The&nbsp;cryptocurrency&nbsp;industry&nbsp;was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major&nbsp;crypto&nbsp;players could unleash a wider market shakeout.

Bitcoin, the world's biggest&nbsp;cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours - roughly the peak of its charge to its previous record in 2017.

Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020. It has lost almost 60% of its value this year and 37% this month alone in the&nbsp;cryptocurrency sector's latest meltdown.

Its fall follows problems at several major&nbsp;industry&nbsp;players. Further declines, market players said, could have a knock-on effect as other&nbsp;crypto&nbsp;investors are forced to sell their holdings to meet margin calls and cover losses.

Crypto&nbsp;hedge fund Three Arrows Capital is exploring options including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focused&nbsp;crypto&nbsp;lender Babel Finance said it would suspend withdrawals.&nbsp;

US-based lender Celsius Network this month said it would suspend customer withdrawals. In a blog on Monday, Celsius said it would continue working with regulators and officials, but that it would pause its customer Q&amp;A sessions.&nbsp;

"There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the&nbsp;crypto&nbsp;ecosystem is much reduced," said Adam Farthing, chief risk office for Japan at&nbsp;crypto&nbsp;liquidity provider B2C2.

"It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations," Farthing said.

Smaller tokens, which usually move in tandem with bitcoin, were also hurt. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend.

The fall in&nbsp;crypto&nbsp;markets has coincided with a slide for equities, as US&nbsp;stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession.&nbsp;

Bitcoin's moves have tended to follow a similar pattern to other risk assets such as tech stocks.

The overall&nbsp;crypto&nbsp;market capitalisation is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021.

A fall in stablecoins - a type of&nbsp;crypto&nbsp;designed to hold a steady value - is also suggesting investors are pulling money from the sector as a whole.

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout.

The cryptocurrency industry was on edge on Monday as bitcoin struggled to stay above a key level, with investors fearing that problems at major crypto players could unleash a wider market shakeout. Bitcoin, the world's biggest cryptocurrency, was trading just under the symbolic level of $20,000 in early London trading hours - roughly the peak of its charge to its previous record in 2017. Bitcoin had dropped on Saturday to as low as $17,592.78, falling below $20,000 for the first time since December 2020. It has lost almost 60% of its value this year and 37% this month alone in the cryptocurrency sector's latest meltdown. Its fall follows problems at several major industry players. Further declines, market players said, could have a knock-on effect as other crypto investors are forced to sell their holdings to meet margin calls and cover losses. Crypto hedge fund Three Arrows Capital is exploring options including the sale of assets and a bailout by another firm, its founders told the Wall Street Journal in a story published Friday, the same day Asia-focused crypto lender Babel Finance said it would suspend withdrawals. US-based lender Celsius Network this month said it would suspend customer withdrawals. In a blog on Monday, Celsius said it would continue working with regulators and officials, but that it would pause its customer Q&A sessions. "There is a lot of credit being withdrawn from the system and if lenders have to absorb losses from Celsius and Three Arrows, they will reduce the size of their future loan books which means that the entire amount of credit available in the crypto ecosystem is much reduced," said Adam Farthing, chief risk office for Japan at crypto liquidity provider B2C2. "It feels very like 2008 to me in terms of how there could be a domino effect of bankruptcies and liquidations," Farthing said. Smaller tokens, which usually move in tandem with bitcoin, were also hurt. No.2 token ether was at $1,0752, having dipped below its own symbolic level of $1,000 over the weekend. The fall in crypto markets has coincided with a slide for equities, as US stocks suffered their biggest weekly percentage decline in two years on fears of rising interest rates and the growing likelihood of a recession. Bitcoin's moves have tended to follow a similar pattern to other risk assets such as tech stocks. The overall crypto market capitalisation is roughly $877 billion, according to price site Coinmarketcap, down from a peak of $2.9 trillion in November 2021. A fall in stablecoins - a type of crypto designed to hold a steady value - is also suggesting investors are pulling money from the sector as a whole.

Crypto industry fears contagion as bitcoin slips under $20,000

Bitcoin dropped 7.46 per cent&nbsp;to $18,915.29 at 15:59 GMT on Saturday, losing $1,525.41 from its previous close. The world's biggest and best-known cryptocurrency is down 60.8 per cent&nbsp;from the year's high of $48,234 on March 28.

The value of the global crypto market fell below the symbolic $1 trillion mark on Monday after reaching $3 trillion in November of last year.

After sinking to $18,740 on Saturday, Bitcoin rose to $18,941 at 1550 GMT, down eight per cent from Friday. 
Ether, the coin linked to the Ethereum blockchain network, dropped 8.84 per cent&nbsp;to $988.52 on Saturday, losing $95.9 from its previous close.

World stock markets plunged this week amid fears that inflation-fighting interest rate hikes by the US Federal Reserve and other central banks could trigger a recession. Cryptocurrencies have paid the biggest price.

Bitcoin's fall has been accelerated by the suspension of withdrawals by two cryptocurrency platforms. The Celsius Network said it was pausing "all withdrawals, swap, and transfers between accounts" due to "extreme market conditions." Babel Finance said it was facing "unusual liquidity pressures."

