Crypto Pirates

The COVID-Crypto Relief Fund (Crypto Relief), a community-run fund aimed at providing relief during the Covid crisis, was established in April 2021 and had received numerous donations within a month of its inception.

Its cause received widespread support in the cryptocurrency community after Vitalik Buterin, the founder of the world's second-largest cryptocurrency Ethererum, transferred 500 ether and 50 trillion Shiba Inu memecoins (worth approximately $1 billion) to the fund. In addition to Buterin, Australian cricketer Brett Lee contributed via Bitcoin last year.

Nonetheless, Sandeep Nailwal, co-founder of Polygon (MATIC), revealed on Friday that up to $100 million of Buterin's SHIB donation from last year will now be returned to him.

Sandeep Nailwal explained the reasons for this decision in greater detail in a tweet thread about the move.

Despite its foreign origins, Nailwal assured that "Crypto Relief follows a systematic, controlled, and robust approach in disbursing funds mandated to be used for India." However, he also stated that as an Indian citizen, he must be "extra cautious in any of the projects to which donations are made."

"Vitalik, as a non-Indian, can do it more quickly by making faster decisions and deploying to projects with higher risk but also higher rewards," explains Polygon's COO.

The decision was allegedly reached after Nailwal discussed the matter with Buterin (who donated approximately 98 percent of the fund). The fund has already disbursed 70 million USDC and is reserving another 300 million to be distributed to needy areas in India.

Buterin responded with a tweet, revealing that he has co-founded a new organisation (Balvi) to direct these funds. He also gave us a link to where we can track these funds.

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Despite the bullishness observed in November, losses in the fourth quarter of 2021 continued to rise, owing to a lack of interest.

Last year, the once-controversial trading platform jumped into the cryptocurrency trend and managed to churn a significant amount of money solely from crypto trading.

However, it has since been drastically reduced as a result of certain decisions made by the Robinhood management.

Robinhood's Seven Coins

In the aftermath of these losses, Robinhood CEO Vlad Tenev issued a statement when asked about the rumours of Shiba Inu's listing. Tenev stated explicitly:

"We don't want to trigger SEC registration requirements for cryptocurrencies...

We have a lot of faith in the coins we have on the platform."

Even though SHIB isn't mentioned directly, the platform's choice of words indicates that the meme coin will not be added anytime soon. The discussion began after Robinhood experienced continuous losses in the previous quarter, as well as a 6% decline from the previous quarter.

According to Bloomberg, Robinhood made over $223 million in revenue in the second quarter of 2021, which dropped to $51 million. Dogecoin alone accounted for 40% of this $51 million in revenue, prompting people to demand the inclusion of Shiba Inu, one of the most popular coins at the time.

The demand arose because, of the seven coins offered by Robinhood to its customers, only one was and is the face of the trend – Dogecoin. Three of the remaining six coins were Bitcoin, Ethereum, and Litecoin, with the final three being Bitcoin Cash, Bitcoin SV, and Ethereum Classic.

As a result, it is clear why the platform is losing money, as few people are interested in trading the latter three coins.

Robinhood is losing more money than it is making

Robinhood's share price has been steadily declining over the last four months. By the end of September, the platform's ticker was trading at $46.69. Since then, HOOD has dropped 77.08 percent to $10.77 as of press time.

While the crypto market is still consolidating, Robinhood has the opportunity to attract more investors by adding valuable coins such as Solana, Cardano, and XRP.

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During the first quarter of 2022, payment processing behemoth Visa Inc. V +10.6 percent + Free Alerts processed a significant volume of transactions involving crypto-backed payment cards.

What Happened: According to a Friday CNBC report, Visa processed $2.5 billion in crypto card payments in the first quarter of 2022. This is said to be equivalent to roughly 70% of the total volume of crypto card payments processed by the company in 2021. According to Visa CFO Vasant Prabhu, this demonstrates that "consumers see utility in having a Visa card linked to an account at a crypto platform."

Prabhu also sees "value in being able to access that liquidity, to fund purchases and manage expenses, and to do so instantly and seamlessly" with cryptocurrency. He promised that the company will continue to develop crypto products and work to "be a key partner in providing the connectivity, scale, consumer value proposition, reliability, and security that is required for crypto offerings to grow."

According to Prabhu, the data also shows that crypto card spending is not concentrated on a specific merchant vertical, and that people are using such spending tools as a general-purpose account. He also stated that despite the volatility of the cryptocurrency market, this payment volume has been increasing.

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When I first started out as an entrepreneur in 2014, I realised that in order to grow and scale my business, I'd need to stay on top of emerging trends and technology. Because I don't own a company that provides professional-development workshops or consultants, I budget a few thousand dollars per year for conferences, workshops, and coaching.

