In this episode of “Crypto Pirates Daily News” from January 29, 2022, various crucial updates related to cryptocurrency are covered. Russia’s central bank is drafting legislation to regulate cryptocurrencies, transforming the nation’s stance from prohibition to regulation, potentially making it the first regulated country to adopt Bitcoin. As Bitcoin prices fluctuate, “whales” (large holders) are taking advantage by accumulating more coins. A cannabis plantation raid in Spain unexpectedly revealed a crypto mining facility, indicating the hidden scale of cryptocurrency operations. The video explains Terra (LUNA), a blockchain protocol that uses stablecoins for payment efficiencies, seeing a significant rise in trading volume despite a recent price drop.
Additionally, Turkish President Erdoğan directs the ruling party to study cryptocurrencies and the Metaverse, signaling a shift towards exploring these technologies. Genesis, a cryptocurrency lender, is now accepting NFTs as collateral for loans, reflecting the growing intersection between digital assets and finance. Visa reported processing $2.5 billion through crypto cards in Q1 2022, demonstrating increasing consumer acceptance of cryptocurrency transactions. Meanwhile, Robinhood faces a 79% decline in crypto revenue, partly due to withholding memecoins like Shiba Inu from its platform. Lastly, India’s Crypto Relief Fund has returned a significant donation from Ethereum’s Vitalik Buterin, highlighting transparency issues in fund allocation.