Also Read:&nbsp;<a href="https://www.wionews.com/trending/three-word-resignation-frustrated-with-your-job-heres-how-you-can-draft-your-resignation-letter-489511">Three-word resignation: Frustrated with your job? Here’s how you can draft your resignation letter</a>

Major exchange Binance temporarily suspended bitcoin withdrawals and advised customers to use other networks. Coinbase said Monday that it was trimming 18 per cent of its workforce, about 1,100 jobs, citing tight economic conditions and overly rapid expansion.

"We appear to be entering a recession after a 10+ year economic boom," Coinbase founder and CEO Brian Armstrong said.

In recent years, the crypto sector benefited from a vast infusion of cash due to easy-money policies from the world's biggest central banks. However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing.

(with inputs from agencies) 
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Bitcoin dropped 7.46 per cent to $18,915.29 at 15:59 GMT on Saturday, losing $1,525.41 from its previous close. The world's biggest and best-known cryptocurrency is down 60.

Bitcoin dropped 7.46 per cent to $18,915.29 at 15:59 GMT on Saturday, losing $1,525.41 from its previous close. The world's biggest and best-known cryptocurrency is down 60.8 per cent from the year's high of $48,234 on March 28. The value of the global crypto market fell below the symbolic $1 trillion mark on Monday after reaching $3 trillion in November of last year. After sinking to $18,740 on Saturday, Bitcoin rose to $18,941 at 1550 GMT, down eight per cent from Friday. Ether, the coin linked to the Ethereum blockchain network, dropped 8.84 per cent to $988.52 on Saturday, losing $95.9 from its previous close. World stock markets plunged this week amid fears that inflation-fighting interest rate hikes by the US Federal Reserve and other central banks could trigger a recession. Cryptocurrencies have paid the biggest price. Bitcoin's fall has been accelerated by the suspension of withdrawals by two cryptocurrency platforms. The Celsius Network said it was pausing "all withdrawals, swap, and transfers between accounts" due to "extreme market conditions." Babel Finance said it was facing "unusual liquidity pressures." Also Read: Three-word resignation: Frustrated with your job? Here’s how you can draft your resignation letter Major exchange Binance temporarily suspended bitcoin withdrawals and advised customers to use other networks. Coinbase said Monday that it was trimming 18 per cent of its workforce, about 1,100 jobs, citing tight economic conditions and overly rapid expansion. "We appear to be entering a recession after a 10+ year economic boom," Coinbase founder and CEO Brian Armstrong said. In recent years, the crypto sector benefited from a vast infusion of cash due to easy-money policies from the world's biggest central banks. However, rampant inflation has sparked tighter monetary policy across the globe, helping to send the industry crashing. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Crypto crash: Bitcoin last down 7.4 per cent at $18,915

Expecting a global recession, investors are worried around the world. Now, the cryptocurrency market is tumbling, with major cryptocurrencies such as Bitcoin slumping below $20,000. For more perspective, we're joined by Rémi Bourgeot, Economist and Technology expert at the French Institute for International and Strategic Affairs.

Cryptocurrency continues to crumble, Bitcoin slumps below $20,000

Expecting a global recession, investors are worried around the world. Now, the cryptocurrency market is tumbling, with major cryptocurrencies such as Bitcoin slumping below $20,000.

Cryptocurrency market tumbles as fear of global recession grips investors

Bitcoin&nbsp;dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

Also read |&nbsp;<a href="https://www.wionews.com/world/after-crypto-lender-celsius-blocks-all-redemptions-bitcoin-tumbles-488044">After crypto lender Celsius blocks all redemptions, Bitcoin tumbles</a>

The biggest cryptocurrency was down 7.1 per cent&nbsp;to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020.

It is down about 59 per cent&nbsp;this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent.

Watch |&nbsp;Largest cryptocurrency Bitcoin is crashing – why?

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The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts.

Also read |&nbsp;<a href="https://www.wionews.com/world/dogecoin-investor-sues-elon-musk-for-258-billion-over-alleged-pyramid-scheme-488940">Dogecoin investor sues Elon Musk for $258bn, accusing him of running pyramid scheme</a>

The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets.

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Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates.

Bitcoin dropped below $20,000 on Saturday to its lowest level in 18 months, extending its slide as investors pull back from riskier assets amid rising interest rates. Also read | After crypto lender Celsius blocks all redemptions, Bitcoin tumbles The biggest cryptocurrency was down 7.1 per cent to $18,993 at 0906 GMT, having earlier touched $18,732, its lowest since December 2020. It is down about 59 per cent this year, while rival cryptocurrency Ethereum-backed ether is down 73 per cent. Watch | Largest cryptocurrency Bitcoin is crashing – why? The digital currency sector has been pummelled this week after cryptocurrency lending company Celsius froze withdrawals and transfers between accounts. Also read | Dogecoin investor sues Elon Musk for $258bn, accusing him of running pyramid scheme The sector has also suffered losses after companies such as Coinbase Global Inc, Gemini and Blockfi said they would lay off thousands of employees as investors ditch risky assets. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Bitcoin drops below $20,000 to lowest since December 2020

Cryptocurrency is having a terrible week with Bitcoin dropping to an 18-month-low on Wednesday. All major cryptocurrencies have been trading in the red lately, with the fall testing long-term investors. Molly Gambhir explains what triggered this latest crash

Why is the crypto market crashing?

Bitcoin, the world’s largest cryptocurrency is crashing. More people are selling Bitcoin and there are less buyers. Some crypto trading companies have fired their staff some put the transactions on hold. Why is this happening?

