RABIT Weekly news (W3 Mar 2022)

• U.S. Russian oil import ban leads to higher gas prices, falling NASDAQ and cryptocurrency, and persistent coupling
• Over 36,000 contracts of Deribit-listed ether put option were purchased - buyers will profit if ether drops below $2,200 by March 18
• JPMorgan Chase’s global market manager to comply with clients’ demands for cryptocurrency, preps for increase in digital asset trading
• U.S. Congress crafts bill targeting use of cryptocurrency in sidestepping sanctions against Russia
• U.S. President Joe Biden signs cryptocurrency executive order on digital asset innovation and CBDC development
• Executive order states approx. 16% of U.S. adults have investments in crypto
• Michael Saylor at MicroStrategy: bitcoin is a “scarce asset” and “the most cost-efficient method we have yet discovered for converting energy into prosperity”
• Twitter Trends Report 2022 highlights 242% increase in cryptocurrency-related topics in the past year
• Bitcoin miners currently hold 1.9 million BTC, lowest since 2010, and are continuing to sell to cover operating costs
• $4 billion hedge fund Fir Tree Capital Management makes short sale against Tether after estimating approx. 30% of Tether’s reserves to be related to Chinese real estate developers
• Stablecoin Tether disregards Ukraine’s plea to halt Russian use
• U.S. Treasury cracks down on individuals including service providers, cryptocurrency exchanges, and virtual wallet hosts making or supporting prohibited transactions
• Concerns over technical default of Russian government bonds
• EU’s Economic and Monetary Union presents bill limiting proof-of-work crypto
  • Put to Markets in Crypto-Asset Regulation (MiCA) vote on March 14th
  • Results: declined (34 against, 24 in favor)
• Goldman Sachs seeks VP of Digital Assets

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