Last year, after attending a few online workshops and conferences and avidly listening to my favourite business podcasts, I realised there were several major trends that I wanted to incorporate into my 2022 strategy to stay current and gain a competitive advantage.

After much thought and planning, I've decided to incorporate NFTs, cryptocurrency, and the metaverse into the structure of my business this year. This is how.

Using NFTs to provide membership access

I became interested in NFTs around the middle of last year. While many people in my life were purchasing NFTs that were nothing more than digital art, a few entrepreneurs I heard speak on a podcast explained how they were using NFTs for business.

Entrepreneur Gary Vaynerchuk, for example, has a collection of NFTs that grant holders access to VeeFriends, a private membership club with exclusive benefits. Official, a clothing company, has an NFT marketplace where people can get exclusive access to physical products.

For my business, I'm working on developing a set of NFTs that will allow people to access my course library. I'll limit the number of NFTs in the collection, and customers who buy one can resell it whenever they want while retaining access to the course library.

I'm utilising metaverse technology to improve my customer experience.

One major technological upgrade I'd like to give my company this year is metaverse technology and augmented reality.

Some businesses are utilising augmented reality to provide a one-of-a-kind customer experience. Home Depot and Wayfair, for example, use augmented reality to help customers visualise how furniture will look in their home, whereas Nike and Kohls use augmented reality to allow customers to virtually try on products.

While I'm still considering my options for my business, I'm tempted to use augmented reality to create a video game that people can pay to play in the metaverse or to instal augmented reality to allow people to try on some of the merchandise my brand sells. These features are becoming more accessible on digital platforms; for example, Shopify allows sellers to use 3D models on product pages to show buyers how a product looks in AR.

While I'm eager to implement these new changes in my company, I'm not in a hurry. I'm still coming up with novel ways to incorporate cryptocurrency, NFTs, and metaverse technology into my expansion plans.

For other entrepreneurs, I recommend learning as much as you can about the trends you want to incorporate into your business and looking at what other brands are doing for inspiration.

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The decision to use tokens to back crypto transactions highlights the boom in the digital collectibles market.

Genesis, a digital asset trading firm, has begun accepting non-fungible tokens as collateral for loans and derivatives transactions, indicating that digital art has found its way into the thriving market for complex crypto financial products.

Genesis is entering one of the most exciting segments of the digital finance industry by developing financial products backed by NFTs, a type of digital collectable that can be traded on blockchains.

"NFTs come up in almost every conversation," said Joshua Lim, Genesis' head of derivatives trading.

The market for NFTs grew to $40 billion last year, and the excitement surrounding them is expected to continue in 2022. Sport-themed digital collectibles are expected to be worth $2 billion this year, after the broader sphere of collectable digital art first became popular in 2021.

By building products around NFTs, investors can pledge their tokens in the same way that a traditional trader would use a high-grade asset such as government bonds to back a financial transaction. NFT prices, on the other hand, can be highly volatile, adding a layer of risk to the products Genesis has introduced.

Lim stated that the company, which is part of Barry Silbert's Digital Currency Group, uses a "very conservative approach" to valuing NFTs as a backstop for loans or trades and as security against loans or trades. He claims Genesis only accepts "blue-chip" NFTs with historical significance or a thriving secondary market.

Genesis is the largest cryptocurrency trading desk for professional investors. The company underwrote $50 billion in loans in the last three months of 2021, bringing the year's total to $131 billion. Last year, the trading desk handled $170 billion in cash and derivatives transactions.

According to CryptoCompare data, the digital asset derivatives market grew eightfold between June 2019 and June 2021, with a total of $3.2tn of structured products changing hands on trading platforms.

According to CryptoCompare, derivatives markets accounted for slightly more than half of all cryptocurrencies traded, implying that volumes exceeded those in cash markets.

The entry of professional participants, including banks, has aided the growth of derivatives markets, as regulatory restrictions prevent such institutions from trading in cash crypto markets. This has increased the volume of futures contracts traded on the Chicago Mercantile Exchange and, more recently, trading in "over-the-counter" crypto derivatives traded outside of exchanges.

The International Swaps and Derivatives Association, the derivatives standard-setting body, announced earlier this month that it would develop a framework for digital assets, indicating the growing reach of financial products based on digital assets.

According to a report from Kraken's research arm, NFTs are one of the fastest-growing segments of the digital asset realm. In recent months, major brands in sports, fine wine, art, and fashion have launched dedicated NFTs, hoping to capitalise on the boom despite scrutiny due to fraud and price manipulation, as well as hacks and counterfeits.

