Bitcoin began plummeting late Friday and continued into the weekend, eventually settling at around $39,000. At the time of publication, the most valuable cryptocurrency was trading below $38,500. On Sunday, ether and major altcoins fell.
Last week’s terrible news dashed any prospect of a Russian truce and erased gains made earlier in the week when investors saw Ukraine and Russia’s usage of crypto as proof of its potential.
As a result of Russian and Ukrainian fiat banks and payment gateways restricting access to crypto, the price of bitcoin fell on Friday, according to Joe DiPasquale, CEO of fund manager BitBull Capital. Withdrawal from Ukraine would raise prices.
Russian airstrikes against Ukraine continued Sunday, with President Vladimir Putin rejecting all proposals of a truce, including one that would allow 500,000 people of Mariupol to flee. On the Ukrainian coast, Russia has targeted Mariupol and other Black Sea ports.
Russian military reportedly bombarded other major Ukrainian cities with artillery and rockets. A mother and her two children were murdered by mortar fire while fleeing Irpin, near Kiev. European and North American media outlets covering the invasion came under fire at least once.
The weekend announcement came from American Express, Visa, and Mastercard. The ruling triggered a wave of economic sanctions on Russia. The ruble’s worth against the dollar is now less than a penny.
Bitcoin was down about 2.5% in the last 24 hours and almost 7% since early Friday, when it was still trading at around 41,600. On Sunday, Ether was trading at around $2,550, down over 4%.
According to DiPasquale, bitcoin might touch $36,000 before rising back up to $40,000, and long-term investors may see this as a buying opportunity. Instability globally and the Biden Administration’s expected executive action on bitcoin have investors concerned.
Lightbulb Capital of SG Values ESG
Many people in the field of decentralized finance (DeFi) think that the first letter of the acronym is E, which stands for environmental (the rest is Social and Governance). People who are militant green think that blockchain technology will make the earth go away.
It was Elon Musk’s concerns about bitcoin’s ESG credentials that caused a crypto crash last May. Crypto developers and entrepreneurs don’t like the term ESG.
Daniel Liebau, a partner at Lightbulb Capital, says that’s not true. Lightbulb Capital is working with Modular, a company in Singapore, to make some changes to DeFi. TradFi investors will recognize the term modular. Lightbulb is acting as an advisor, and Modular is the company that will be investing in the project. Liebau wants the world to know that the S and the G are separate criteria in ESG, and that we need to pay attention to all three of them.
When it comes to Modular, the S in ESG may stand for social, but it also wants the S to be used to emphasize how green the company is. A project’s carbon footprint is not the only thing to think about. It’s also important to think about its long-term prospects.
Liebau told CoinDesk that it’s fun to watch people and projects rise and fall in the CoinMarketCap top 10. We want to invest in long-lived platforms so others may build on them and produce apps that sell stuff to each other. The platforms that will persist, Liebau believes, are those that focus on financial inclusion rather than lottery apps.
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