Largest cryptocurrency Bitcoin is crashing – why?

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession.

"We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post.

Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers.&nbsp;

Armstrong said employees would receive an email informing them if they had been affected, without giving further details.

Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions.&nbsp;

The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year.&nbsp;

The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring.

Also Read:&nbsp;<a href="https://www.wionews.com/world/macron-asks-for-solid-majority-in-sundays-parliamentary-polls-amid-troubled-times-488211">Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’</a>

Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters.&nbsp;

"This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday.

Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits.

(with inputs from agencies)

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Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday.

Coinbase Global Inc becomes the latest company preparing to ride out a downturn in the crypto sphere as it intends to cut about 1,100 jobs or 18 per cent of its workforce, the cryptocurrency exchange said on Tuesday. The cryptocurrency market has been roiled by extreme volatility as investors dumped risky assets on fears that higher inflation readings would force the U.S. Federal Reserve to turn more aggressive in raising interest rates and tip the economy into a recession. "We appear to be entering a recession after a 10+ year economic boom. A recession could lead to another crypto winter, and could last for an extended period," Chief Executive Officer Brian Armstrong said in a blog post. Bitcoin, the world's largest cryptocurrency, tumbled as much as 14% on Monday after crypto lender Celsius Network froze withdrawals and transfers. Armstrong said employees would receive an email informing them if they had been affected, without giving further details. Coinbase had earlier this month said it would extend a hiring freeze and rescind a number of accepted offers to deal with current macroeconomic conditions. The company's shares fell about 5% in early trading, set to add to their roughly 80% tumble this year. The crypto market meltdown has forced companies like BlockFi and Crypto.com to slash hundreds of jobs, while top firms including Meta Platforms and Intel Corp have also tapped the brakes on hiring. Also Read: Macron asks for ‘solid majority’ in sunday’s parliamentary polls amid ‘troubled times’ Coinbase had ramped up hiring when the crypto market scaled new highs during the pandemic, growing headcount by nearly four times in just five quarters. "This level of headcount growth over five quarters was too ambitious, especially given that the company has lived through a crypto winter and knows how regularly volatile this market can be," KBW analyst Kyle Voigt said in a note to clients on Monday. Coinbase expects to incur about $40 million to $45 million in total restructuring expenses, largely related to employee severance and other termination benefits. (with inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

Coinbase to lay off 18 per cent of its workforce as crypto winter sets in

Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform.

Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price.

Amid a surge in&nbsp;inflation and signals from big central banks that they will cut back dramatically on stimulus, Bitcoin, ether, and other major tokens have wobbled in recent weeks.

According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56.

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Earlier, after signs of strain in the infrastructure were displayed, underpinning the digital asset market, there was a sharp decline in the price of bitcoin the previous day well.

Cory Klippsten, chief executive of Swan Bitcoin, a bitcoin savings platform, told news agency Reuters that "Almost anything can be systemic in crypto ... because the whole space is over-levered."

In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects.

US inflation data published last Friday prompted investors to raise their bets on Federal Reserve rate hikes and as a result markets extended a sell-off.

Briefly breaking its 1:1 peg with the dollar, Tether, the world's largest stablecoin collapsed followed by the terraUSD and luna tokens in May rattling the cryptocurrency investors.

(With inputs from agencies)

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Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform. Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price.

Citing “extreme market conditions” crypto lender Celsius has blocked customers from pulling funds from its platform. Following its lead Binance also halted withdrawals of bitcoin, blaming a “stuck transaction”, while digital assets slumped in price. Amid a surge in inflation and signals from big central banks that they will cut back dramatically on stimulus, Bitcoin, ether, and other major tokens have wobbled in recent weeks. According to Bloomberg, the price of bitcoin fell as much as 10.3 per cent on Tuesday to an 18-month low of $20,823.56. × Earlier, after signs of strain in the infrastructure were displayed, underpinning the digital asset market, there was a sharp decline in the price of bitcoin the previous day well. Cory Klippsten, chief executive of Swan Bitcoin, a bitcoin savings platform, told news agency Reuters that "Almost anything can be systemic in crypto ... because the whole space is over-levered." In the latest sign of the financial market downturn hitting the crypto sphere, companies exposed to cryptocurrencies have warned that declines in token prices could have ripple effects. US inflation data published last Friday prompted investors to raise their bets on Federal Reserve rate hikes and as a result markets extended a sell-off. Briefly breaking its 1:1 peg with the dollar, Tether, the world's largest stablecoin collapsed followed by the terraUSD and luna tokens in May rattling the cryptocurrency investors. (With inputs from agencies) Watch WION's live TV here:

After crypto lender Celsius blocks all redemptions, Bitcoin tumbles

Africa, one of the most under-reported continents in the media sphere is now evolving fast. Catch all the latest vibrant, untold & intriguing stories on One Africa with Erik Njoka every Tuesday on WION.

One Africa: Survivors recount Nigerian church massacre; Bitcoin rise in central African republic

A new New York bill is set to limit crypto miners from using power from power plants. Meanwhile, Bitcoin gains over 5% to $31,441.76.

NY bill to limit crypto miners using power: Bitcoin gains over 5% to $31,441.76

El Salvador created headlines when it decided to adopt cryptocurrencies as a legal tender. Now, amid the ongoing price fluctuations due to the volatile market what will happen to its economy if Bitcoin collapses completely?

