by Globalcryptotv, the cryptocurrency exchange’s latest capital raise dwarfs the $3.4 million that it raised in July 2020 and places Valr’s value at $240 million. The report added that Valr, which entered the South African crypto market more than three years ago, will use the capital raised to fund the platform’s expansion into other markets across Africa and into emerging markets such as India. Remarking on the exchange’s latest capital raise, CEO Farzam Ehsani is quoted in the report explaining how the funds enable his company to serve more clients. He said: We already help Valr’s customers enter this new world of crypto from the traditional financial system using their USD or ZAR and I’m very excited that this round of funding will allow us to serve so many more across Africa and the world. Africa’s Bright Future Meanwhile, Paul Veradittakit, a partner at Pantera Capital, said his organization believed that “Africa’s future is bright for the adoption of cryptocurrencies for both asset diversification and payments.” Besides using the raised capital to fund its entry into other markets, Valr, according to the report, is also planning to bring more products and services to its growing base of global customers. It is also recruiting across all areas of its team, the report added. What are your thoughts on this story? Tell us what you think in the comments section below. View the full article

U.S. Senator Elizabeth Warren is worried that “cryptocurrencies risk undermining sanctions against Russia.” She urges financial regulators “to take this threat seriously and increase their scrutiny of digital assets.” Senator Elizabeth Warren Worried Russia Could Use Cryptocurrency to Evade Sanctions As governments worldwide are placing sanctions on Russia following its invasion of Ukraine, U.S. Senator Elizabeth Warren is worried that cryptocurrency could give Russia a way to evade sanctions. The senator from Massachusetts tweeted Monday: Cryptocurrencies risk undermining sanctions against Russia, allowing Putin and his cronies to evade economic pain. “U.S. financial regulators need to take this threat seriously and increase their scrutiny of digital assets,” she added. Senator Warren’s tweet was heavily criticized in the crypto community. Some people called her ignorant while others said she lied. One person tweeted: “So what you’re saying is that a stateless, permissionless, decentralized, and censorship-resistant currency is out of your control so it must be stopped?” U.S. Senator Ted Cruz from Texas recently said that Senator Warren does not like bitcoin and cryptocurrency because she cannot control them. Senator Warren’s tweet includes an article by the New York Times titled “Russia Could Use Cryptocurrency to Blunt the Force of U.S. Sanctions.” Jerry Brito, executive director of D.C.-based think tank Coin Center, pointed out some problems he found in the New York Times article Senator Warren cited. For example, the article mentions “new tools developed in Russia” that can help mask the origin of cryptocurrency transactions. However, it does not explain what the tools are or give any reference, Brito noted. “And to think that ransomware could make up the income lost to sanctions is to misunderstand the scale of the blockade being imposed,” he added, elaborating: Could crypto be used to evade sanctions? Of course. Could it be used at a scale that would undermine the measures being taken? I don’t see how. “Will legitimate crypto intermediaries comply with sanctions obligations? Better than a lot of banks, if recent history is any guide,” the Coin Center executive concluded. What do you think about Senator Elizabeth Warren’s comments? Let us know in the comments section below. View the full article

Veteran investor Mark Mobius, the founder of Mobius Capital, explains why the price of bitcoin is rallying as the Russia-Ukraine crisis deepens. “Bitcoin is showing strength now because the Russians have a way of getting money out,” he said. Mark Mobius on Why Bitcoin’s Price Is Rising The founder of Mobius Capital Partners, Mark Mobius, explained why the price of bitcoin has been rallying in an interview with CNBC Tuesday as the crisis between Russia and Ukraine escalates. Prior to starting his own company, Mobius was executive chairman of Templeton Emerging Markets Group. He joined Templeton in 1987 where he managed more than $50 billion in emerging markets portfolios. He founded Mobius Capital Partners in March 2018. Mobius was asked whether he would buy bitcoin in this environment since the price of BTC is rallying. “I would not be a buyer,” he replied but noted, “If I was a Russian, I would be a buyer.” He proceeded to share that in Dubai where he lives, a lot of foreigners come to buy properties. He detailed: “I was talking to a property agent yesterday. He said they’ll buy anything. They get money out of Switzerland, they have Swiss bank accounts.” Mobius added: “If they can pay with bitcoin. Of course, that’s an avenue to get money out of Russia.” He continued: I would say that’s the reason why bitcoin is showing strength now because the Russians have a way of getting money out, of getting their wealth out. “Otherwise they are really in trouble with all the closures of different avenues for them to transfer money out,” the veteran investor opined. Mobius has long been a bitcoin skeptic. In November last year, he advised people not to look at cryptocurrencies as a means to invest. “It’s a means to speculate and have fun. But then you got to go back to stocks at the end of the day,” he advised. A number of analysts have said they doubt cryptocurrencies can help Russia evade sanctions. Ari Redbord of TRM Labs, for example, explained on CNBC Monday that while Russia will turn to cryptocurrencies, there is not enough liquidity in those markets to allow Moscow to deal with the heavy sanctions imposed by the U.S. and its allies. What do you think about Mark Mobius’ comments? Let us know in the comments section below. View the full article