ETF Securities presents latest Crypto update
In partnership with 21Shares, one of Europe’s leading cryptocurrency providers, ETF Securities presents the latest Crypto Market Monitor to provide investors insight and analysis around the recent moves in the crypto market.
Kanish Chugh, Head of Distribution at ETF Securities notes, “It’s been a hard week on markets as the Russian invasion of Ukraine prepares for its third week. Other macroeconomic triggers include the Federal Reserve’s infamous interest rate hike to curb inflation which is at its 40-year-high now. The hike is expected to float at 0.25%; a decision is scheduled to be made on March 16.
“Another related trigger that’s been affecting the markets is the Consumer Price Index which will also be affected by next week’s interest rate hike, which will essentially track how much consumers will be impacted in terms of loans, investments, savings, job prospects, and prices for goods and services.
“As a consequence, Bitcoin is down by 6.4%, Ethereum is down by 8.5%, equity 3.5% over the past week. Meanwhile, oil and wheat have surged historically as the breadbasket of the world continues to bleed.”
Crypto in the Russo-Ukrainian Conflict
The Ukrainian government decided to cancel the airdrop of its token after the announcement of Peaceful World tokens (WORLD), which was later realized as a “spoof” token with a circulating supply mimicking the world’s population at 7B. The Ukraine wallet then appeared to send nearly a million WORLDs to a wallet that used the tokens to seed a liquidity pool on Uniswap. Blockchain analysts were sceptical of the incident since the Ukraine wallet never directly interacted with the tokens.
At the time of writing, it appears that there have been 2,277 WORLD transfers made and Etherscan displayed a warning that the token has been reported to have been used for misleading people into believing it was sent from a well-known address and maybe spam or phishing. Retreating from issuing fungible tokens, the Ukrainian government tweeted that it would drop some NFTs to support the Ukrainian army.
On the same philanthropic note, Uniswap added a new “Donate to Ukraine” feature to encourage ETH donations to the war-ridden country. The feature automatically exchanges any of Uniswap’s listed tokens to ETH for Ukraine.
Coinbase also announced that it had blocked more than 25,000 wallet addresses linked to Russian individuals or entities who are suspected of having engaged in illicit activity. Similarly, but with users based in another sanctioned state, OpenSea deactivated Iranian-based accounts without prior notice or explanation, on the back of the escalating conversation about sanctions. Moreover, two fundamental pieces of the Ethereum ecosystem, Infura and MetaMask, are restricting access to users in certain geographical areas, shying away from giving any specific details.
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