Crypto Market Overview February 17th | Dex-Trade

Crypto Market Overview February 17th | Dex-Trade

Crypto Market Overview – February 17th, 2022

 

Canadian Police Blocked The Crypto-Wallets of The Anti-Vax “Freedom Convoy”

The Royal Canadian Mounted Police (RCMP) and the National Police of Canada have blocked 34 cryptocurrency wallets belonging to Freedom Convoy truckers who oppose restrictions related to the consequences of the COVID-19 pandemic. Counter Signal reports. The police also issued an order requiring all FINTRAC-regulated entities in Canada to cease any transactions with said wallets. As for the order, it came into effect after Canadian Prime Minister Justin Trudeau invoked the Emergency Act for the first time since 1988 in response to ongoing trucker protests on Feb. 14. The Federal Police released 29 Bitcoin addresses, two addresses on the Ethereum network and one each for Cardano, Monero and Litecoin. According to law enforcement, each of these wallets held between $1 and $1.1 million in digital assets. By the way, at least one of the blocked wallets was supported by the HonkHonkHodl organization for more than $1 million. At the moment, the Canadian government has undertaken to expand the scope of laws and regulations in the country, which are aimed at combating money laundering and terrorist financing. The authorities even want to stop crowdfunding programs and payment systems that will not meet the new conditions.

 

Some Institutionals Are Already Able to Push The BTC Price to $200,000 Now: Fresh Statement of Partner Fundstrat Global

The managing partner of the investment research firm Fundstrat Global Advisors, Tom Lee, told CNBC that baby boomers who are cool about Bitcoin can already provoke a rally in the flagship crypto asset to $200,000 and above. According to Li, the biggest step forward in the development of crypto could potentially come from existing generations of investors in the US, not random new investors who are actually willing to invest in Bitcoin and altcoins: “76% of all the wealth in America is controlled by people over age 65. So that’s nearly $100 trillion held by people that think Bitcoin is still kind of a hobby or things that people who live in the basement play with.” However, Li also warns about the vulnerabilities of the BTC network, focusing on technologies that could compromise classical cryptographic algorithms. First of all, we are talking about cheaper electricity on a global scale when switching to renewable energy sources. This will critically increase the likelihood of launching a "51% attack". Well, the second thing to think about is the openness of the hash of the system, which in the era of quantum computers can play a cruel joke with BTC. And that's really something to think about...

 

The Digital Yuan Somehow Became in Demand at The Beijing 2022 Winter Olympics

Officials from the People's Bank of China say participants, visitors and organizers of the 2022 Winter Olympics spend about $316,000 in digital Chinese yuan (e-CNY) daily. According to the CEO of the PBoC Digital Currency Research Institute, Mu Changchun, this amount is ¥2 million for the conversion of the country's national currency. He said this during a webinar organized by the Atlantic Council. He also emphasized that foreigners are more likely to use hardware wallets (i.e. e-CNY payment cards), which look like ordinary credit cards, but without usual chip and magnetic stripe. But the citizens of China prefer software wallets. Recall that back in the fall of 2021, the State Bank of China announced the installation of ATMs at some central venues of the Olympics. With their help, everyone could convert foreign fiats into electronic or fiat yuan. By the way, just before November of last year, the volume of e-CNY transactions grew up to $13 billion. Meet the harsh monopolist.