Welcome to the weekly edition of Crypto NFT Now! If you are a fan of NFTs, cryptocurrencies, and emotional rollercoasters, this is the place for you.
Are you ready for the turbulence? Let’s get started.
Russia and Iran Join Forces on Stablecoin Plan
Russia and Iran are reportedly teaming up to develop a gold-backed stablecoin.
According to the Russian news agency Vedomosti, Iran is working with Russia to create a “Persian Gulf region token” to be used in foreign trade.
Russia recently began accepting Iranian cargo shipments within a special economic zone known as Astrakhan, and the proposed cryptocurrency would be used to facilitate transactions within the region.
Both Russia and Iran have outlawed cryptocurrency transactions. However, Russia’s lower house of parliament recently announced that it would begin regulating cryptocurrencies in 2023.
Russian legislator Anton Tkachev, a member of the Committee on Information Policy, Information Technology and Communications, said that a joint stablecoin project would be possible only when the digital asset market has been fully regulated in Russia.
Bitcoin Ready to Return?
The Bitcoin average rose above $21,000 on January 13 and broke the $21,500 barrier Wednesday. The current meteoric rise is the focus of attention, and skeptics are asking, “Where will it go from here?”
Technically, we are still in a bearish market, but investor sentiment has improved. The Fear and Greed Index, a cryptocurrency-specific measure that uses five weighted sources to measure sentiment, reached a new monthly high.
Analysts agree with this sentiment. Before sentiment turns bullish, it is important to maintain the 21K mark from the previous weeks.
Coinbase Ceases Operations in Japan
A downturn in business activity could lead to economic problems. Coinbase has decided to halt operations in Japan.
Initial plans for the cryptocurrency exchange were made in 2005. The bear market of 2018 caused an expansion, but Coinbase has decided to regroup and put its Japanese operations on hold.
Coinbase officially announced on January 18 that it would be ceasing operations. Due to changing market conditions, a full review of the company’s business operations in the country is being conducted.
Coinbase Japan clients will be able to access the website until February 16 to withdraw fiat or crypto holdings from this platform. After February 17, the remaining crypto assets owned by Coinbase Japan customers will be converted to Japanese yen. Fiat currency deposits will not be available starting January 20, according to CoinTelegraph.
New Report Names Most Mature Blockchain Hub in ‘Crypto Valley’
Today’s launch of the CV VC Top 50 2022 report in Davos reveals that Crypto Valley, which includes Switzerland and Liechtenstein, is the most mature blockchain hub.
The regulatory jurisdiction of the EEA and the decentralized attitude of the 1,135 entities created from it have allowed them to continue to grow in 2022.
The CV VC Top 50 2022 report shows that blockchain is becoming an industry worth billions of dollars in Crypto Valley.
What is Behind the Bitcoin Rally?
