Top Stories that Moved Crypto Markets (25 February 2022)

Russia Attacks Ukraine. How Far Will This Go?

“...do not Despair, the misery that is now upon us is but the passing of greed, the bitterness of men who fear the way of human progress. The hate of men will pass and dictators die.” - Charlie Chaplin

Tensions worldwide have been on the rise as Russia invades Ukraine. Vladimir Putin on Thursday announced a special military operation in Ukraine, after which explosions were heard in different parts of Ukraine, starting with Donbas.

The price of Bitcoin reacted to the attack as it recorded an 8% drop, going below the $35,000 mark in the early hours of Thursday. But after the announcement of additional sanctions by the U.S. president, Bitcoin climbed back up the same afternoon and is now trading above $39,000.

Moments like this further emphasize the advantages of decentralization which removes the power from one or a small group of people and gives it to many. It is imperative to start taking action before the madness of one or few people could impose great suffering on whole nations.

Bitfury Builds New Crypto Mining Facility in Canada

The cryptocurrency revolution has been a huge talking point, a lot of countries are doing everything they can to support this new technology and engage with its benefits. Canada welcomed Bitfury's 28MW crypto mining facility. It is expected to operate on 16MW by the end of February and 28MW by the end of May.

Bitfury continues its expansion in North America to deepen its presence while considering an initial public offering to speed up its global expansion. Bitfury disclosed their decision to expand in Canada is because of the cold weather, which is favorable for preserving their ASIC mining hardware.

Canada has been hospitable to local and foreign investors in the crypto space. Some senators believe they are not doing enough yet to maximize the potential of the cryptocurrency market and generate billions of dollars in revenue.

A member of the House of Commons of Canada, Michelle Rempel Garner, proposed a bill suggesting a framework to encourage crypto investment within the country.

The proposal suggested reducing the criteria for getting into the crypto market and providing enough protection for those working in the crypto space.

Free Citizenship up for Grabs - El Salvador

When you find a goldmine, you do everything to protect and maximize it. El Salvador seems to have found its goldmine in Bitcoin and is not showing signs of letting go. El Salvador became the first country in the world to accept Bitcoin as a legal tender in 2021, and the next step in their plan is to offer free citizenship to foreign investors.

President Nayib Bukele has expressed his vision to make El Salvador a Bitcoin city and a haven for investors. On the 20th of February 2021, he took to his Twitter handle to announce that he was sending 52 legal reforms to congress; among which he proposes the removal of red tapes, reduction of bureaucracy, tax incentives, citizenship in exchange for investments, new security laws, and so on.

According to President Bukele, the country's goal is “to make El Salvador a haven, regardless of where the rest of the world is headed.” El Salvador recorded a 10.3% increase in its GDP in 2021, and this January, a 13% increase in their exports — numbers the country hasn't recorded before.

El Salvador has seen an increase in both internally and externally generated revenue since its Bitcoin campaign, and despite serious warnings from the World Bank and IMF on the risks of using Bitcoin as a legal tender, President Bukele is unmoved and focused on the current economic growth of the country.

Kazakhstan to Lose Hash Rate Market Share

Kazakhstan has maintained its position as one of the top spots globally for mining Bitcoin. Experts believe it will soon lose a chunk of its market share because of many internal issues.

As of 2019, China was responsible for 75% of Bitcoin mining globally. This number quickly hit zero in August 2021, when China began cracking down on cryptocurrency. This gave room for other players to take over, with the United States currently the largest at over 35% of hash rate, Kazakhstan coming in second at over 18%, and Russia coming third at over 11%.

Kazakhstan's hash rate rose because of big mining companies relocating from China's hostility. This influx of miners will soon drop drastically, as Kazakhstan is slowly becoming a hostile environment for miners. One of the main reasons for this loss in hash rate is unstable power subsidies. A report has it that the government plans to remove power subsidies to preserve the country's finances.

Experts also predict that the combination of an increase in oil and gas, political unrest, and new mining taxes will make Kazakhstan highly unattractive for miners looking to settle and uncomfortable for miners already present, pushing them out to better options like the U.S., Germany, and Canada with renewable energy and a higher hash rate.

The next index distribution will show each country and the current hash rate they produce. Experts predict a 3-8% loss in countries like Kazakhstan, while countries like the US will experience an increase in mining operations.

Manchester City Replicating Etihad Stadium in the Metaverse

Five times Premier League winners and current defending champions, Manchester City, have partnered with Sony in a 3 years contract to build a replica of the Etihad Stadium in the Metaverse — making it the first football stadium in the Metaverse.

The possibilities of the Metaverse are endless, and Manchester City is leading the way in bringing virtual sports reality to its supporters globally. Manchester City is thrilled about creating a gaming experience for people that transcends barriers and brings everyone together in one atmosphere and the same feeling of a live match.

Sony has actively been using its technology to enhance sport. Its Hawk Eye Subsidiary provides experts with image analysis and skeletal-tracking technology, which will be integrated to create the virtual Etihad Stadium. Manchester City not only wants to create that perfect experience, but generates revenue by holding digital assets and positioning early in the $1 trillion business opportunity.

Puma Renames Itself to Puma.eth on Twitter

Wherever the money is, that's where the big guys are. Puma is not lagging, as it recently purchased an Ethereum Name Service (ENS) domain, joining Nike and Adidas in the race to dominate the decentralized sporting ecosystem.

Puma revealed their NFT by changing to Puma.eth, joining other top sporting companies in the Metaverse. This recent change ranked them at 13th on the list of most-followed Twitter accounts with the “.eth” extension. The metaverse is screaming “future” and “money,” and everyone is jumping on the ride early enough to take their market share.

Puma unveiling their ENS domain is one of the many NFT related steps the company has taken recently. Puma's OpenSea account discloses their investments into different NFT collections like Lazy Lions, Cool Cats NFT, CatBlox, and Gutter Cat Gang.

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