March 3: Crypto Summary
Bitcoin and other crypto winning the war against fiat. CryptoPunks held collateral for loan.
gm to everyone writing down their seed phrase on paper.
I was busy yesterday, so no brew for you. But here’s your brew for today!
LFGGGGGG!
Markets
Here are today’s market moves:
Here's what you need to know:
Bitcoin, Ether, and USDT are most active in Ukraine
It's insane how fiat quickly loses its worth in a war zone. The Ukrainian currency hasn't lost much value in the last few days. It’s the Russian ruble thats down immensely due to sanctions.
After Russia invaded Ukraine, the Ukrainian President instated the Martial Law which causes restrictions to its citizens including electronic cash transfer. The Central Bank of Ukraine also suspended Venmo and PayPal. Basically, cash/fiat transfers are dead over there.
In this bleak scenario, crypto came to the rescue for the Ukrainian people. The Ukrainian army raised more than $37 million from crypto donations. Furthermore, crypto exchanges have recorded significant donations in Bitcoin, Ethereum, and other cryptocurrencies flowing into the country. Recently, the country started accepting Dogecoin and Solana donations, as per the PM.
A CryptoPunk was used as collateral for a $8 million loan
Here is a use case for a high value NFT sitting in your crypto wallet.
MetaStreet just facilitated the largest NFT-backed loan ever recorded. According to sources, a mysterious CryptoPunk collector posted 101 CryptoPunks worth $8 million in exchange for loans from MetaStreet.
This is very exciting. A loan on a JPEG?? I mean WTF! 🔥
Are NFT-backed loans going to be a new trend? I’m keeping my eyes on that!
Glad that people are starting to realise the value crypto holds and I think they're smart for valuing it in ETH.
Ukraine Twitter account does airdrop giveaway 🤯
The official Ukraine Twitter account announced an airdrop this morning. Early donors appear to be making thousands of donations ranging from 0.0001 ETH to 0.01 ETH in order to take part in the airdrop. The number of unique addresses that have donated since the airdrop announcement has already surpassed the number of unique addresses that donated prior to the announcement.
It is currently unconfirmed what Ukraine will actually airdrop.
Please note that the airdrop is not live and reports of scam tokens are emerging.
DYOR
Poor billionaire boomer calls crypto ‘Jihad’, later realises the use of crypto, and admits he was wrong
Ken Griffin is the CEO of investment firm Citadel and is world’s 40th richest person with a net worth of about $30.4 billion.
In Oct 2021, he criticized people who believe in cryptocurrency saying it’s “a jihadist call” that some people don’t believe in the dollar 🤦🏻♂️
“I wish all this passion and energy that went into crypto was directed toward making the United States stronger,” Griffin, 52, but this week said that “crypto has been one of the greatest stories in finance over the course over the last 15 years.”
He added that it is “fair to assume” that Citadel will begin to engage with cryptocurrencies “over the months to come.”
*slow clap*
Check this out
Want to ‘Do Your Own Research’ before aping into a new web3 or crypto project?
Here’s a Twitter thread that shows you the process in 10 steps to evaluate projects better:
It will take only a few minutes to read it. You’ll be glad you did.
Did you hear?
Ukraine has received over $51 million in crypto donations.
Crypto market cap is once again above $2 trillion (Congrats to all hodlers!)
Crypto lingo of the day
BRRRRR:
Usually combined with another word such as printers, crypto and such. I suspect it's onomatopoeia for whirring. Usage "government is gonna put another billion dollars in. PRINTERS GO BRRRRR".
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