One-fifth of businesses in El Salvador now accept Bitcoin: NBER study

Portugal to lose crypto tax haven status as state announces gains duties

The small Iberian nation is set to reverse a long-standing tax law that excluded crypto gains on the grounds that they are not legal tender.

GameFi platform and play-to-earn guild, Polemos closes $14M seed round

Polemos, a GameFi application and play-to-earn guild, today announced it has closed a US $14 million seed round at a $100 million fully-diluted valuation, establishing it as one of the fastest-growing entrants to the GameFi sector. Funds will go to further developing its proprietary tech platforms, which will facilitate the lodgement and leasing of NFTs, […]

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Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning

Bitcoin’s price increased momentum early Monday, breaking through the 38,500 barrier zone, but mostly wobbled after Russian President Vladimir Putin’s nuclear deterrence alert announcement. The cryptocurrency attempted an upside run beyond $39,500 and $40,000 but corrected down on Sunday as Putin increased the alert level on his country’s nuclear deterrence in the face of new Western sanctions for assaulting Ukraine. Following a 0.27% decrease on Saturday, Bitcoin fell 3.65% to close the week at $37,704. Additionally, it was a gloomy session for the remaining major cryptocurrencies. AVAX was down 8.07%, while LUNA fell 7.30%. ETH declined 5.84%, SOL weakened 5.12%, ADA fell 3.48, BNB lost 3.65%, and XRP shed 3.92%. Related Article | Russia Said SWIFT Ban Could Be Tantamount To A Declaration Of War Following a sharp upward move, BTC encountered sellers at the $39,500 and $40,000 levels. BTC has begun a downward correction and is currently trading below $38,290. It has now established a new high above the $37,500 support zone. The next critical support level is near $37,200, below which BTC may fall to $36,500. Total crypto market cap at $1.701 trillion in the daily chart | Source: TradingView.com Nuclear Deterrence Drags Down Cryptocurrencies The news of Russia’s nuclear forces being placed on “special alert” and the West’s synchronized response impacted market confidence. The European Union responded by announcing that it would finance the “purchasing and supply of weapons” and other gear to a country “under assault.” Additionally, it closed its airspace to all Russian aircraft and prohibited the Russian state-owned television network Russia Today and news agency Sputnik from operating. BTC is stabilizing above the $38,500 and $38,800 resistance levels in general. If the cryptocurrency surpasses $38,800, it may make a run at the $40,000 mark. Bitcoin must break through the $38,202 pivot point in order to challenge the first big resistance level at $39,360. Related Article | Russia Said SWIFT Ban Could Be Tantamount To A Declaration Of War Broad Market Support Required For BTC Bitcoin – the world’s most desired digital asset – would require broad market support to break through the $39,000 barrier. The Russian invasion of Ukraine will continue to be the primary focus of attention. Any further escalation by Russia or the West would put Bitcoin and the larger crypto market’s backing to the test. Apart from the news, US President Joe Biden’s State of the Union Address on Monday night and Federal Reserve Chairman Powell’s Testimony on Wednesday and Thursday is also expected to weigh down on the broader market sentiment. Meanwhile, on the regulatory front, we’re keeping an eye on the White House Executive Order on cryptocurrency and the EU’s Markets in Crypto Assets launch. MICA is a proposed regulatory framework for digital assets that parliamentarians are actively considering. Featured image from Deccan Herald, chart from TradingView.com