The World Deserves Bitcoin – Chung’s Weekly Digest (2/27)

Ukraine faces its most critical moment as crypto-assets become a financial salvation.

Escalation of Conflict 

The Ukraine-Russia conflict tanked Bitcoin ($BTC) to $34k on Thursday after missiles were fired into Ukraine leading to the selling off of riskier assets. This led to a loss of more than $150 billion in terms of total market capitalization for the crypto market in a mere 24-hours. 

However, the Bitcoin market has quickly recovered and reached a micro high of $39,749 before taking a slight dip. Bitcoin and Ethereum are neutral tech and cannot be weaponized in political conflicts, instead, it has become a lifeline for victims of the conflict. Although it is a risk-on asset, it plays a valuable role in this period of uncertainty.  

Neither Bitcoin ($BTC) nor Ethereum ($ETH) serve any master. Moscow could also be using cryptocurrencies to evade the sanctions imposed by many countries. Venezuela circumvented sanctions imposed by the US by using Bitcoin to access the global financial market instead of the dollar.  

The ethos behind cryptos is no longer theoretical narratives. It is playing out in real-time. 

Weekly Recap

PancakeSwap’s IFO 3.1 launches with Era 7, rewarding its loyal followers. 

TrustWallet launches 0% fees for 40 popular cryptos. 

ApeSwap’s governance proposal aims to optimize revenue utilization and also authorize the team to use its treasury funds. 

FTX.US launches its own gaming division. 

Co-founder of TenX is the prime suspect for the infamous ‘The DAO’ hack. 

SecondLive opens doors for networking opportunities through its metaverse meetups. 

ThetanArena announces perks for content creators. 

California moves to allow the state to accept cryptos. 

Binance’s CEO to talk about the potential of NFTs and the future of cryptocurrencies in Dubai. 

Spotify is looking at Web3 and Blockchain by making new hires. 

Metaverse theme continues to spur interest despite a bearish market. 

Blockchain Caucus moves quietly as Web3 grows exponentially. 

1Password is now integrated into Phantom Wallet for better security. 

Chainlink’s VRF v.2 goes live on BNB Chain. 

GameFi platforms assure their communities that operations will continue despite geopolitical unrests.

PancakeSwap launches $HIGH farm with impressive APR. 

The SEC strengthen its grip on crypto trading platforms. 

Keystone hardware wallet seals partnership with PancakeSwap. 

Binance launches a high yield staking center that spans across various blockchain ecosystems. 

BitConnect founder indicted but remains at large. 

Market Sentiment

Geopolitical uncertainties continue to weigh down the market as tension continues to build around the Ukraine-Russia crisis as other sovereign nations are starting to take sides. 

The crypto market showed some resilience and hints of a ‘market bottom’ as it bounces off its $34k support. 

Funds are flocking into exchanges to buy Bitcoin. 10.2k of Bitcoins are taken out of exchanges.  

S&P drawdowns of more than 10% often mark Bitcoin’s bottom, Joe Burnett tweeted.  

Coins to Watch

Bitcoin ($BTC) and Ethereum ($ETH) will be tested for their narratives. These narratives are: 

– Decentralized

– Permissionless

– Censorship resistant

– Ultimate store of value

– Ultrasound money 

The two major crypto assets will likely prove to the world that decentralization is the future. It provides the most essential lifeline in times of crisis. 

It also proves that Web3 is as important. Neither the ruling government nor its enemies would be able to block access to a decentralized web. 

$SOL is now very attractive at its current price. $SOL remains the choice for new projects that will eventually create ripples in the crypto market. 

The $SOL ecosystem will eventually mature and the level of activities on the SOL network will drive the price of $SOL past its previous all-time high. However, this pick is a long-term investment. 

Sanctions Do Not Work

Following the military incursion into Ukraine, many nation-states have expressed their disapproval and implemented some ‘strict’ measures against Russia. These measures include the removal of Russian banks from the Swift system and the imposition of economic sanctions. These moves are no longer effective. 

Money transfers can take place without Swift. Economic sanctions are futile as Venezuela has proven that sanctions can be circumvented. This circumvention is tempered by the fact limited traditional goods can be accessed by crypto and mass adoption still remains an ambition, but it is certainly an effective alternative. Crypto-based platforms and services will be central to any global initiative to censure rogue conducts. 

The argument of whether cryptos ought to be legalized and regulated is no longer a live issue. The real issue is how to regulate.    

Source : bsc.news