As the world continues to reel from the recent military invasion of Ukraine by Russian military forces, the crypto community is stepping up to offer aid to bothe the Ukrainian people and their military forces. Cryptocurrency donations, including Bitcoin and various altcoins, have been pouring into the country. Since the first incursion of Russian forces into Ukraine, more than $5 million in cryptocurrency has already been raised, according to blockchain analytics firm Elliptic.
Ethereum, the highly touted cryptocurrency and second-largest digital token by market capitalization, has put crypto whales in a feeding frenzy thus far through 2022. With several market dips having already occurred related to crypto bans and new regulations, dismay relating to the Russia Ukraine confrontation have put markets back into the red, creating yet another buying opportunity.
ConocoPhillips, the world’s largest independent exploration and production company, has agreed to sell natural gas that would have been otherwise been flared to a third-party Bitcoin miner located in the second-largest major shale play in the Bakken, North Dakota.
Hackers have again targeted the crypto industry, causing a data breach on February 8 resulting in the loss of $21 million in Bitcoin and $15 million in Ether from retirement accounts held by IRA Financial Trust, a FinTech that manages various portfolios consisting of nontraditional assets.
On a daily basis, there is lots of digital development, enhancement and sophistication on the blockchain technology. Zero Knowledge protocol seems to be an age long idea that will create new dimensions, and extra layers of security and privacy to the blockchain through a no authentication system. It’s a landmark process because it will drastically reduce exposure and enhance the privacy of all and sundry.
Canada’s KPMG, a leader in audit, tax, and advisory services to the private and public sector, has added an allocation of both Bitcoin and Ether to its corporate treasury.
Numerous community banks throughout the United States are gearing up to begin offering Bitcoin and crypto trading services to their clients. Facing constant demand for new services aimed at crypto trading, over 300 banks will begin offering new services targeting Bitcoin to their clients by Q1 or Q2 of 2022 with the help of NYDIG, a subsidiary of Stone Ridge, that has already been heavily involved in supporting various crypto initiatives by traditional financial institutions.
Crypto asset firm Valkyrie Investments has just submitted filings with the SEC to list a Bitcoin mining-focused exchange-traded fund on the Nasdaq. Valkyrie’s proposed ETF would invest a minimum of 80% of its net funds into stocks of domestic and foreign companies that generate at least 50% of their revenue from Bitcoin mining and related operations including the production of specialized mining chips, hardware, and software to support the industry.
After a short reprieve over the weekend, cryptocurrencies continued their dramatic and prolonged slide on Monday, culminating in bitcoin losing nearly half of its value since it hit record highs last November.
As the current crypto bloodbath continues, Altcoins are feeling the brunt of selling pressure, suffering double-digit losses in recent trading sessions. Altcoins enjoyed a recent price surge in the past weeks but have quickly experienced a correction giving up most of their gains. However, altcoins weren’t the only tokens to experience large declines. Bitcoin is down over 10% falling below $40k and Ethereum is down nearly 15% trading in the $2,700 range.