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04 Mar 2022

Crypto Weekly Update

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This article is not intended to be financial, investment or trading advice. This article is for information and solely for education purposes. It does not protect against any financial loss, risk or fraud.

Joe Biden’s Crypto Executive Order Passes

On Wednesday, Washington passed their long-awaited executive order (EO) on cryptocurrencies, showing the country’s acknowledgement of crypto’s future. 

There was speculation the EO would be a form of crackdown, however, the order has proven to be positive for crypto. The US government’s acceptance of its place in the economy has surprised many.

Despite the actual executive order remaining ‘vague’ to some, it is still being considered a landmark towards the acceptance of cryptocurrency. 

After the announcement of the EO, Bitcoin spiked by around 11%, and Ethereum around 8%.

It has been compared to the government’s realisation of the commercial power of the internet in the 1990s – recognising a new technology as a serious component in society.

Ukraine receives $81m in crypto donations so far

The pouring of donations into the Ukrainian government has hit a whopping $81m, with Ukraine claiming that it’s “close to $100m”. 

Despite its recent turbulence, crypto is establishing strong foundations in world events such as this, and is becoming associated with stores of value such as gold. 

It’s also proving itself as a useful tool, and in cases such as the invasion of Ukraine where money needs to be transferred quickly, a necessity. 

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