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Crypto SWOT: Russia's central bank has proposed a complete bank on crypto mining

Commentaries & Views


  • Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the week was Project X Nodes (PXT), rising 1,739%.

  • According to Bloomberg, Soros Fund Management and the Winklevoss twins' venture capital firm are among investors in a funding round that's more than doubled the valuation of Animoca Brands Corp, a non-fungible token and metaverse company to $5 billion. Animoca and its subsidiaries offer NFTs, and games tied to blockchain platforms, the article continues, both its own creations and collaborations with outside brands, spanning mobile devices, home consoles and web.

  • Even after Bitcoin's recent 40% slide, MicroStrategy's Michael Saylor says he'll never back down on pushing his company's multi-billion bet on the world's largest cryptocurrency, writes Bloomberg.


  • Of the cryptocurrencies tracked by CoinMarketCap, the worst performing for the week was Vagabond (VGO), down 99.75%.

  • The CEO of Bitcoin cash back app Mode Global has resigned two months after being forced to "clarify" that the company was not working with some of the U.K.'s top retailers, writes Bloomberg. CEO Ryan Moore left on Wednesday after being in charge for just nine months.  

  • One of the biggest casualties of the cryptocurrency selloff is the Grayscale Bitcoin Trust, according to Bloomberg. The $27 billion fund has plunged nearly 17% so far in 2022, outpacing Bitcoin's nearly 9% decline. As a result, GBTC's price closed 26.5% below the value of the Bitcoin it holds on Tuesday.


  • New York City's new mayor, Eric Adams, said his first paycheck will be converted into Bitcoin and Ethereum. According to Bloomberg, the paycheck, expected Friday, will be converted into cryptocurrency through the online platform Coinbase Global Inc.

  • Latin American e-commerce powerhouse MercadoLibre Inc. is deepening its presence in the crypto world, writes Bloomberg. The company made two significant purchases: 1) It acquired shares of 2TM Participacoes SA (the Softbank Group-backed owner of the biggest crypto brokerage based out of Brazil,, and 2) It made a strategic investment in New York-based Paxos, a blockchain company.

  • Ex-Goldman Sachs Group bond trader Dan Morehead is building a crypto behemoth, writes Bloomberg. He was among the few who bought crypto early, launching his first crypto fund when Bitcoin cost less than a bag of groceries. As a result, the Pantera Bitcoin Fund has returned over 65,000% since 2013, the article continues.


  • Crypto exchanges are set to be a primary focus of the U.S. SEC's crackdown on digital assets in 2022, according to Bloomberg. SEC Chairman Gary Gensler said on Wednesday that he's hopeful that trading platforms will take steps in coming months to be more directly regulated by Washington's financial regulators.

  • Russia's central bank on Thursday proposed a complete ban on crypto mining and trading, according to Bloomberg. Russia, which houses roughly 10% of global Bitcoin mining activities, said digital assets bear the hallmarks of a pyramid scheme and could pose a threat to the country's financial system.  

  • Bitcoin tumbled in an extended selloff for cryptocurrencies, falling past $38,000 to its lowest level in six months. Ethereum fell below $3,000 losing as much as 11% as investors offloaded risky bets in a volatile week, writes Bloomberg.

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