Coming every Saturday Hodler's compendium It will help you keep track of all the important news that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more – a week on Cointelegraph in one link.
Top news this week
The President of Ukraine signs a law establishing a regulatory framework for cryptocurrencies
The crypto regulation received the approval of the Ukrainian President Volodymyr Zelenskyy. The bill, titled "On Virtual Assets," was signed by the president, opening the door for government oversight of the domestic cryptocurrency industry.
The Ministry of Digital Transformation of Ukraine said: "The signing of this law by the president is another important step in bringing the crypto sector out of the shadows and launching a legal market for virtual assets in Ukraine."
Among other details, the bill specifies that the National Securities and Securities Market Commission of Ukraine will govern the industry at multiple levels, such as licensing related to digital assets.
European Parliament votes against PoW ban, providing major relief to crypto industry
A major European Union (EU) regulatory bill known as Markets in Crypto Assets (MiCA) has moved forward, leaving behind wording that would have essentially banned proof-of-work (PoW) crypto assets in the region.
A lengthy bill related to crypto regulation in the EU, MiCA had two drafts up for debate: one version that would essentially ban PoW mining and related cryptocurrencies, and another that housed more favorable language regarding the technology. In a nutshell, the European Parliament's Committee on Economic and Monetary Affairs voted in favor of the option that did not prohibit PoW. The bill will now proceed through further approval processes.
It's official: Binance obtains a license to operate in Dubai
It was a busy week for cryptocurrency exchanges, which have secured regulatory approvals in multiple jurisdictions. Binance obtained licenses in Dubai and Bahrain. FTX also received a license from Dubai.
Thanks to the Virtual Asset Service Provider (VASP) license it obtained in the region, Binance can now set up an office in Dubai, among other rights recently granted by the license. Additionally, Binance received a virtual asset exchange (VAX) license in Dubai. FTX also revealed that it received the VAX from Dubai this week.
ApeCoin announcement raises BAYC price floor to almost ATH before correction
Bored Ape Yacht Club (BAYC) NFT owners will receive a sizeable sum of ApeCoin (APE), a new utility and governance token for the project. APE is an ERC-20 token.
If they do so within 90 days of March 17 (12:30 pm UTC), BAYC owners can claim 10,000 APE, worth $72,000 at the time of Cointelegraph coverage in the article. linked above. FTX, Gemini and other exchanges plan to list APE.
Trading volume and prices of BAYC NFTs experienced turmoil around the APE token news. Among other reported detailsthe token will have a supply of 1 billion.
Members of Diem's team raise $200 million to launch a blockchain derived from it
Avery Ching and Mo Shaikh, two former leaders of the Meta crypto division, are building a layer 1 blockchain with some of its roots based on Move, Project Diem's programming language. Known as Aptos, the project led by Ching and Shaikh recently announced $200 million in funding, with names like Coinbase Ventures and Andreessen Horowitz contributing. Aptos is aiming for its core network to go live in the second half of 2022.
Released early 2022Facebook-turned-Meta stablecoin Diem essentially saw the end of its journey, with Silvergate Capital Corporation buying the nuts and bolts of the project (intellectual property, etc.) from Meta.
winners and losers
At the end of the week, Bitcoin (BTC) I sat down $41,727ether (ETH) on $2,936 and XRP on $0.79. The total market capitalization is $1.87 trillion, according to CoinMarketCap.
Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are ApeCoin (BUN) at 1,338.31%, Aave (AAVE) at 38.53% and THORChain (RUNE) to 37.67%.
The top three altcoin losers of the week are Anchor Protocol (AFRICAN NATIONAL CONGRESS) at -19.20%, batteries (STX) at -9.20% and Kadena (KDA) at -9.18%.
For more information on cryptocurrency prices, be sure to read Cointelegraph Market Analysis.
most memorable quotes
“If you are an avid cryptocurrency trader like me, I am sure the idea of who will inherit your cryptocurrency has come to mind.”
Jeetu KatariaCEO of Digital Financial Exchange (DIFX)
“Orange pill your neighbor, your favorite store, bar, cinema, start sharing your sats. It's easy for them to learn from a familiar face like yours. Be that little stone you throw into the lake and it will create ripples that will benefit generations to come.”