Is Bitcoin crash going to impact El Salvador's economy?

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows.

Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening.

The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap.

Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents.

Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system.

"I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing.

On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020.

In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021.

Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month.

Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700.

(With inputs from agencies)

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Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar.

Dramatic fall in the value of TerraUSD, one of the largest stablecoins in the world sent shockwaves through cryptocurrency markets on Thursday. The movement pushed Tether (another major stablecoin) below dollar. This also sent bitcoin to 16-month lows. Cryptocurrencies have been swept up in a sell-off in risk assets, which has picked up steam this week as data showed U.S. inflation running hot, deepening investor fears about the economic impact of aggressive central bank tightening. The sell-off has meant that combined market value of cryptocurrencies is USD 1.2 trillion. This is less that half of the value cryptocurrencies had last November as per data from CoinMarketCap. Tether, a reserve-backed stablecoin which is supposed to be pegged 1:1 to the U.S. dollar, dropped to as low as 95 cents earlier in the global session, according to CoinMarketCap price data. It was last at 99 cents. Despite the volatility, US Treasury Secretary Janet Yellen said stablecoins like Tether and TerraUSD do not yet pose a systemic risk to the financial system. "I wouldn't characterize it at this scale as a real threat to financial stability, but they're growing very rapidly and they present the same kind of risks we have known for centuries in connection to bank runs," she said during a House Financial Services Committee hearing. On Thursday, bitcoin, the largest cryptocurrency hit a low of USD 25,401.05. This is its lowest value since December 28, 2020. In the past eight sessions, it has lost more than a quarter of its value, or around $10,700, and is down 37% so far this year, trading far below the peak of $69,000 it hit in November 2021. Bitcoin's correlation with the Nasdaq composite has been on the rise recently and is now up near its all time highest level, based on Refinitiv data. The Nasdaq composite has tumbled around 8% so far this month. Ether, the world's second-largest cryptocurrency, fell to its lowest since June 2021, sinking as low as $1,700. (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Cryptocurrencies collapse, stablecoin Tether slumps against dollar

Bitcoin is no exception and following the plunge on Wall Street yesterday, World's largest cryptocurrency Bitcoin has also fallen to its lowest level since July of 2021.

Bitcoin: World's largest cryptocurrency drops as Wall Street shares tumble

Bitcoin has been acting volatile again.&nbsp;Its value seems to have been falling continuously over the weekend. It has dipped below $34,000 (£27,630), as per the Coinbase cryptocurrency exchange. &nbsp;

Since its peak in November last year, this cryptocurrency, which is actually the world's largest by market value, has nosedived and is down by 50%. &nbsp;

This comes as the stock markets around the world are facing a hard time and have been going down recently. &nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/technology/lawsuit-filed-against-tesla-ceo-elon-musk-to-prevent-twitters-buyout-477098" hreflang="en">Lawsuit filed against Tesla CEO Elon Musk to prevent Twitter's buyout</a>

Some Asian markets may witness downward trend again on Monday as Japan's benchmark Nikkei index is down by around 2%.&nbsp;

With a value of $636bn, Bitcoin seems to account for around a third of the whole cryptocurrency market. &nbsp;

The second biggest cryptocurrency in the world, Ethereum, has also been in dire straits and has gone down by over 10% last week. &nbsp;

Watch:&nbsp;Zimbabwe suspends bank lending in bid to arrest currency decline

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This downside in the value of digital assets has become a huge reason to worry for investors. So, it is a time to tread cautiously. &nbsp;

In earlier years of the cryptocurrency market, the volatile trading was not unusual in digital assets.&nbsp; &nbsp;&nbsp;

For most of the 2022, it had been relatively quiet though. &nbsp;

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(With inputs from agencies)&nbsp;

Bitcoin has been acting volatile again. Its value seems to have been falling continuously over the weekend. It has dipped below $34,000 (£27,630), as per the Coinbase cryptocurrency exchange.

Bitcoin has been acting volatile again. Its value seems to have been falling continuously over the weekend. It has dipped below $34,000 (£27,630), as per the Coinbase cryptocurrency exchange. Since its peak in November last year, this cryptocurrency, which is actually the world's largest by market value, has nosedived and is down by 50%. This comes as the stock markets around the world are facing a hard time and have been going down recently. Also Read: Lawsuit filed against Tesla CEO Elon Musk to prevent Twitter's buyout Some Asian markets may witness downward trend again on Monday as Japan's benchmark Nikkei index is down by around 2%. With a value of $636bn, Bitcoin seems to account for around a third of the whole cryptocurrency market. The second biggest cryptocurrency in the world, Ethereum, has also been in dire straits and has gone down by over 10% last week. Watch: Zimbabwe suspends bank lending in bid to arrest currency decline × This downside in the value of digital assets has become a huge reason to worry for investors. So, it is a time to tread cautiously. In earlier years of the cryptocurrency market, the volatile trading was not unusual in digital assets. For most of the 2022, it had been relatively quiet though. WATCH WION LIVE HERE (With inputs from agencies)

Is Bitcoin too volatile again? Value falls over 50% since last peak

Lawmakers in&nbsp;Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services.

The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies. Experts warned it could heighten&nbsp;Panama's reputation as a place lacking financial transparency.

