Daily news update: February 24th, 2022

economy, news

Crypto market update

The situation escalated in the early hours of Thursday on the Russia-Ukraine border. All major asset classes all around the world, including cryptos, falled down sharply. It is a confirmation of the fact that main cryptocurrencies are linked to large institutional investors, who regard this asset class as a risky investment and thus treat it as such in times of crisis and uncertainity. As Russian stock market taked as well, Moscow has suspended trading there for today. Now some of the assets have slightly recovered, including cryptocurrencies.

Bitcoin (BTC) is now trading at 35,573 USD down by 8.6% in 24h

Ethereum (ETH) is now for 2,411 USD down by 11.1% in 24h

PlatonCoin (PLTC) is now for 0,554 USD down by 13.7% in 24h

Total marketcap is currently at 1.661 trillion USD down by 10.4% in 24h

(all data valid at the time of publishing, from Coingecko.com)

Daily news update

Russia and crypto markets: Total of $425 million worth of crypto has been liquidated since Putin’s order came in last night. Currently, Bitcoin is trading at around $35,500. Ethereum dropped down to $2,323 after losing 12.68% of its value. Other cryptocurrencies such as Cardano, XRP, LINK, NEAR, DOGE, and AVAX have been the hardest hit, losing over 15% in less than 5 hours. The global cryptocurrency market cap has also dropped by 10.1% in the last 24 hours to sit at $1.6 trillion, according to CoinGecko.

Bitcoin and ESG: According to the report titled “ESG Considerations,” short for energy, social, and governance considerations from top investment bank Morgan Stanley, Bitcoin is likely to face more scrutiny from environmentalists. The bank says this is as institutional interest continues to grow, which it believes makes sustainability a pressing concern for the crypto industry. Cryptocurrency mining, especially Bitcoin and Ethereum, requires a large amount of energy being Proof-of-Work blockchains.

BNY Mellon and Chainalysis: The Bank of New York (BNY) Mellon has announced a partnership with blockchain-data platform Chainalysis to help track and analyze cryptocurrency products. BNY Mellon is the world’s largest custodian bank, currently overseeing $46.7 trillion in assets. As part of the partnership, BNY will utilize Chainalysis software to track, record and make use of the data surrounding crypto assets.

EU and AML on crypto: According to Bloomberg report, a group of European Union member nations led by Germany and including The Netherlands, Spain, Austria, Italy and Luxembourg plan to include crypto firms under the purview of the Anti-Money Laundering-focused group. The group will reportedly begin operating in 2024 and be “fully functional” by 2026.

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