Paco from IndiaBitcoiner and broker
“Our hope is that when the government does this study [as established by the executive order], […] the conclusion they will come to is that we will not compete against China, an authoritarian dictatorship, also acting like an authoritarian dictatorship. Instead, we will empower our private sector to come up with competitive solutions.”
jake chervinskychief policy officer of the Blockchain Association, regarding a United States central bank digital currency
"The creator is where the power begins, and that is where the power must stay."
Darryl McDanielsfounding member of Run-DMC
"My office has received numerous tips from cryptocurrency and blockchain firms that SEC Chairman @GaryGensler's 'requests' for information reporting to the cryptocurrency community are too onerous, don't feel particularly... voluntary... and stifle innovation.
Tom EmmerUnited States Congressman
“There is no doubt that blockchain gaming is a revolutionary concept, but at the moment, I don't think it is enough to support me financially on its own. […] I think I will have enough courage to quit my job and pursue blockchain gaming once the P2E ecosystem has become mature and sustainable.”
Jesus Dawal Jr.Filipino player
"With proper research and understanding, regulators will find it much easier to regulate DeFi and prevent malicious behavior compared to legacy financial infrastructure."
Eric Chenco-founder and CEO of Injective Labs
“No technology should ever be defined by its worst uses. […] There's more to crypto than ransomware, just like there's more to money than money laundering."
Richie TorresUnited States representative
prediction of the week
Bitcoin Faces New “Milestone” In 2022 As New Forecast Predicts BTC Price “In Millions”
Last week, the largest cryptocurrency asset, Bitcoin, traded below $38,000 and above $41,000 within the seven-day period, according to Cointelegraph BTC Price Index.
Based on global conditions, Mike McGlone of Bloomberg Intelligence and former BitMEX boss Arthur Hayes see Bitcoin finally winning.
McGlone sees the current landscape as one that can help BTC. "In the face of the #Federal Reserve, inflation and war, 2022 may be poised for risky asset reversal and mark another milestone in #Bitcoin's maturation," McGlone tweeted.
Meanwhile, Hayes sees Bitcoin becoming worth more than $1 million per coin based on events currently unfolding, though he did see a decade-long time horizon where BTC would first see price action at the short.
fud of the week
Blockchain Forensics Firm Finds Millions in Sanctioned Crypto Wallet
Blockchain analysis team Elliptic has come across a crypto wallet that could be of particular interest and could potentially be connected to prominent sanctioned Russians. The contents of the wallet add up to a value of millions of dollars, although no further details were given.
“It is proving unrealistic that oligarchs can completely circumvent sanctions by moving all their wealth into crypto,” Tom Robinson, co-founder of Elliptic, told Bloomberg. “Crypto is highly traceable. Crypto can and will be used for sanctions evasion, but it is not a panacea.”
Millions of crypto addresses have been traced to crimes associated with Russia, with hundreds of digital asset services facilitating the anonymous exchange of cryptocurrencies via the Russian ruble, according to Elliptic research.
RBI Apparently Wants To Ban Crypto, But Not For The Reasons You Might Think
India's central bank, the Reserve Bank of India (RBI), has expressed a desire to ban crypto assets, according to a statement released this week. The RBI fears that the adoption of cryptocurrencies could undermine the use and dominance of the rupee, India's national currency, and cause other problems.
“Private currencies have historically resulted in instability and thus have become fiat currencies for centuries,” the RBI said in the statement. “The retrograde step towards private currencies cannot be taken simply because the technology allows it […] without considering the dislocation it causes in the social, economic and legal fabric of society”.
'Unlucky:' Agave and Hundred Finance DeFi protocols mined for $11 million
Decentralized finance (DeFi) solutions Hundred Finance and Agave were exploited for $11 million by an attacker who managed to exploit a wrapped Ether (WETH) contract function on Gnosis Chain, a stable payment platform. Simply put, the attacker was able to drain more funds by continuously borrowing against the same collateral he was posting.
The sum of $11 million was stolen across a number of different crypto assets, including the aforementioned wETH, but also wrapped in BTC (WBTC), Chainlink (LINK), and USD Coin (USDC). Agave and Hundred Finance stopped their protocols together amid the investigation.
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