The legislation is broader in scope than measures passed by El Salvador, which last year made bitcoin legal tender, said independent lawmaker and promoter of the bill Gabriel Silva.

Also read |&nbsp;<a href="https://www.wionews.com/world/panama-says-three-ships-hit-by-russian-missiles-in-black-sea-since-start-of-ukraine-invasion-463051">Panama says three ships hit by Russian missiles in Black Sea since start of Ukraine invasion</a>

"We're seeing the emergence of many different types of crypto assets like works of art," he said. "That's why we didn't want to limit ourselves only to cryptocurrencies."

The bill covers the trading and use of crypto assets, issuance of digital securities, new payment systems and the tokenization of precious metals. Tokenization is when rights to an asset are converted into digital formats.

Under the new legislation,&nbsp;Panamanians may use crypto assets as means of payment for any civil or commercial operation not prohibited by law in the country.

Watch |&nbsp;Panama: Lawmakers approve bill to regulate cryptos

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Panama&nbsp;is on the European Union's list of tax havens, and Romain Dromard, chief executive officer at financial investment advisory firm K&amp;B Family Office, said the crypto bill would not help it appear more transparent.

"Panama&nbsp;was already in a bad position and these payment methods skip the due diligence processes that international organizations are asking&nbsp;Panama&nbsp;to embrace," he said.

The bill, which now passes to President Laurentino Cortizo to be signed, was approved in the assembly with 38 votes in favor, two abstentions and no votes against.

Belisario Castillo Saenz, chief executive officer of tokenisation firm Feänor Corp, argued that crypto assets could help the unbanked, given that internet penetration is high in&nbsp;Panama&nbsp;but only one in four people have bank accounts.

Also read |&nbsp;<a href="https://www.wionews.com/photos/february-23-in-history-first-mass-polio-vaccine-panama-canal-zone-and-more-365610">February 23 in history: First mass polio vaccine, Panama Canal Zone, and more</a>

The bill could also make banks that have created barriers to using cryptocurrencies more cooperative, said Jose Fabrega of CryptoSPA, a hub for crypto and blockchain services.

Still, K&amp;B's Dromard said the role banks will play under the new rules is unclear and forecast that it will take years for traditional institutions to use the assets.

In addition, small and medium businesses would not be able to switch to such highly volatile assets, he argued.

WATCH WION LIVE HERE

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Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services.

Lawmakers in Panama's National Assembly on Thursday approved a bill to regulate the use and commercialisation of crypto assets in the Central American country renowned as a hub of offshore financial services. The bill opens the door to private and public use of crypto assets, and will make it possible for people to pay their taxes with cryptocurrencies. Experts warned it could heighten Panama's reputation as a place lacking financial transparency. The legislation is broader in scope than measures passed by El Salvador, which last year made bitcoin legal tender, said independent lawmaker and promoter of the bill Gabriel Silva. Also read | Panama says three ships hit by Russian missiles in Black Sea since start of Ukraine invasion "We're seeing the emergence of many different types of crypto assets like works of art," he said. "That's why we didn't want to limit ourselves only to cryptocurrencies." The bill covers the trading and use of crypto assets, issuance of digital securities, new payment systems and the tokenization of precious metals. Tokenization is when rights to an asset are converted into digital formats. Under the new legislation, Panamanians may use crypto assets as means of payment for any civil or commercial operation not prohibited by law in the country. Watch | Panama: Lawmakers approve bill to regulate cryptos Panama is on the European Union's list of tax havens, and Romain Dromard, chief executive officer at financial investment advisory firm K&B Family Office, said the crypto bill would not help it appear more transparent. "Panama was already in a bad position and these payment methods skip the due diligence processes that international organizations are asking Panama to embrace," he said. The bill, which now passes to President Laurentino Cortizo to be signed, was approved in the assembly with 38 votes in favor, two abstentions and no votes against. Belisario Castillo Saenz, chief executive officer of tokenisation firm Feänor Corp, argued that crypto assets could help the unbanked, given that internet penetration is high in Panama but only one in four people have bank accounts. Also read | February 23 in history: First mass polio vaccine, Panama Canal Zone, and more The bill could also make banks that have created barriers to using cryptocurrencies more cooperative, said Jose Fabrega of CryptoSPA, a hub for crypto and blockchain services. Still, K&B's Dromard said the role banks will play under the new rules is unclear and forecast that it will take years for traditional institutions to use the assets. In addition, small and medium businesses would not be able to switch to such highly volatile assets, he argued. WATCH WION LIVE HERE

Panama passes bill to regulate the use and commercialisation of crypto assets

The Central African Republic has become the world's second country to embrace bitcoin as legal cash, confirming reports that had been circulating for a few days.

The National Assembly passed and President Faustin Archange Touadera signed a bill authored by the minister of digital economy, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo, according to a statement from his office.

The law provided a legal and regulatory framework for cryptocurrencies, as well as making Bitcoin (BTC) legal tender alongside the CFA franc.

"There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology," Finance Minister Herve Ndoba said last week, as quoted in Bloomberg.&nbsp;

"This time, we can actually say that our country is one step ahead."

The Central African Republic has a population of 4.83 million people, with roughly 11% having an internet connection.&nbsp;

El Salvador was the first country to recognise Bitcoin as legal cash less than a year ago.

