Crypto Market Tanks After Putin Announces Military Operation In Ukraine | The Daily Forkast скачать в хорошем качестве

Crypto Market Tanks After Putin Announces Military Operation In Ukraine | The Daily Forkast

Welcome to The Daily Forkast, February 24th, 2022, presented by Angie Lau. For the latest in blockchain & crypto news. On today's show: 00:00 Coming up 00:45 Crypto market tanks after Putin announces military operation in Ukraine 02:29 Japan’s biggest financial group to shutter blockchain payment venture 03:13 Chinese authority makes clarification over crypto mining ban --- Kicking off with a look at the crypto market, it is a sea of red in the Crypto top 10, following President Putin's surprise television address announcing a military operation starting in Ukraine. Crypto markets have had a tough couple of months, with investors cautious over rising tensions between Russia and Ukraine, and now a military operation in Ukraine has been launched by Russia's President Putin. The White House has reacted by announcing a meeting of G7 leaders to discuss further consequences to be imposed on Russia as a result. Bitcoin reacted by sliding just over nine percent to trade at US$34,461 by Thursday lunchtime in Asia, and it took most other major cryptocurrencies down a similar amount. However, one exception is Terra's Luna, which had fallen just two percent by the same time in comparison. That could be down to the Luna Foundation Guard, raising US$1 billion for a forex reserve denominated in bitcoin for UST, Terra's biggest stablecoin via an over-the-counter sale of Luna tokens. Overall, the Bitcoin Fear and Greed Index that indicates how worried investors are using data, including volatility and trading volume, remains at extreme fear. One expert told Forkast that while a knee jerk reaction was to be expected in such a cautious environment, it's not all gloom and doom. Let's take a look at what else is happening around the Asia-Pacific region today. First up, Japan's largest bank says it is giving up on its blockchain payment venture. Mitsubishi IFJ Financial Group is preparing to halt and liquidate Global Open Network Japan, which it set up back in 2019. Now, the financial conglomerate says the closure is due to the harsh business environment caused by the pandemic and that commercialization of the venture was actually taking longer than it expected. Now, earlier this month, MUFG announced plans to issue a stablecoin pegged to the Japanese yen next year. That apparently is still in the works. Meanwhile, mixed messages from Hangzhou in China over crypto mining. Has there been a change of heart over the mining ban? Well, confusion arose after the government in the eastern Chinese province of Zhejiang announced an increase in electricity prices specifically for crypto miners. Huh, I thought they banned it, so it actually raised the question over whether the ban had been lifted there. However, it has now been clarified that the increase was intended as a penalty measure to support the ban, rather than indicating that mining is allowed again. China did ban crypto mining last September, sparking a mass exodus of miners from the country. However, state backed media said recently in December that small scale operations still exist in secret. Well, there is a definite chill in the crypto air. Coins like Solana and Polkadot have lost half their value in the last two months as the markets at times have appeared to be in a freefall. What does this mean for investors and is there a play to be made here? Justin d'Anethan, Institutional Sales Director at the Amber Group, joins us to chat about the outlook for the new economy. Angie Lau: All right. Ok, let's talk about Vitalik Buterin, co-founder - We all know this guy legend, right? Co-founder of the Ethereum blockchain. He recently said that people who are deep in crypto are actually welcoming a winter or cooling prices, as it can help weed out unsustainable projects. What do you think? Justin d'Anethan: I couldn't agree more, and I think when things have gone up for a long time, it's healthy for prices in any given market, but definitely in crypto markets, to cool down, right? It flushes out some of the traders that might have been overleveraged. It gives an opportunity for new entrants to allocate capital. But the second part, and I think the thoughts that Vitalik Buterin had in mind when he said this is that during a bull run and periods of enthusiasm, there's a lot of projects that will launch and within those projects, probably a chunk that aren't adding that much value to the space or maybe don't have the tech foundations to survive long term or even a competitive edge that that means they're worth allocating capital to. And so in Crypto winters or when prices go down, it forces investors to reassess their risk profile and essentially the quality of the investments they're holdings. --- #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Ukraine #Russia #Putin #Mitsubishi #CryptoMining #CryptoBan #MilitaryOperation #Stablecoin #China