OTC’s Weekly Retrospect 28/02–04/03/2022
Every week we take a look back over the week’s biggest Bitcoin and Digital Asset stories making waves in the cryptosphere.
Major news stories this week;
- Bitcoin’s Hashpower Drops, BTC Mining Difficulty Expected to Jump Higher
- Ukraine Government Cancels Airdrop Ahead of Scheduled Snapshot
- Lugano Introduces Bitcoin, Tether, LVGA as Legal Tender
- Crypto Isn’t the Sanctions Haven Its Jump Suggests
- Ukraine Legalizes bitcoin, but Not as Legal Tender
- Bitcoin Price Jumps as Demand in Ukraine and Russia Booms
- The processing power behind the Bitcoin network has dropped 30% since the hashrate’s all-time high (ATH) on February 15, sliding from 249 exahash per second (EH/s) to 169 EH/s. Furthermore, four days from now, the network’s mining difficulty is expected to increase following the 4.78% epoch change on February 17.
- The Ukrainian government has canceled a planned crypto airdrop as the Russian invasion continues. “After careful consideration we decided to cancel airdrop. Every day there are more and more people willing to help Ukraine to fight back the aggression,” Fedorov tweeted. Fedorov said the country will announce non-fungible tokens (NFT) to support Ukrainian armed forces, but emphasized there are no plans to issue any fungible tokens.
- Officials from the Swiss city of Lugano and Tether announced the update, dubbed “Lugano’s Plan B,” in a Thursday live stream, before Tether posted a tweet. Lugano’s Plan B will see the city and Tether collaborate in hopes of making Lugano a hub for blockchain adoption in Europe. Through the partnership, Lugano and Tether are hoping to demonstrate the real-world utility for blockchain within the local community.
- The price of Bitcoin surged on Tuesday for a second consecutive day, despite the selloff in other risk assets, as Russia’s invasion of Ukraine buoys cryptocurrency transactions in those countries, partially in response to the sweeping sanctions from the U.S. and other world powers. So are markets essentially cheering the dodging of sanctions? Is good news for crypto actually bad news for the world?
- Bitcoin is now legal in Ukraine as its parliament approved in final reading a bill that caters to the president’s recommendations. However, the country has not made bitcoin a legal tender. “The new law is an additional opportunity for business development in our country. Foreign and Ukrainian crypto companies will be able to operate legally, and Ukrainians will have convenient and secure access to the global market for virtual assets,” Mykhaylo Fedorov, Ukrainian minister of digital transformation, said in a statement.
- Bitcoin has been trading at a premium against the Ukrainian hryvnia on a number of exchanges, both globally and locally, a sign of high demand. On Binance, the largest exchange in the world, bitcoin was trading for the equivalent of $45,894 in hryvnia terms. On Kuna, the largest exchange in Ukraine, it was at $46,847, and had traded as high as $51,240.
Wishing you a happy and relaxed weekend ahead from all of us here at OTC Supply… Happy Friday!