Citizens of the Central American country were allowed to use the digital currency to pay for any good or service using a cyber wallet app, alongside the US dollar, which has been the official currency for the past two decades.

The International Monetary Fund (IMF) slammed the introduction.

It warned of "significant dangers connected with bitcoin's use in financial stability, financial integrity, and consumer protection," as well as the risks of issuing bitcoin-backed bonds.

WATCH WION LIVE HERE 
 
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(With inputs from agencies)

The Central African Republic has become the world's second country to embrace bitcoin as legal cash, confirming reports that had been circulating for a few days.

The Central African Republic has become the world's second country to embrace bitcoin as legal cash, confirming reports that had been circulating for a few days. The National Assembly passed and President Faustin Archange Touadera signed a bill authored by the minister of digital economy, Gourna Zacko, and the minister of finance and budget, Calixte Nganongo, according to a statement from his office. The law provided a legal and regulatory framework for cryptocurrencies, as well as making Bitcoin (BTC) legal tender alongside the CFA franc. "There’s a common narrative that sub-Saharan African countries are often one step behind when it comes to adapting to new technology," Finance Minister Herve Ndoba said last week, as quoted in Bloomberg. "This time, we can actually say that our country is one step ahead." The Central African Republic has a population of 4.83 million people, with roughly 11% having an internet connection. El Salvador was the first country to recognise Bitcoin as legal cash less than a year ago. Citizens of the Central American country were allowed to use the digital currency to pay for any good or service using a cyber wallet app, alongside the US dollar, which has been the official currency for the past two decades. The International Monetary Fund (IMF) slammed the introduction. It warned of "significant dangers connected with bitcoin's use in financial stability, financial integrity, and consumer protection," as well as the risks of issuing bitcoin-backed bonds. WATCH WION LIVE HERE (With inputs from agencies)

Central African Republic adopts bitcoin as legal currency

The Cuban government in an official directive asked those who wished to use cryptocurrencies to get a license as it approved cryptocurrency-related services.

The government had made the use of cryptocurrencies for personal use legal in the country last year. The government said it would grant a license for up to a year and it can be extended for another year amid large scale interest in the country to use the virtual currency.

<a href="https://www.wionews.com/technology/the-price-of-love-cryptocurrency-scammers-target-dating-apps-466384">Also Read |&nbsp;The price of love: Cryptocurrency scammers target dating apps</a>

Reports claim the adoption of cryptocurrencies would help Cuba to skirt US sanctions as it battles an economic crisis. The country's central bank has been granted the right to issue licenses with the new rule set to come into effect in May.

The central bank will consider licenses after evaluating the "legality, opportunity and socioeconomic interest of the initiative" the government directive said. Local and foreign companies without a legal license could face sanctions, reports said.

Watch:&nbsp;Cuba approves cryptocurrency services

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The country depends heavily on remittances sent by Cubans in the United States, however, economic sanctions against the country have hit remittances&nbsp;as reports claim cryptocurrencies could help Cuba in the current crisis.

(With inputs from Agencies)

Watch WION LIVE here

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The Cuban government in an official directive asked those who wished to use cryptocurrencies to get a license as it approved cryptocurrency-related services. The government had made the use of cryptocurrencies for personal use legal in the country last year.

The Cuban government in an official directive asked those who wished to use cryptocurrencies to get a license as it approved cryptocurrency-related services. The government had made the use of cryptocurrencies for personal use legal in the country last year. The government said it would grant a license for up to a year and it can be extended for another year amid large scale interest in the country to use the virtual currency. Also Read | The price of love: Cryptocurrency scammers target dating apps Reports claim the adoption of cryptocurrencies would help Cuba to skirt US sanctions as it battles an economic crisis. The country's central bank has been granted the right to issue licenses with the new rule set to come into effect in May. The central bank will consider licenses after evaluating the "legality, opportunity and socioeconomic interest of the initiative" the government directive said. Local and foreign companies without a legal license could face sanctions, reports said. Watch: Cuba approves cryptocurrency services Th The country depends heavily on remittances sent by Cubans in the United States, however, economic sanctions against the country have hit remittances as reports claim cryptocurrencies could help Cuba in the current crisis. (With inputs from Agencies) Watch WION LIVE here

Cuba approves cryptocurrency services

Bitcoin has dropped 5.3 percent to $39,881. The world's biggest and best-known cryptocurrency is down 7.3 percent from the year's high of $48,234 on March 28. The price was also down as investors assessed the risks from rising rates and the potential for more tightening by Federal Reserve

Bitcoin falls 5.3 percent to $39,881, Crypto below $40,000 first time in a month

Amid a boom in digital asset trading, Indonesia plans to impose tax on crypto trading and investments.

The government plans to charge value-added tax (VAT) on crypto asset transactions and income tax on capital gains from investments at 0.1 per cent each.

Reports claim Indonesia has over 11 million crypto asset holders. The country has witnessed a surge in crypto transactions as the commodity futures markets touched an astronomical $59.8 billion amid regulatory support from government bodies.

<a href="https://www.wionews.com/technology/625-million-in-ether-stolen-in-one-of-the-biggest-crypto-heists-466848">Also Read:&nbsp;$625 million in Ether stolen in one of the biggest crypto heists</a>

Indonesians are not allowed to make payments in cryptocurrency however they are allowed to trade in&nbsp;crypto assets as a commodity. According to a study, Indonesia's crypto assets ownership is one of the highest in the world. Investors in the country have reportedly been using cryptos to protect themselves from inflation.

