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• As Russian Forces Push Into Ukraine, Cryptocurrencies Gain Popularity (NYSE:)

• FTX aims to stimulate interest in blockchain gaming, while Huobi aspires to make another foray into the US.

• Bored Ape owner drags OpenSea before the Court over Illegal Sale Of His NFTS.

• California could legalize cryptocurrency payments after a new bill is introduced by the legislator.

Russia Enters Ukraine’s Territory, Market Reacts

The tensions between Russia and Ukraine have reached fever pitch. Reports claim that the Kremlin sent troops into Donetsk (and Luhansk) in the eastern Ukraine to help the seceding areas. The orders from the topmost echelon of Russia’s government comes on the heels of the country’s recognition of the independence of the regions.

Russia claims that the troops in the region will be acting as peacekeepers to which the top brass of America’s government have described as being “nonsense.” Stoking the embers, Vladimir Putin’s latest speech was laced with claims that Ukraine had no historical antecedents of being a nation while Ukraine’s President retorted that the country would stand its ground against aggressors.

After the start of the tensions, cryptocurrency markets plunged further and took a sharp dive. Market capitalization worldwide is now at $1.69 Trillion, a decline of 0.61% in the 24 hours.

Bitcoin and Ethereum both suffered double-digit losses over the week, with 15.09% and 16.67% respective. BNB, ADA and ADA lost another significant amount after posting losses of 15.15%-15.75%, 20.08% and 20.08%.

Flipsider:

• In the wake of the decline, Terra’s ( LUNA ) has spiked by nearly 6% over the last few hours to trade at $51.86

What You Need to Care About

Fundamentals like brewing conflicts between nations play a role in influencing the prices of assets as investors may panic to move funds into “safehaven assets.”

FTX Launches Gaming Unit and Huobi to Re-enter US Market

FTX announced plans for a launch of a Blockchain Gaming Unit as part of its strategy to be ahead in this fast-growing space. After it published a job posting seeking software developers, the crypto exchange exposed its hands.

According to the job advertisement, FTX seeks to stimulate interest from game developers in exploring the new niche of Blockchain Gaming. The potential hires must be proficient in programming languages such as C# or the Unity gaming engine. The FTX has not been shy about getting into gaming since it announced a GameFi fund of $100 million in the fourth quarter 2021.

Huobi, a rival cryptocurrency exchange has declared its intention to re-enter the US market after severed ties with China two years ago. According to a company exec, the company’s initial foray into the space was thwarted by a lack of “commitment” and the absence of a solid management team.

This new venture into the US will be influenced by the need to find new markets following the Chinese cryptocurrency crackdown. Huobi, if the expansion is successful, will compete directly with other exchanges such as FTX (NASDAQ:), Binance.US., Kraken, Gemini, and Coinbase.

Flipsider:

• To expand their reach, US cryptocurrency exchanges look to Asian markets. Gemini, Kraken and Japan have been the pioneers in opening offices in Asia. Japan is seen as an open jurisdiction.

What You Need to Care About

Investors could benefit from the increased number of exchanges as it will reduce fees and give them more choice.

Bored Ape Owner’s Lawsuit Against OpenSea

OpenSea is under suit from the former Bored Ape NFT owner. A bug on OpenSea led to inadvertently selling the NFT of 0.01 ETH. Timothy McKimmy was the seller of the ape and has filed a complaint with a Texas federal judge seeking to return the NFT for breach of contract and negligence.

Bored Ape #3475 was the NFT. According to McKimmy, the NFT was rarer than Justin Beiber’s $1.3 million purchase. McKimmy claims that hackers used the bug to sell them at prices well below market. In McKimmy’s case, the “buyer” of his NFT quickly resold it for 99 ETH which has a value of almost $250,000.

OpenSea has spent over $1.8million to compensate victims of the exploiting bugs. It’s been an interesting year. However, the manner of reimbursements is not yet clear to the general public but there is buzz that the company is offering the “floor price” to the victims.

Flipsider:

• NFT exploits are still a hot topic, but institutional adoption is on the rise. This was despite the new feature that Twitter (NYSE) has added to its platform. It allows you to check the authenticity of NFT photos.

What You Need to Care About

Inexorably we are approaching the reality of metaverse. Digital ownership will continue to be an important source of discussion.

California Will Legalize Crypto Payments

California may be the first state to accept cryptocurrency payments. Senator Sydney Kamlager has introduced legislation with the intention of amending sections of California’s state code. According to the wording of the bill, a state agency will be allowed to “accept cryptocurrency as a method of payment for the provision of government services.”

The acceptance of criticisms or praises from candidates for office may be the decisive factor. Aarika Rhodes, a teacher running for a seat in California’s 30th Congressional District has revealed that her campaign will be accepting BTC and other cryptocurrencies.

NYC’s Eric Adams has announced his intention to be paid his first three paychecks in Bitcoin while Mayor of Miami, Francis Suarez has also indicated the same desire. The country has other mayors who have stated a desire for Bitcoin hubs to be built and their citizens educated about crypto currencies.

Flipsider:

• Uncertainty is a major problem with cryptocurrency regulation in the US. Despite all the positive experiences of the futures-based ETFs, the SEC refused approval for a spot Bitcoin ETF.

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