This Week in Crypto: Bitcoin Tumbles, Russians Liquidate Crypto

14th March 2022
This Week in Crypto: Bitcoin Tumbles, Russians Liquidate Crypto
Image Credit: Itai Aarons on Unsplash

Bitcoin and other cryptocurrencies fell sharply on Sunday before paring losses, as an increasingly hawkish Federal Reserve and the Russia-Ukraine war continue to sap risk appetites.

At the time of writing, Bitcoin (BTC) is trading at US$38,544.46 (-1.35%) while Ethereum (ETH) is trading at US$38,544.46 (-0.29%). Major altcoins have also been trading in red over the past 24 hours.

Russians see UAE as safe haven

Crypto firms in the UAE are being inundated with requests to liquidate billions of dollars of virtual currency. This comes as Russians scramble to save their fortunes in light of the harsh economic sanctions imposed on Russia.

According to a report by CNA, company executives and financial sources are saying that their Russian clients are trying to using cryptocurrencies to invest in real estate in the gulf nation, while others want to use firms there to covert their digital assets into fiat currency.

The Emirates has so far adopted a neutral stance against Russia’s invasion of Ukraine, which might explain why Russians are looking towards the country as a safe haven for their assets.

An unnamed crypto firm said that it had received multiple requests from Swiss brokers asking to liquidate billions of dollars of bitcoin because their clients are wary of Switzerland’s sanctions.

“We have one guy – I don’t know who he is, but he came through a broker – and they’re like, ‘we want to sell 125,000 bitcoin’. And I’m like, ‘what? That’s $6 billion guys’. And they’re like, ‘yeah, we’re going to send it to a company in Australia'”, said an unnamed representative of the firm.

BAYC x CryptoPunks

Elsewhere, Yuga Labs, the company behind the Bored Ape Yacht Club NFT collection, has acquired CryptoPunks and Meebits from their developer Larva Labs.

“Yuga Labs are the innovators of the modern profile picture project, and the best in the world at operating these projects. They are the ideal stewards of the CryptoPunks and Meebits. In their hands, we are confident that they will continue to be vital, thriving projects in the emerging decentralised web”, Matt Hall and John Watkinson, co-founders of Larva Labs, CryptoPunks and Meebits, said in a statement published on Saturday.

Image Credit: Yuga Labs

While Yuga labs announced that they now “own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits”, the company plans to grant the commercial rights of all CryptoPunk and Meebit images to their respective owners. Bored Ape Yacht Club NFT owners are also granted commercial rights to their NFTs.

Meanwhile, a survey by PrivacyHQ has revealed that less than half of NFT owners feel that their NFTs are secure.

Trading Volume

The global crypto market cap is US$1.72 trillion, a 1.51% decrease over the last day.

The total crypto market volume over the last 24 hours is US$66.73 billion, which makes a 25.46% increase. The total volume in DeFi is currently US$10.14 billion, 15.19% of the total crypto market 24-hour volume. The volume of all stable coins is now US$55.99 billion, which is 83.90% of the total crypto market 24-hour volume.

Fear & Greed Index

The Crypto Fear and Greed Index uses 5-6 measurements to assess the current sentiment of the market and then rates that level of emotion on a scale of 1 to 100 – 1 is extreme fear and 100 is extreme greed.

The current score of 23 (Extreme Fear) is unchanged from last week. More volatility should be expected as investors continue to assess geopolitical uncertainty and inflation risks.

Written by Bread News Team
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