As more and more people continue to invest in cryptocurrency, a lot is happening behind the scenes. It is important to stay updated on everything going around the world of cryptocurrency. Since we value informing our readers of the latest industry developments, we now bring you the most important crypto news, particularly on what has been happening in February.
Cancellation of Cryptopunk Non-Fungible Token
Beginning with the latest news, there has been a cancellation of Cryptopunk non-fungible token (NFT) auctioning by Sotheby, a multinational luxury auction company. The cancellation has come just after a couple of weeks when Sotheby has announced to auction some 104 Cryptopunk non-fungible token collectibles. It is reported that the owner changed their mind by deciding to maintain the assets estimated to amount between $20 and $30 million after the auction. In a Tweet, Sotheby revealed that “Following discussions with the consignor, tonight’s Punk It sale has been withdrawn. Thank you to our panelists, guests, and viewers for joining us.”
New advertising Guidelines in India
In other news, the Advertising Standards Council of India (ASCI) has unveiled new guidelines for crypto advertising and promotion. ASCI revealed that they have had a series of meetings and discussions with the finance sector regulators, the government, and the industry stakeholders where they have come up with some agreed-upon guidelines.
One of the guidelines put across is that all crypto-related ads must include the disclaimer that “Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.” The ACSI also added that concepts such as ‘custodian’, ‘securities’, ‘currency’, and depositories may not be used in advertisements of Variable Dearness Allowance (VDA) products.
Another important guideline is that the crypto ads must not include a minor.
It is important for Indian media channels to observe the new guidelines to avoid being on the wrong side of the law.
Mass Crypto Donations to Ukrainian War Effort
The month of February ended with an invasion of Ukraine by the Russian forces in what most call an unprovoked and unfair attack. Because most of the world has empathized with the Ukrainians who are forced to leave their homes and loved ones to escape war, many people around the globe are doing whatever they can to aid their cause.
Crypto investors weren’t indifferent to this injustice as shown in the last few days. Analysts are estimating that at least 10 million euros have in Bitcoin have been donated to Ukrainian war relief efforts already.
Cryptocurrencies are apparently one of the most effective ways people can donate in these conditions. Tom Robinson told the BBC:
“Whereas some crowdfunding and payments companies have refused to allow donations to be made to groups supporting the Ukrainian military, cryptocurrencies have emerged as a powerful alternative.”
An Appeal to Crypto Investors
Following the escalation of tension in Eastern Europe Dr. Raullen Chai, the co-founder and CEO of blockchain network IoTeX is making an appeal to crypto investors to wait a little bit longer before selling their digital assets. It is said that top coins are dropping between 8% and 18%. Even then, Chai is optimistic that it is still impossible for Bitcoin (BTC) to fall below $10,000 and Ethereum (ETH) to fall below $800. Still, there is hope that the market could skyrocket towards the end of the year.
With the warfare currently going on in Ukraine, cryptocurrencies have allowed many compassionate investors to help the cause. At IXFI we take the importance of Crypto and the future of Bitcoin seriously in bad times like these and we are ready to provide an all-in-one banking alternative to all investors.
Disclaimer: The content of this article is not investment advice and does not constitute an offer or solicitation to offer or recommendation of any investment product. It is for general purposes only and does not take into account your individual needs, investment objectives and specific financial and fiscal circumstances.
Although the material contained in this article was prepared based on information from public and private sources that IXFI believes to be reliable, no representation, warranty or undertaking, stated or implied, is given as to the accuracy of the information contained herein, and IXFI expressly disclaims any liability for the accuracy and completeness of the information contained in this article.
Investment involves risk; any ideas or strategies discussed herein should therefore not be undertaken by any individual without prior consultation with a financial professional for the purpose of assessing whether the ideas or strategies that are discussed are suitable to you based on your own personal financial and fiscal objectives, needs and risk tolerance. IXFI expressly disclaims any liability or loss incurred by any person who acts on the information, ideas or strategies discussed herein.