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Turkish President Recep Tayyip Erdoan has directed the ruling party to investigate new technologies such as cryptocurrencies and the metaverse. The current directive follows a previous meeting between the Turkish President and the President of El Salvador.

The new directive was discussed at a board meeting of the AK Party presided over by the President. The Justice and Development Party (AK Party), which currently governs Turkey, is the country's dominant political force.

Turkey's AK Party enters the metaverse

The Turkish government is not the only one contemplating the complexities, risks, and benefits of virtual assets and crypto coins. Earlier this week, the Biden administration followed suit. Furthermore, several countries are considering the creation of central bank digital currencies (CBDCs).

The President suggested covering the specifics of the metaverse and crypto. Aside from conducting independent research on the subject, the President wants AK party members to convene a panel discussion. In addition, the metaverse has grown significantly in Turkey.

Members of the AK Party appeared to be on board with the President. The party held its first meeting in the metaverse last week to discuss cryptocurrency regulation.

Turkey's position on cryptocurrency

Turkey's crypto adoption journey has not been easy. Despite years of government warnings about the sector's notorious volatility, crypto has exploded in popularity. Because of Turkey's economic crisis, millions of interested investors have poured money into Bitcoin, Ethereum, and other alternative cryptocurrencies.

Previously, Turkey had a generally negative attitude towards cryptocurrencies. In April 2021, the country imposed a blanket ban on all virtual currency transactions. The Turkish government cited security concerns as the reason for the ban. Furthermore, President Erdogan declared war on Bitcoin before Congress went into recess.

The Turkish Lira has lost more than half its value against the US dollar. Turks are becoming more interested in cryptocurrency, much like the Wild West. The most recent development suggests that the new technologies should be regulated rather than outright banned.

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For the last 24 hours to Friday morning, the Terra (LUNA) cryptocurrency's trading volume increased by more than 19%, while its price dropped by more than 20%.

What is Terra (LUNA)?

Terra, a blockchain protocol, uses fiat-pegged stablecoins to improve payment systems. According to its white paper, it seeks price stability and broader adoption of fiat currencies with the censorship-resistant Bitcoin (BTC) to provide reliable and cost-effective settlements.

The Terra project began in January 2018. Its mainnet was officially launched in April 2019.

Terra's native token, LUNA, is used to stabilise stablecoin prices in the protocol. Furthermore, token holders can vote on governance proposals, granting LUNA the status of a governance token.

Terra was founded in January 2018 by crypto enthusiasts Daniel Shin and Do Kwon.

The total supply of LUNA tokens is one billion. If the number of tokens exceeds the supply, the excess tokens are burned to balance the supply. It can be traded on exchanges such as Huobi, Bitfinex, and others.

Terra (LUNA): Price and Performance

The LUNA token was trading at US$48.28 at 10:07 a.m. ET on January 28, down 20.96 percent. Its trading volume in the last 24 hours was $3.16 billion, a 19.70% increase.

It has a market capitalisation of US$19.33 billion, and its fully diluted market capitalisation is US$40.38 billion. Its current circulating supply is 400.64 million.

In the last 52 weeks, the LUNA token reached a high of US$103.33 and a low of US$1.37. It peaked at US$103.33 on December 27, 2021.

Bottomline

Over the last 12 months, the LUNA token has gained 3247.79 percent. Before investing in digital assets, investors should conduct a thorough market analysis.

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In Santiponce, Spain, the Spanish National Police seize 21 Bitcoin ASIC crypto mining rigs and 13,000 EUR ($14,515.41) in equipment. According to El Chapuzas Informatico, authorities expected to find an illegal marijuana plantation this morning, but instead discovered something completely unexpected.

Authorities in Spain raided a crypto farm, believing it to be a marijuana farm.

Authorities discovered the crypto mining operation in Santiponce, a province in Seville, Spain. Officers were alerted to the location after discovering an illegal electrical attachment from the building. They discovered digital currency mining devices, robust cooling and ventilation systems, and EVGA RTX 30 series graphics cards integrated into mining rig designs when they entered the facility. The EVGA RTX 3080 series is among the cards.

Police have begun an investigation into a possible indoor marijuana plantation in some Santiponce stables. After conducting preliminary investigations, the agents discovered that the existing indications did not correspond to marijuana cultivation, but rather that these facilities could be hosting a cryptocurrency farm, of which there are few records in Spain.

Using this information, the agents entered and searched the stables, where they discovered modern cryptocurrency mining facilities. In this location, 21 ASIC teams intervened, dedicated solely to Bitcoin mining, with an estimated value of over 31,500 euros and a monthly profit of 2,500 euros. A RIG mining equipment, which is also used for cryptocurrency mining, was also discovered. It is estimated to be worth 13,000 euros and could generate 1,000 euros per month in profits.