Watch:&nbsp;Crypto romance scams: Don't fall for dating app swindlers

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A report claims 41 per cent of Indonesians aged between 18 and 75 with an annual income of over $14,000 own crypto assets with most Indonesians convinced that crypto is the future of money.

Bitcoin, Ethereum and Solana have gained traction in the country as the Indonesian government eyes a digital economy even as crypto investors have doubled in the last two years.&nbsp;

According to Indonesia's trade ministry, Bitcoin transactions grew 14 times from $4.1 billion in 2020 to $59.83 billion in 2021. A body under the trade ministry called Commodity Futures Trading Regulatory Agency (BAPPEBTI) oversees cryptocurrency trading in the country.

(With inputs from Agencies)

Amid a boom in digital asset trading, Indonesia plans to impose tax on crypto trading and investments. The government plans to charge value-added tax (VAT) on crypto asset transactions and income tax on capital gains from investments at 0.

Amid a boom in digital asset trading, Indonesia plans to impose tax on crypto trading and investments. The government plans to charge value-added tax (VAT) on crypto asset transactions and income tax on capital gains from investments at 0.1 per cent each. Reports claim Indonesia has over 11 million crypto asset holders. The country has witnessed a surge in crypto transactions as the commodity futures markets touched an astronomical $59.8 billion amid regulatory support from government bodies. Also Read: $625 million in Ether stolen in one of the biggest crypto heists Indonesians are not allowed to make payments in cryptocurrency however they are allowed to trade in crypto assets as a commodity. According to a study, Indonesia's crypto assets ownership is one of the highest in the world. Investors in the country have reportedly been using cryptos to protect themselves from inflation. Watch: Crypto romance scams: Don't fall for dating app swindlers A report claims 41 per cent of Indonesians aged between 18 and 75 with an annual income of over $14,000 own crypto assets with most Indonesians convinced that crypto is the future of money. Bitcoin, Ethereum and Solana have gained traction in the country as the Indonesian government eyes a digital economy even as crypto investors have doubled in the last two years. According to Indonesia's trade ministry, Bitcoin transactions grew 14 times from $4.1 billion in 2020 to $59.83 billion in 2021. A body under the trade ministry called Commodity Futures Trading Regulatory Agency (BAPPEBTI) oversees cryptocurrency trading in the country. (With inputs from Agencies)

Amid boom, Indonesia plans to tax crypto assets

It can not be denied that Bitcoin singlehandedly popularised the concept of cryptocurrency and huge rise in its prize since its inception means that Bitcoin mining is now a widespread endevour.

But mining Bitcoins requires one to have a large array of computers the computing power of which is then harnessed to tackle extremely complex cryptographic puzzles during the process of mining. These understandably consumes a lot of energy and leaves a huge carbon footprint.&nbsp;

Several environmental organisation have come together to launch a campaign that says a small tweak in Bitcoin mining method may considerably reduce the huge energy requirement and carbon footprint of the mining. The campaign 'Change the Code Not the Climate' has been launched by Environmental Working Group, Greenpeace USA and several other groups that are battling Bitcoin mining facilities.

The 'Proof of work', the software code that is used in Bitcoin mining.

Rival cryptocurrency Ethereum or Ether is planning a shift to another system called "proof of stake". It is believed that such a shift would bring the energy requirement to mine Ethereum down by 99 per cent.

The campaign launched by the environmental organisations is urging Bitcoin miners to take a similar step and help save the environment

It can not be denied that Bitcoin singlehandedly popularised the concept of cryptocurrency and huge rise in its prize since its inception means that Bitcoin mining is now a widespread endevour.

It can not be denied that Bitcoin singlehandedly popularised the concept of cryptocurrency and huge rise in its prize since its inception means that Bitcoin mining is now a widespread endevour. But mining Bitcoins requires one to have a large array of computers the computing power of which is then harnessed to tackle extremely complex cryptographic puzzles during the process of mining. These understandably consumes a lot of energy and leaves a huge carbon footprint. Several environmental organisation have come together to launch a campaign that says a small tweak in Bitcoin mining method may considerably reduce the huge energy requirement and carbon footprint of the mining. The campaign 'Change the Code Not the Climate' has been launched by Environmental Working Group, Greenpeace USA and several other groups that are battling Bitcoin mining facilities. The 'Proof of work', the software code that is used in Bitcoin mining. Rival cryptocurrency Ethereum or Ether is planning a shift to another system called "proof of stake". It is believed that such a shift would bring the energy requirement to mine Ethereum down by 99 per cent. The campaign launched by the environmental organisations is urging Bitcoin miners to take a similar step and help save the environment

Campaign pushes for change in Bitcoin mining method to save environment

Climate groups have claimed that altering codes can reduce bitcoin energy consumption by 99 per cent as a campaign called Change the Code Not the Climate.

The campaign is coordinated by the Environmental Working Group, Greenpeace USA, and several groups battling bitcoin mining facilities in their communities.

An obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency.&nbsp;

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Bitcoin mining, in simple terms, is the process by which a network of computers checks and validates a block of transactions that then get added to the blockchain. Miners get rewarded for completing a block.

