The past week was full of events and important news for cryptocurrencies, from the new law in Dubai, to Adobe’s new partnership with Polygon and the statements of US President Joe Biden, here’s what you missed in crypto this past week.
TL;DR
Here’s Dubai’s new law on cryptos
HH Sheikh Mohammed bin Rashid Al Maktoum approved a new virtual assets legal framework, and appointed the Dubai Virtual Assets Regulatory Authority as the supervisor for the sector. The government has envisioned the establishment of the UAE and Dubai’s “position as a key player in designing the future of virtual assets globally.” Could Dubai become a new hub for cryptocurrencies? Read more.
Biden’s new statement pumps cryptos
The long-awaited executive order did not impose new regulations on the industry. Instead it directs US federal agencies to create a regulatory framework for digital assets, as well as exploring a future digital dollar. The order rules out potential bans on cryptocurrencies that some had suspected previously. With this clarity crypto prices surged at the time of the announcement. Aside from a 10% jump in bitcoin’s price, Ethereum increased by 5% and shares of crypto mining companies and ETFs also increased.
Why sanctions against Russia include cryptos
The European Commission has clarified that crypto assets are included among sanctions against Russia and Belarus. The clarification comes amid concerns that Russian citizens could use cryptocurrency to evade such rules. Russian investors continue transacting in cryptocurrencies amid tightening rules, but the overall volume doesn’t appear significant, according to market intel. Meanwhile, Ukraine has received close to $100 million in crypto donations.
Ethereum gas hits a six-month low
Gas fees that are required to complete a transaction on the Ethereum network have dwindled. Perhaps the much-hyped Ethereum London Hard Fork has gained ground, which primarily aimed to stabilize the high gas fees. The burning of coins is largely associated with fees, and since Ethereum’s London Hard Fork in August 2021, over $5 billion in Ether has been permanently removed from circulation. Ether is now changing hands at $ 2,603 with a 4.13% hike in 24 hours.
Why sending bitcoin is getting cheaper
Bitcoin transactions have stayed low since July 2021, showing no signs of rising. The fees incentivize miners to confirm transactions on the network. Last year, average Bitcoin fees increased as much as $63. By July 2021, the average remained at $2 to $3 for the seventh month in a row. Reasons? The SegWit upgrade that reduces the size of transactions could be behind this trend. Fewer number of transactions may also be the main driver behind the unusually low fees as more and more people are looking to NFTs and altcoins instead of bitcoin.
Showcase NFTs with Adobe’s ‘Behance’
Leading software company, Adobe will integrate Polygon into its Behance online platform, and since Polygon began its integration with the NFT marketplace OpenSea, people who use Behance can directly showcase their NFTs on OpenSea, bypassing Ethereum’s high fees. Behance first enabled its artists to connect their crypto wallet and NFTs to their Behance profile in October 2021. At that time, Adobe also partnered with Rarible, OpenSea, and other NFT marketplaces as part of the company’s initiative to protect digital creators.
Why this news spooked DeFi
Andre Cronje, best-known for his work on Fantom and Yearn.Finance will reportedly be leaving the cryptocurrency space. It’s worth noting that this doesn’t mean that Yearn.Finance will stop working. Smart contracts, or self-executing pieces of code, are key to any decentralized application and as long as the contracts “don’t require Andre’s approval for changes, they will continue to work as deployed.” But DeFi investors are in the decentralized finance space a bit jittery as Yearn Finance fell 13.48% this week.
Calling all girl bosses in Dubai!
In celebration of International Women’s Day, BitOasis invites you to an afternoon tea you don’t want to miss. We are proud to share that everything sourced from the venue to the items in your goodie bag (yes, goodie bag) has been through women founded businesses. Join us to hear from our CEO Ola Doudin on March 12, 2022, from 2PM – 6PM at Tania’s Tea House, Dubai.
Here’s you weekend Reading:
- How will a war affect Bitcoin? The cryptocurrency plays a relevant role as a fundraising tool and store of value for everyone, so what about when there’s a war? Learn more.
- Bitcoin for real estate transactions? Property transactions include bitcoin too so why not do it yourself?Read here.
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Also Read: Weekly Wrap: A promising young crypto
