Results of the week: Putin worried about digital assets, and Musk could not stay away from the NFT boom

The President of the Russian Federation drew the attention of the prosecutor’s office to digital financial assets, Buterin proposed to speed up the transition to ETH2, Elon Musk “put up” a song about NFT in the form of NFT for sale, WEX clients discovered stolen funds and other events of the outgoing week.

Bitcoin did not stay above $ 60,000

After reaching a new all-time high above the $ 61,000 level last weekend, the quotes of the first cryptocurrency began the week with a fall. Already on Tuesday, March 16, the price approached $ 54,000.

On Thursday, the price of digital gold tested the $ 60,000 mark, but did not hold it. An attempt to break through the level on Saturday was unsuccessful.

BTC / USD hourly chart on the Bitstamp exchange. TradingView data.

At the time of writing, the flagship market is trading at around $ 57,000, keeping its market cap above $ 1 trillion.

Analyst Willie Wu believes that on-chain metrics show investors’ acceptance of a new price level and the total market value of an asset with a high probability will no longer fall below the symbolic mark. This will happen when the price falls below $ 53,590.

URPD: “7.3% of bitcoins last moved at prices above $ 1T”

This is pretty solid price validation; $ 1T is already strongly supported by investors. I’d say there’s a fair chance we’ll never see Bitcoin below $ 1T again.

– Willy Woo (@woonomic) March 21, 2021

Over the past seven days, of the leading cryptocurrencies, only Cardano and XRP have been in the green zone (according to CoinGecko ). The price of the Ripple token rose 9.5% amid positive news for the asset from the hearing of the SEC lawsuit against the company.

Data: CoinGecko.

The price of the Chiliz project coin has corrected by about 5% after a sixfold increase last week. The token holds the 37th line of the rating by capitalization.

The aggregate indicator of the cryptocurrency market exceeds $ 1.8 trillion with a bitcoin dominance index of 58.8%.

Putin instructed the Prosecutor General’s Office to stop illegal cross-border transfers of digital assets

Russian President Vladimir Putin instructed to take additional measures to suppress illegal cross-border transfers of digital financial assets.

“Criminal elements are increasingly using these digital financial assets, and this certainly needs to be paid close attention to with colleagues from other departments, including Financial Monitoring,” the Russian president said at a meeting of the board of the Prosecutor General’s Office.

The State Duma allowed a change in the threshold for declaring cryptocurrencies

The threshold of the annual turnover from operations with cryptocurrencies, at which their owners will have to report to the tax authorities on the availability of digital currencies, may be revised. This was stated by Anton Gorelkin, a member of the State Duma Committee on Information Policy.

“For now, it is assumed that it is necessary to declare operations with digital currency if the annual turnover on them exceeds 600,000 rubles. But this is a debatable issue: the threshold can be changed, ”he said.

Elon Musk “put up” for sale a song about NFT in the form of NFT, but then changed his mind

The head of Tesla and SpaceX, Elon Musk, released a techno track about non-fungible tokens (NFT) and announced that he had put it up for sale . The attributes of the digital work of the billionaire were the inscriptions HODL, “Never sleep computers” and a Shiba Inu dog.

“I’m selling this NFT song as an NFT,” Musk wrote.

Digital artist Beeple, whose NFT painting Everydays: The First 5000 Days recently went under the hammer for a record $ 69 million, offered Musk a similar amount. In response, the head of Tesla requested 420 million DOGE – about $ 24 million.

Immediately following Musk’s Twitter post, the tweet was put up for sale on the Valuables platform. At the time of writing, the maximum amount was offered by the founder of Bridge Oracle Sina Estavi – $ 1,121 million.

Data: Valuables.

Musk himself later said that he changed his mind about selling NFT, considering it “a wrong idea.”

Other recent developments in the booming sector include:

  • The $ 69 million NFT buyer from Beeple has revealed his identity .
  • Mark Cuban put up his NFT quote for sale .
  • Sotheby’s will host the first NFT auction .
  • Dollars with “Satoshi image” were put up for sale in the form of NFT.
  • DC Comics  urged  its artists to abandon the sale of NFT – the company is interested in independently monetizing intellectual property.

Wex clients find stolen funds in excess of $ 250 million

An initiative group of clients of the Wex cryptocurrency exchange found stolen funds worth more than $ 250 million on the platform’s hot and cold wallets.

In the course of its own investigation, the coordination center of the victim group conducted an audit of the exchange’s transactions. They also identified the accounts through which part of the money was laundered.

“All information has been transferred to the investigation and officially attached to the materials of the criminal case, this will allow us to carry out the necessary investigative actions and will be evidence in court,” the initiative group noted.

The coordinators are now looking for the rest of Wex’s injured clients, including foreign ones, to file a civil claim.

Ethereum developers have presented a compromise for miners EIP-3668

Ethereum developers have introduced EIP-3368. The proposal assumes an increase in the miner’s reward for a block to 3 ETH and its reduction to 1 ETH after the implementation of the London EIP-1559 hard fork, which provides for the burning of a part of transaction fees.

Miners opposed EIP-1559, and the Ethermine pool launched in beta software to implement the Maximal Extracted Value (MEV) arbitrage strategy. It assumes compensation to miners after activating the controversial update.

The pool estimates that the solution will increase its revenues by 1-10%, 80% of which will be distributed among the participants. Over the past year, the technology has brought in an additional $ 334 million.

