12 March

Russian President Vladimir Putin said there was “positive movement” in negotiations, which were happening on a “daily basis.”

Putin’s comments buoyed global markets. S&P 500 futures added 1.31%, and futures on the tech-heavy Nasdaq 100 rose 1.65%. Sentiment in Europe was stronger, with Germany’s DAX jumping 3.41% and Stoxx Europe 600 gaining 2.09%.

Crypto markets were mixed. Bitcoin jumped from $38,600 in European morning hours to slightly over $40,200 as Putin’s comments went public. Ether added 2.4% in the past hour.”

“Yuga Labs, the company responsible for the Bored Ape Yacht Club NFT collection, has acquired CryptoPunks and Meebits [IP] from the developer Larva Labs.

We now own the brands, copyright in the art, and other IP rights for both collections, along with 423 CryptoPunks and 1711 Meebits.

Yuga Labs says it plans to grant the commercial rights to all CryptoPunk and Meebit images to their respective owners. The company has already done this for Bored Ape owners [where] each token holder is free to monetize their specific ape. Holders have used that idea to spin off their own NFT collections based on particular apes, or to sign their apes with major record labels.”

See Also: After ‘Doxxing’ Fracas, Bored Apes Team Starts Asking for Customer ID
See Also: PwC report calls NFTs ‘the future of digital assets in sports’

The Fed appears set to raise interest rates next week for the first time since 2018. The dilemma here is whether to fight inflation, risking the possibility that doing so triggers a recession, or to tolerate higher prices and keep the momentum going. Making a choice is easier said than done, with the ongoing Russia-Ukraine war raising the specter of stagflation – a combination of low growth and high inflation.

Observers say Fed Chair Jerome Powell and his colleagues will kick-start the tightening process with an interest-rate hike of 25 basis points next week while also signaling that they will push hard against inflation for the rest of the year.

Futures contracts on Fed funds imply a 25 basis point rate hike is already baked in to the market. Risk assets may face selling pressure if the Fed hints at aggressive rate hikes or an early start to quantitative tightening.

“Cryptocurrency firms based in the United Arab Emirates (UAE) have been hit with a flood of requests by Russian clients to liquidate billions of dollars worth of digital assets. One crypto executive claims to have received a number of requests from Swiss brokers over the past few days to liquidate billions in bitcoin (BTC), with not one of those requests being for less than $2 billion.

Many Bitcoin veterans, having seen these sorts of reports more than once, are taking the Reuters story with a big grain of salt.

Calling a hard fake news on this one. This kinda feels like the 2018-2019 deluge of emails to [over-the-counter] desks about whales wanting to sell 10-100k slugs of BTC … Will believe it when the ticket gets printed. Until then, FUD.

The UAE has previously claimed it is not siding with either Western allies or Moscow.”

See Also: Treasury Department Issues Guidance on Using Crypto to Evade Sanctions

“Operators must be registered with the FCA to offer ATM services and comply with money laundering regulations.

As none of the 27 fully registered crypto firms have been approved to offer ATM services, any crypto ATMs in the U.K. are operating illegally.”

See Also: SEC Rejects NYDIG, Global X Spot Bitcoin ETF Applications