Crypto News Headlines (15-Feb-2022)

The shocking popularity of meme coins in recent years has got young investors excited about cryptocurrencies and meme crypto ideas. Experts have revealed that the entire domain of meme coins was created to play on people’s anxieties by inflating every aspect of the currencies, driving even the most cautious investors to their wit’s end. Among all the meme coins, Dogecoin and Shiba Inu are the most successful. Generally, the price values of meme coins are generally lower than most other cryptocurrencies, resulting in volumes of daily trading from new and young investors.

The factor that plays a major role in the rise and fall of meme coins is how they are treated as short-term investments, and so much as money-generators of the market. Currently, meme coins are on the front page of every consumer-investing website. But several crypto analysts and experts suggest investors think logically and research thoroughly before investing in meme coins, especially major coins like Shiba Inu and Dogecoin. Meme coins have been the subject of fraudulent activities, most commonly in pump-and-dump schemes. However, there are investors in the market who take these coins seriously due to generating the most lucrative incomes in the shortest periods of time.

Traders continue to monitor the conflict between Russia and Ukraine on Monday, which has weighed on equities and cryptocurrencies.

The U.S. announced it will temporarily relocate its embassy operations in Ukraine from Kyiv to Lviv, farther away from the Russian border, due to the “dramatic acceleration in the buildup of Russian forces.” And Ukrainian President Volodymyr Zalenskyy said Wednesday – two days from now – will be the “day of the attack,” in a speech on Monday.

“This fear is due to the uncertainty of war but also the fact that U.S. President Joe Biden has said he will shut down the Nord Stream 2 pipeline if Russia decides to invade,” Marcus Sotiriou, an analyst at the U.K.-based digital asset broker GlobalBlock, wrote in an email to CoinDesk.

Nord Stream 2 provides a significant portion of Europe’s natural gas, so a shutdown could cause oil prices to climb, which could result in higher inflation, according to Sotiriou. Central banks are tightening monetary policy to combat rising prices, which is a headwind for speculative assets such as cryptocurrencies.

Binance Smart Chain (BSC) remains one of the hottest blockchain technologies in the space. It is supported by some of the biggest names in the industry. These tokens include HERO, IOTX, SHIB, DOGE, and CAKE, to name a few. The mentioned altcoins are also considered the top-performing cryptos in the BSC ecosystem.

Aside from the cryptos mentioned above, many other digital assets in BSC record great achievements. IOTX, CLV, SHIB, HERO, INJ, BETA, LTO, DOGE, ONT, and CAKE are the full list of virtual assets that top the BSC network charts in the past 7 days. Furthermore, most of these cryptos are also taking the spotlight of CoinGecko and Coinmarketcap crypto rankings.

Chingari app users will finally be able to spend their $GARI tokens within the app, following its latest update. The new version of the Chingari app now integrates an $GARI wallet, through which users will be able to send, receive and store $GARI.

The update delivers on Chingari’s long-held promise to bring cryptocurrency to the heart of its in-app ecosystem. The company believes $GARI will serve a flourishing economy within the app, with users sending the tokens to their favorite influencers to “tip” them, in return for a boosted profile and more views of their own content. People can also earn $GARI simply by watching videos, the company said. $GARI will also support the sale of both video NFTs and physical merchandise.

The launch of the wallet is therefore a key element to the plan to bring crypto to Chingari, and the company believes it is well prepared. It successfully launched a testnet of the app last month, and more than 500 users took part to test the network by setting up their wallets and sending tokens to other participants. Now, the wallet is ready for prime time.

“This will be a game-changer for the Chingari app, when millions of users will experience the integration of $GARI,” said Chingari co-founder and CEO Sumit Ghosh. “We are very excited to launch the in-app wallet of Chingari and give users a revamped app with loaded features.

Russia’s central bank and government are seemingly no closer to an agreement on the regulation of crypto following meetings on Tuesday, according to a report by Bloomberg.

Bank of Russia Governor Elvira Nabiullina met Finance Minister Anton Siluanov and Deputy Prime Minister Dmitry Grigorenko after President Vladimir Putin in January called for them to find a compromise.