Against the background of miners’ threats to “show strength” due to dissatisfaction with EIP-1559, Ethereum co-founder Vitalik Buterin proposed to speed up the transition to ETH2.

Co-founder of BitMEX released on bail of $ 20 million, and the former CEO approved a plan for surrender to the authorities

Co-founder of the cryptocurrency derivatives exchange BitMEX Ben Delo voluntarily surrendered to the US authorities . On March 15, he appeared remotely in court on charges of violating the Bank Secrecy Act.

The case pleaded not guilty. The court released him on $ 20 million bail and allowed him to return to the UK pending trial.

The lawyers of the former CEO of the BitMEX cryptocurrency derivatives exchange Arthur Hayes also agreed with the US authorities on the terms of its voluntary surrender. On April 6, Hayes will arrive at a court in Hawaii, which will release him on $ 10 million bail, secured by $ 1 million in cash and obligations from his mother, and then return to Singapore.

Oleg Tinkov: cryptocurrencies are about people who want to hide something

The founder of Tinkoff Bank, Oleg Tinkov, during a discussion at the Clubhouse, said that he was in favor of progress, but he did not fully understand why cryptocurrencies were needed.

“This is a very cool thing, as we know, I guess. But what does a person lack if he goes to the crypt? It seems to me that this is about people who want to hide something from someone. At the same time, there is no point in going against progress, young people want it, ”he said.

Roskomnadzor announced the possible blocking of Twitter in Russia

Roskomnadzor will block Twitter on the territory of the Russian Federation if the social network does not remove the prohibited content. The department gives the company a month for this, said Vadim Subbotin , deputy head of Roskomnadzor.

“We’ve taken a month and watched Twitter’s response to the removal of banned content. After that, depending on the actions of the administration of the social network, appropriate decisions will be made, ”he said.

The head of Visa revealed the details of the company’s crypto strategy

Payment company Visa has set itself the goal of taking advantage of the opportunities associated with new technologies and methods of transferring funds. This was announced by its CEO Alfred Kelly.

“We are trying to accomplish two tasks. The first is to provide an opportunity to purchase the first cryptocurrency through accounts in the payment system. The second is to work with bitcoin wallets to transfer coins to fiat and spend them at any of the 70 million points in the world that accept Visa, “Kelly said.

The head of the company noted the great potential for the formation of cryptocurrencies as a means of payment, primarily in countries with emerging economies.

Media: Morgan Stanley will open access to bitcoin funds for clients

Morgan Stanley will be the first of America’s largest banks to offer clients access to bitcoin-based investment funds.

According to media reports, we are talking about two funds from Galaxy Digital by Mike Novogratz and a jointly launched investment tool of NYDIG and FS Investments.

Against this backdrop, analysts at Bank of America said that bitcoin is useless as a store of value or payment instrument. The only reason to own it is the growing rate.

A $ 5 million deposit in the Filecoin project tokens was duplicated on Binance

The developers of the Filestar project and blockchain observer Filfox discovered that FIL tokens worth about $ 5 million for some unknown reason entered the Binance exchange twice .

Experts initially assumed that what happened was a double waste, reporting this to several Chinese media outlets.

Shortly thereafter, crypto exchanges Binance and OKEx suspended FIL deposits as a precautionary measure.
The California blockchain startup Protocol Labs, behind the development of Filecoin, said the problem was not double spending and there was no “major bug,” as some media outlets wrote. The project experts said that the problem is on the side of Binance.

Grayscale launches five new trusts

Grayscale Investments has announced the launch of five investment products . The total number of cryptocurrency trusts managed by the company has reached fourteen.

The new products make it possible to invest in Basic Attention Token, Chainlink, Decentraland, Filecoin and Livepeer without having to buy digital assets directly.

Hodlmonks also wrote:

  • The Nvidia driver made it possible to “crack” the mining protection of the GeForce RTX 3060 video card.
  • AMD will not specifically limit the hashrate of video cards due to miners.
  • The Indian authorities have proposed introducing prison terms for bitcoin owners.
  • A public company from China has increased its investment in Bitcoin and Ethereum to $ 89 million.
  • Coinbase will list 114.9 million shares in a direct listing on the Nasdaq.
  • Backed by Paradigm and Galaxy Digital, custodian Fireblocks raised $ 133 million .
  • The Signal messenger started accepting donations in cryptocurrency.

What else to read and see?

In the new material, Hodlmonks figured out why DeFi users are actively switching to Binance Smart Chain, despite the high level of centralization and whether this trend is long-term.

The magazine also found out how things are with the regulation of the cryptocurrency industry in the countries of Central Asia – Kazakhstan, Kyrgyzstan, Uzbekistan, Tajikistan and Turkmenistan.

Read about the most notable events in the fields of cybersecurity and artificial intelligence this week in traditional digests. The review of the largest investment transactions in the cryptocurrency industry spans a longer period.

On March 18, Hodlmonks was broadcast live by Deputy Minister of Digital Transformation of Ukraine for IT Development Alexander Bornyakov and Max Demyanyuk from the expert group on the development of virtual assets of the Ministry of Digital Science. Together with Max Bit, we discussed strategies for the development of the IT and crypto industry in Ukraine, industry business and possible options for integrating digital assets into the country’s ecosystem.

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