According to a report from Spanish police agents, authorities seized equipment worth $55,816.03 USD. There is a rumour that the crypto mining technique under development generated at least $2,790.18 in earnings for an unknown number of users.

An unauthorised connection to the electricity network was discovered outside the building, powering the equipment and indicating a high amps consumption. The factory, according to electrical company experts, could result in a monthly electricity deception of up to 2,000 euros.

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Despite the volatility, Bitcoin whale addresses with 100+ bitcoins are still accumulating in the 34k to 38k range, according to Santiment. The bitcoin crash shook the market when the digital asset dropped more than 50% from its all-time high of $33,000. Market sell-offs sent shockwaves through the financial sector, wreaking havoc on the cryptocurrency market. Investors scrambled to sell their holdings during this period, causing market sentiment to plummet.

Whales are unconcerned.

Whale addresses have received over 1.7 million $BTC in the last five years, with an additional 60k added in the last two months. Despite the fact that most retail buyers were scared during the March 2020 crash, these addresses managed to accumulate approximately 1 million BTC and hold them until the October 2020 rally began.

During the early 2021 boom, they gradually liquidated a small portion of their assets, and when bitcoin began to fall in November, they began to accumulate again. These addresses increased their BTC holdings by 4.55 percent in just 30 days.

One of the addresses amassed millions of dollars in Bitcoin during the recent price drop last week. Each purchase, which occurred every few hours, ranged from $2 to $18 million in BTC, with an average of 48,000 BTC. This whale appeared to be buying up all of the coins that were being thrown into the market. By the weekend, the wallet had successfully added nearly a hundred thousand bitcoins to its holdings. In response to the falling price, the whale would buy more bitcoins.

Other whales have benefited from market declines. As the supply of foreign currency decreases, these massive investors ensure that there will be no shortage on their end in the event of a supply crunch.

Bitcoin is gaining popularity

After breaking through the $38,500 resistance level, Bitcoin's price began to fall. BTC has dropped below the $36,500 mark as well as the 100 hourly simple moving average.

The bulls, on the other hand, were active near $35,550. After forming a low near $35,550, the price rose once more. The price decisively broke through the resistance levels of $36,200 and $36,500. On the hourly chart of the BTC/USD pair, there was also a break above a strong negative trend line with resistance near $36,500.

Bitcoin is currently trading at $36,580.97, or the 100 hourly simple moving average. It is approaching the $37,000 resistance level. It is nearing the 50% Fib retracement level of the most recent drop from the swing high of $38,899 to the low of $35,550.

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Instead of prohibiting decentralised trading, Russia's central bank recently joined crypto regulation. This step would pave the way for Russia to become the first regulated country to accept Bitcoin. In recent days, Russian politicians have warned that the country should pass a crypto regulation law because the market provided numerous opportunities for economic growth.

Russia has indirectly traded cryptocurrencies, but the central bank has declared that the tokens will be prohibited beginning in 2021 due to their insecurity and volatility. The Russian president, Vladimir Putin, demanded that regulators agree politically to use cryptocurrencies, and the bank appears to have heeded his request.

Russia is prepared to regulate cryptocurrency

Almost every country in the world accepts cryptocurrencies, but Russia has remained adamantly opposed to them until now. The national regulator recently announced that it is drafting a crypto law, which is the most viable alternative that Putin and politicians have demanded. Dmitry Chernyshenko, a Russian politician, stated that the central bank will develop a new scheme in which cryptocurrencies will be accepted.

According to reports, both federal agents and the central bank have collaborated on cryptocurrency regulation. However, in accordance with the central entity's regulations, the financial secretary, economic secretary, internal incident agency, and digital analysis secretary have all contributed to the new cryptographic scheme.

Cryptos, according to agents, can provide many financial benefits while also posing a risk. Problems, on the other hand, can be avoided with a good crypto regulation scheme.

The government of Russia and the cryptocurrency market

The entry of Russia into the cryptocurrency market could be beneficial to the economy. The Russians are expected to advance in crypto regulation by May 2022, and a solid scheme to operate in the market will be developed in November.

FATF, a financial group that fights money laundering, is behind Russia's cryptocurrency regulation, and it will give the market control. FATF could also play an important role in analysing anti-cryptocurrency measures to ensure that their citizens use them correctly. All of these projects will be announced as the year progresses, but Russia may be the most active participant in the cryptocurrency market.

The announcement of crypto regulation in Russia may also be linked to the US's desire to control decentralised commerce. However, following the announcement of cryptocurrency national acceptance, the Putin government in Russia is likely to be stricter on its use.

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