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Highlights
- Ukraine Prime Minister, Volodymyr Zelensky has declared martial law and put restrictions on bank services across the nation.
- The restrictions make no mention of cryptocurrency, which the Ukraine has been working hard to regulate in the past year.
- Data complied by Chainalysis has found that criminal entities hold more than US$25 billion in cryptocurrency.
The crypto market has continued to struggle as Russia ramped up its invasion of the Ukraine overnight.
Ukraine Prime Minister, Volodymyr Zelensky has declared martial law and put restrictions on bank services across the nation. While Zelensky insisted that banks continue to operate, there have been limits imposed for bank customers, including the suspension of foreign exchange services as well as a limit on how much each customer can withdraw. Authorities have put the daily cap at 100,000 Hryvnia, which is equal to around US$3,350.
The restrictions make no mention of cryptocurrency, which the Ukraine has been working hard to regulate in the past year.
The Ukraine parliament recently approved a law on virtual assets, which called for the National Bank of Ukraine to be one of the top regulators of the crypto market. While that law has been approved, it’s yet to be entered into the space.
Bitcoin sunk below US$35,000 overnight but has since made a strong recovery bouncing back to US$38,500.
Similarly, Ethereum’s price sunk to US$2,300 but has since recovered strongly to hit US$2,600.
Moving along. Data complied by Chainalysis has found that criminal entities hold more than US$25 billion in cryptocurrency.
The data shows that the amount held by criminal entities increased significantly during 2021 after jumping 266% in 2020.
At the end of 2021 criminal account balances were made up of 93% stolen funds.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Disclaimer: Crypto is a very risky space, a lot of spams are noticed around this and a thorough due diligence is needed when looking at the same.
