Daily news update: March 8th, 2022

financial, week 40, daily, news

Crypto market update

After several consecutive days of freefalls, Bitcoin bounced off and added a few thousand dollars. Most altcoins were slightly in the green as well this morning, however after the news about EU and US crypto regulations the markets are starting to turn red again.

Bitcoin (BTC) is now trading at 38,892 USD down by 0.8% in 24h

Ethereum (ETH) is now for 2,589 USD down by 1.9% in 24h

PlatonCoin (PLTC) is now for 0,568 USD up by 0.4% in 24h

Total marketcap is currently at 1.811 trillion USD up by 0.2% in 24h

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

Daily news update

Bitcoin and gold: In the aftermath of Russia’s invasion of Ukraine, Bitcoin (BTC) remains highly correlated with the stock market, while commodities prices continue to soar. However, it is worth noting that the correlation between the flagship digital currency and precious metals has dropped to its lowest level since August 2021, marking a 7-month low.

Hoskinson and false bio: Charles Hoskinson, a famous American software developer, founder of Cardano (ADA), Co-founder of Ethereum, and a successful entrepreneur, is facing an accusation of false bio data. Journalist Laura Shin got information about the educational history of Charles within the universities Denver and Colorado. She found that Charles behaved just like an ordinary student and could not earn a degree. Charles didn’t possess the potential to gain a doctorate-level educational qualification.

Biden and executive order on cryptocurrencies: After a brief delay caused by the war between Russia and Ukraine, US President Joe Biden is expected to sign the executive order about cryptocurrency regulations this week. In it, sources said Biden would cooperate with other allies to ensure they were all on the same page.

US Treasury and crypto exchanges: The US Treasury Department has proclaimed that all US crypto exchanges must register with FinCEN, the agency’s Financial Crimes Enforcement Network. In a series of reports published last week, Janet Yellen’s Treasury urged all virtual asset service providers (VASPs), including crypto exchanges, to follow Bank Secrecy Act rules.

China, NFT and metaverse: China Supreme People’s Procuratorate warned of “severe punishment” for financial crimes such as illegal fundraising and money laundering. China’s highest procuratorate has taken note of rising financial crimes deemed illegal fundraising, disguised as metaverse, non-fungible token (NFT) and cryptocurrency projects, according to Supreme People’s Procuratorate director of financial and economic crime Zheng Xinjian.

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