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Russia-Ukraine Tensions Heighten As Crypto Market Falls – Vitalik Buterin Kicks



Russia-Ukraine Tensions Heighten As Crypto Market Falls - Vitalik Buterin Kicks
  • Russia’s imminent invasion of Ukraine has had dire consequences on the cryptocurrency ecosystem.
  • At the close of the week, Bitcoin, Ethereum and other altcoins took a steep dive.
  • Ethereum’s founder, Vitalik Buterin has voiced his concern against an invasion.

As the world watches with bated breaths, investors are dumping their digital assets in anticipation of chaos. In the midst of it all, the Russian-Canadian founder of Ethereum tries to be the voice of reason.

Russia and Ukraine’s Dance Is Hurting Crypto

On Friday, the cryptocurrency market experienced a blip in prices that led to the loss of billions of dollars in value. The cause of this was adjudged to be the mounting tensions between Ukraine and Russia with the Kremlin ordering the movement of troops to the borders. According to information from the White House, the US government believes that Russia could invade Ukraine in the coming days.

The result of this was a devastating loss for cryptocurrencies as investors panicked. Bitcoin slipped by 3.27% to trade at $39,965 while Ethereum lost 6.98% in less than a day. Perhaps, the grim nature of the decline in values was felt by the altcoin markets as Solana, Cardano and Avalanche lost 11.66%, 9.97%, and 11.24% respectively. Shiba Inu and Dogecoin were not left out of the route as they also recorded double-digit losses.

On the larger scale, trading volumes are down by over 17.10% while the global cryptocurrency market cap sits at under $2 trillion after a cumulative loss of 5.15%. While the sell-off is thought to be because of the incoming invasion, there is the worrying threat of inflation that has continued to be a thorn in the flesh of investors. The recent report on inflation for January puts US figures at 7.5%, the highest in almost 40 years. Given the increasing correlation between cryptocurrencies and the stock market, investors are also dumping their digital assets.

On the flip side, there is the use of cryptocurrencies to fund NGOs according to a report by Elliptic. The report noted that there has been a steep rise in BTC donations to NGOs in Ukraine that are being used to equip the Ukrainian army against the planned invasion by Russia.

Vitalik Buterin Kicks

Ethereum co-founder, Vitalik Buterin has voiced his displeasure over Russia’s proposed plan to invade Ukraine. The Russian-Canadian took to Twitter to air his views in the Russian language which was a break from his typical mode of English.

“An attack on Ukraine can only harm Russia, Ukraine, and humanity. Whether the situation will return to a peaceful path or there will be war can now be decided not by Zelensky, not by NATO, but by @KremlinRussia. I hope they choose wisely,” he wrote.

Vitalik Buterin is no stranger to interactions with the Kremlin after he had a conversation with Putin in 2017 in an attempt to foster increased usage of cryptocurrency in the country. Buterin’s father has openly called out Putin’s government as being murderous. Russia is one of the largest contributors of hash rates to the Bitcoin network after it took in a significant number of fleeing miners in the wake of the Chinese crackdown.


Cardano’s Charles Hoskinson wants to work with Elon Musk to develop a decentralized social media platform



Cardano's Charles Hoskinson wants to work with Elon Musk to develop a Decentralized social media platform

The Founder of Cardano (ADA) has invited Tesla owner and billionaire, Elon Musk, to work with him in developing the first decentralized social media platform. Charles Hoskinson, who also doubles up as the CEO of Input-Output Global is offering to help Elon Musk achieve his goal of free speech on social media.

The news follows Elon Musk’s acquisition of a stake in Twitter last week. The Billionaire bought 9.2% of Twitter, estimated at $2.89 Billion, and was even offered a seat on the micro-blogging site’s board. However, after deliberations, Elon passed on the offer since it would bar him from owning beyond a certain threshold of Twitter’s shares.

Free speech advocate

Elon Musk is on record for being a passionate supporter of free speech and open internet policies. He has in the past openly accused Twitter of muzzling free speech and open internet use. He recently held a poll that indicated that most users would prefer an edit button on Twitter and said that if he is not allowed to acquire the platform, he would have to reconsider his position as a major shareholder of Twitter.

To actualize this cause, he has offered to acquire the platform for a reported fee of $43 Billion in cash. This intended acquisition has left his critics and supporters talking and would go a long way in helping him bring much-needed changes to Twitter. His intention has however come under fire with his critics, including Dogecoin co-founder, Jackson Palmer saying that Elon Musk is planning a hostile takeover of Twitter. 

Hoskinson’s offer to Elon Musk

Upon seeing the opposition against Elon Musk’s plan, Hoskinson wooed Elon to join him in creating a decentralized social media platform. He tweeted:

“@Elon if Twitter rejects your offer, then hit me up. Happy to build a decentralized one.”

This offer follows Elon Musk’s Twitter poll where he sought the opinion of his 80 million followers about a decentralized social media platform. He posited that were he to be barred from acquiring Twitter, he would establish his decentralized platform that would be founded on free speech and open internet.

Elon Musk’s campaign for free speech and open internet has not been welcomed by all. Some of his critics have argued that coating his move with good intentions, his true intention is to get revenge against the SEC for muzzling his Twitter activities.

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Thailand Outlaws The Use Of Crypto For Payments



Thailand Outlaws The Use Of Crypto For Payments
  • The SEC in Thailand has banned crypto payments in the country.
  • Its new decision is expected to become enforceable in April.
  • The SEC reiterated that the government still maintained support for the blockchain industry, clarifying that the decision does not affect crypto investments.

The Securities Exchange Commission today has placed restrictions on crypto as a means of payment. They believe that it poses risks to the nation’s financial stability.

Crypto Payments Outlawed

Thailand’s SEC today has outlawed the use of crypto as a medium of exchange in the country. The regulators came up with this decision after discussing the benefits and inherent risks from crypto and blockchain technology with the country’s central bank, the Bank of Thailand (BOT).

They concluded that the use of cryptocurrencies for payment was potentially harmful to the country’s financial stability and economy. Price volatility, risks of theft, and potential use cases in money laundering were amongst the reasons cited by the SEC that led them to this decision.

The SEC report read, “the use of digital assets as a medium for payment of goods and services Because it may affect the stability of the financial system and the overall economy. including risks to people and businesses such as the risk of loss of value caused by price volatility Risk of Cyber ​​Theft Risk of personal data leakage or being used as a tool of money laundering.”

As per the SEC’s new decision, crypto service providers and vendors or merchants in the country are encouraged to stop providing or facilitating such services. Suppose a crypto service provider discovers that a customer has used its services to make payments. In that case, the service providers are to inform the SEC and restrict activities on the said account.

The SEC’s new ruling is to take effect from the 1st of April. However, businesses that already offer such services would be given till the end of April to cease such operations. The crypto market in Thailand has grown massively over the last couple of years. As per a Bloomberg report, government data estimates that Thai citizens hold about $3.4 billion in crypto assets.

Crypto Investments Not Affected As The Thai Government Still Supports Blockchain Technology Innovation

The SEC in their release, clarified that the restriction was only on using cryptocurrency as a means of payment and in no way affected citizens investing in crypto. It was stated that “digital asset traders/investors can carry out normal investment/trading related transactions.”

The SEC also maintained that the government still supported blockchain technology and was working to provide a regulatory environment where innovation can be encouraged in the industry. Recall that earlier this month, the country had offered tax incentives to investors and businesses in the crypto industry.

“… the BOT and the SEC, as well as other government agencies, see the benefits of various technologies behind digital assets such as  blockchain and emphasize and support the use of technology to further innovation.”

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