The parties however failed to reach an agreement, deciding instead only to formalize their disagreements, Bloomberg reported, citing people familiar with the talks.

Last week, the government published a document setting out its intention to regulate cryptocurrencies. That plan appeared to have the support of the central bank, a turnaround from its earlier position calling for a complete ban.

Putin had called for a compromise so the country doesn’t lose the potential benefits to the economy from the “competitive advantages” it holds in the mining industry due to its surplus of electricity.

According to current statistics, there’s 2.363 million bitcoin, or $100 billion worth, of the leading crypto asset held on exchanges. The current value of the bitcoin (BTC) held by centralized exchanges equates to 12.36% of BTC’s overall $809 billion market capitalization.

While 2.363 million is a significant fraction, it’s 8.88% less than the number of bitcoins held on exchanges on July 25, 2021. Too many crypto market participants, and the fact that there’s less BTC on exchanges means less selling pressure going forward.

The report from the digital-asset manager CoinShares covered the seven days through Feb. 11. The price of bitcoin (BTC) fell 17% in January, but it’s up 11% so far this month.

Ethereum funds saw their first inflows in 10 weeks, at $21 million.

The inflows remain relatively minor in comparison to the inflows during the fourth quarter of 2021, according to CoinShares.

The firm noted that there were regional differences in the week’s data, with $5.5 million of outflows in the Americas and $80.7 million of inflows into European investment products.

The price of ether (ETH), Ethereum blockchain’s native cryptocurrency, went down 5.9% in the past week while trading around $3,000 – after gaining 16% the week before.

Bitcoin funds saw inflows of $25 million last week, a slower pace of growth compared with the $71 million of inflows the week before.

DeFi Technologies subsidiary Valour has introduced two more exchange-traded products (ETPs) on Frankfurt’s stock exchange, this time launching offerings focused on Cardano and Polkadot.

The latest launches follow the exchange, the Boerse Frankfurt Zertifikate AG, giving Valour approval to list an ETP tracking the price of Solana (SOL) earlier this month.

Cardano’s native token, ADA, has a market capitalization of about $33 billion. ADA is the seventh-largest crypto coin by market cap — behind XRP and ahead of SOL.

Meanwhile, Polkadot’s (DOT) market cap sits at about $20 billion, which is 10th highest — ahead of Avalanche (AVAX) and trailing Terra (LUNA).

In addition to the Cardano, Polkadot and Solana ETPs, Valour offers a Uniswap (UNI) fund, as well as its fee-free Bitcoin Zero and Ethereum Zero products.

Valour CEO Tommy Fransson told Blockworks in an email that the firm decided to list the new products in Frankfurt following the demand it saw for its Cardano and Polkadot ETPs in the Swedish market.

The U.K.’s tax watchdog seized three nonfungible tokens as part of a suspected case of value-added tax fraud worth 1.4 million pounds ($1.9 million), in the first ever domestic enforcement action of this kind.

Three people have been arrested on suspicion of attempting to defraud the authority, allegedly using a web of 250 fake companies, Her Majesty’s Revenue and Customs said by email. Authorities also seized other crypto assets worth about 5,000 pounds, while the NFTs have yet to be valued.

Authorities in Moscow are not planning to permit loans in cryptocurrency or its use as collateral, the Ministry of Finance has emphasized in an explanatory note to its regulatory proposal. The department’s concept was recently approved by the federal government to form the basis of Russia’s legal framework for the crypto sector.

The treasury adds that market participants will be obliged to duly inform citizens about the heightened risks associated with digital currencies. Russian regulators also intend to impose restrictions and introduce strict control over advertising of crypto-related products and services, Tass news agency reported, quoting the document.

The department suggests that officials consider limiting the number of cryptocurrencies available for trading in Russia for the sake of protecting investors. Foreign crypto exchanges rarely verify crypto projects thus allowing the coins of fraudulent schemes and financial pyramids to be listed, the ministry explains and states:

In contrast, regulated circulation through licensed exchanges will limit the list of tradable assets and offer Russian citizens access only to the most mature and established cryptocurrencies.