BitYard Weekly Roundup (2022/03/01 — 2022/03/07)

Top News Released:

• 18% of super-rich Indians invested in cryptos, NFTs last year

Nearly 20 percent of Indian ultra high-net worth-individuals (UHNWIs) invested in crypto assets last year amid rising popularity of crypto and non-fungible tokens (NFTs), according to Knight Frank’s Wealth Report. UHNWIs are those who have net worth of $30 million (about Rs 226 crore) or more.

“In India, 18 percent of ultra-wealthy have invested in crypto assets. 10 percent of them being invested in crypto/tokens and 8 percent being invested in NFTs. 2021 was the year that crypto investments went mainstream. The sector’s growth was certainly eye watering. According to The Economist magazine, the global value of crypto assets was $2.4 trillion at the end of 2021, a 12-fold increase since early 2020,”

Knight Frank India said in a statement.

• US can regulate cryptocurrencies without new law, think tank says

US regulators can largely use existing laws to bring digital assets such as crypto under their supervision without new congressional legislation, one of Washington’s most influential liberal think tanks, the Center for American Progress (CAP), said on Tuesday. Agencies including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) could use the CAP report to inform their decisions on how to govern crypto, Reuters reported. The think tank said it would be helpful for Congress to address gaps within the current regulatory framework such as creating rules for crypto commodities. But it warned that a new and distinct regulatory structure for crypto could inadvertently weaken supervision and create regulatory arbitrage.

• European Parliament To Place Vote On Crypto Bill Without PoW Provision

The Parliament Of The EU has dated a vote on a framework aimed at regulating crypto after addressing concerns over proof-of-work mining.

In a Monday Twitter thread, EU committee on Economic and Monetary Affairs member Stefan Berger said the committee will vote on the markets in crypto assets, or MiCA, framework on March 14 following the submission on a final draft of the bill. Berger said the legislation will no longer include text some had interpreted as a possible ban on Pow crypto mining.

• As War Continues in Ukraine, Crypto Plays a Key Role

Russia’s war against Ukraine is in its second week, and crypto has emerged as an important element of the conflict. The war has sent 1.2 million Ukrainians fleeing since Feb. 24, and more than 2,000 Ukrainian civilians have been killed, according to the Ukrainian government. The human costs of the war are already steep, with no end in sight.

Those costs have inspired people across the world to help support Ukraine’s defense against Russia, and crypto has presented a novel way for them to do it. After the Ukrainian government tweeted a request for crypto donations, more than $50 million worth of crypto poured in. The Ukrainian government also announced plans to mint NFTs to fund its military. On the other side of the coin, there are growing concerns about Russia using crypto as a way to avoid sanctions, and the United States Treasury is concerned about Russian cyberattacks on crypto companies. Crypto scammers are also using Russia’s invasion of Ukraine to steal money from people looking to help.

Top Gainers & Losers (7 Days)

Gainers:

• DeFi Land (+111.76%)
• Waves (+20.35%)
• Craft (15.60%)
• IZIChain (+10.90%)

Losers:

• Legend Of Fantasy War (-23.28%)
• Symbiosis Finance (-17.07%)
• Dora Factory (-15.48%)
• Thetan Arena (-15.33%)

New Coins Listed On BitYard:

• ONSTON/USDT

• RSS3/USDT

• SANTOS/USDT

• RANKER/USDT

• JST/USDT

Other Articles You Might Be Interested In:

• The Gaming World And Crypto — Bitcoin Adopted.

• Bitcoin Mining: How Does It Work?

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