Riding The Wave News Summary #17

Russia & Ukraine, New Intel chip project, Russia accepting cryptocurrencies as currencies, & more

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News

Table of Contents

1. Tweets (Mcdonalds, Youtube, Intel, & NFL continue to move towards crypto)

2. Market Wrap: Cryptocurrencies and Stocks Drop as Russia-Ukraine Tensions Rise

3. US Treasury Suggests Miners Won’t Be Subject to IRS Reporting Rules

4. Investors underestimate Bitcoin's "huge upside potential", Fidelity researcher says

5. Russian government and central bank agree to treat Bitcoin as currency

6. Upcoming Apple iPhone feature to give merchants a way to accept crypto payments

7. CryptoPunks Ethereum NFT Sells for Nearly $24M, Doubling Previous Record

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Tweets

Blockworks @Blockworks_

NEW: McDonald’s to join the metaverse after filing trademarks to create a virtual restaurant and goods

Blockworks @Blockworks_

Uber CEO: We will absolutely accept crypto in the future

On-Chain College @OnChainCollege

Wow, #Bitcoin just left the green zone of the Dormancy Flow indicator. This level has historically called out macro bottoms. $BTC reached this low level for only the 4th time since 2011. Days Spent in the 🟢 Zone: Last 2 times: Average 34 days This time: 32 days

Blockworks @Blockworks_

JUST IN: NFL considering crypto integration according to SEC documents - CNBC

Blockworks @Blockworks_

Youtube: We believe in new technologies like Web3, blockchain, and NFTs

Dyslexic Ventures @DyslexicVenture

Slowly. Then all at once. This same thing happened in the early 2000’s for internet companies. It’s so damn obvious.

Umed Saidov, CFA 🇺🇸 @RealSaidov

Scenario: 1. Putin invades Ukraine 🇺🇦 2. Next round of sanctions follow 3. US and allies on high alert for increased cybersecurity breaches. 4. Capital markets tank. 5. Crypto tanks as institutional investor head to the door en masse. Hope none of this materializes.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥INTEL's #Bitcoin mining ASICs will deliver 1000x better performance per watt than mainstream GPUs for SHA-256 based mining.😱

BTCfuel @BTCfuel

It looks like #Bitcoin is setting up for a very bullish move Let's goo 🚀🚀 Good spot from @jaydee_757

JD @jaydee_757

$BTC #BTC hmmm..? https://t.co/aMmDiJeGqX

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

USA now hosts the most #Bitcoin nodes in the world.

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Market Wrap: Cryptocurrencies and Stocks Drop as Russia-Ukraine Tensions Rise

Most cryptocurrencies declined on Friday as traders reacted to geopolitical risks emanating from Russia and Ukraine.

On Friday, U.S. President Biden urged Americans to leave Ukraine immediately, warning “an invasion could begin at any time.” For now, the U.S. has ruled out sending troops into Ukraine despite Russia's military activities.

Bitcoin (BTC) dropped as much as 5% over the past 24 hours, compared with a 4% decline in ETH and a 7% dip in SOL. Stocks were also lower while traditional safe havens such as gold and the U.S. dollar rose. Markets eventually stabilized later in the New York trading day.

Some analysts expect bitcoin to remain under pressure for a few more months. "In last spring’s drawdown, it took about six months for bitcoin to recover," NYDIG, a bitcoin holding company, wrote in a newsletter this week. "A similar timeline in the current drawdown would put a recovery date sometime in May."

I think it’s possible that political events such as this combined with the possible emergency interest rate hike we might see Monday could pull down crypto in the short term but I don’t think it will have a long-term impact. I also think that even if crypto was pulled down it’s unlikely we go significantly lower than where we dropped to before as we formed support levels, have switched over most of the funds from short-term holders to long-term holders’ hands, & whales have been jumping in more heavily recently.

Full Article