Bitcoin miners unlock bitcoins by solving complex, unique puzzles. As the value of Bitcoin goes up, the puzzles become increasingly more difficult, and it requires more computer power to solve them. Estimates on how much energy Bitcoin uses vary.

It's an expensive business, though, requiring not just sophisticated and fast "rigs" costing upwards of $10,000, but also a huge amount of power. And it's getting pricier.

The seven-day average of total mining cost per transaction validated has fallen to $176.8 from a record $235.57 hit in May last year, data from blockchain.com shows.

"As more miners join the network, each individually earns fewer bitcoin. This is because network difficulty increases in order to slow the issuance of new bitcoin," said Joe Burnett, analyst at infrastructure and mining firm Blockware Solutions.

<a href="https://www.wionews.com/photos/how-much-tax-is-imposed-on-cryptocurrency-in-different-countries-worldwide-449585">Also see |&nbsp;How much tax is imposed on cryptocurrency in different countries worldwide?</a>

Waning mining profitability is also hitting the broader market because some institutional investors, who are unable or unwilling to invest directly in cryptocurrencies, instead buy shares of listed miners or ETFs that track miners as an alternative way of gaining access to the young industry.

Some of the pressures on miners flow from bitcoin's inherent structure. The decentralised blockchain was created anonymously with a final limit of 21 million coins, of which nearly 19 million has already been minted.

It takes around 10 minutes to mine one block and the reward for miners, who currently get 6.25 bitcoin per block, is halved about every four years.

"There could be one miner or a million, it doesn't change anything. There's only one block and a set number of bitcoins issued," said d'Anethan at Amber Group.

“This is a big problem. In part because of where the industry stands now but also because of our concerns about its growth,” said Michael Brune, campaign director and former executive director of Sierra Club.

“Coal plants which were dormant or slated to be closed are now being revived and solely dedicated to bitcoin mining. Gas plants, which in many cases were increasingly economically uncompetitive, are also now being dedicated to bitcoin mining. We are seeing this all across the country,” said Brune.

Brune added: “It’s particularly painful to see this in the electric sector because that is precisely the place where the US has made most of its progress in the last decade,” he said.&nbsp;

''There’s no way we can reach our climate goals if we are reviving fossil fuel plants.''

(With inputs from agencies)

Climate groups have claimed that altering codes can reduce bitcoin energy consumption by 99 per cent as a campaign called Change the Code Not the Climate. The campaign is coordinated by the Environmental Working Group, Greenpeace USA, and several groups battling bitcoin mining facilities in their communities.

Climate groups have claimed that altering codes can reduce bitcoin energy consumption by 99 per cent as a campaign called Change the Code Not the Climate. The campaign is coordinated by the Environmental Working Group, Greenpeace USA, and several groups battling bitcoin mining facilities in their communities. An obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. Bitcoin mining, in simple terms, is the process by which a network of computers checks and validates a block of transactions that then get added to the blockchain. Miners get rewarded for completing a block. Bitcoin miners unlock bitcoins by solving complex, unique puzzles. As the value of Bitcoin goes up, the puzzles become increasingly more difficult, and it requires more computer power to solve them. Estimates on how much energy Bitcoin uses vary. It's an expensive business, though, requiring not just sophisticated and fast "rigs" costing upwards of $10,000, but also a huge amount of power. And it's getting pricier. The seven-day average of total mining cost per transaction validated has fallen to $176.8 from a record $235.57 hit in May last year, data from blockchain.com shows. "As more miners join the network, each individually earns fewer bitcoin. This is because network difficulty increases in order to slow the issuance of new bitcoin," said Joe Burnett, analyst at infrastructure and mining firm Blockware Solutions. Also see | How much tax is imposed on cryptocurrency in different countries worldwide? Waning mining profitability is also hitting the broader market because some institutional investors, who are unable or unwilling to invest directly in cryptocurrencies, instead buy shares of listed miners or ETFs that track miners as an alternative way of gaining access to the young industry. Some of the pressures on miners flow from bitcoin's inherent structure. The decentralised blockchain was created anonymously with a final limit of 21 million coins, of which nearly 19 million has already been minted. It takes around 10 minutes to mine one block and the reward for miners, who currently get 6.25 bitcoin per block, is halved about every four years. "There could be one miner or a million, it doesn't change anything. There's only one block and a set number of bitcoins issued," said d'Anethan at Amber Group. “This is a big problem. In part because of where the industry stands now but also because of our concerns about its growth,” said Michael Brune, campaign director and former executive director of Sierra Club. “Coal plants which were dormant or slated to be closed are now being revived and solely dedicated to bitcoin mining. Gas plants, which in many cases were increasingly economically uncompetitive, are also now being dedicated to bitcoin mining. We are seeing this all across the country,” said Brune. Brune added: “It’s particularly painful to see this in the electric sector because that is precisely the place where the US has made most of its progress in the last decade,” he said. ''There’s no way we can reach our climate goals if we are reviving fossil fuel plants.'' (With inputs from agencies)

Altering code can reduce bitcoin energy consumption by 99%, say climate groups

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports.

In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports.

"We have been proposing to China for a long time to switch to settlements in national currencies for rubles and&nbsp;yuan," Zavalny said, according to the translation. \

"With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added.

The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday.

The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”.

Also read |&nbsp;<a href="https://www.wionews.com/world/eu-us-sign-mega-lng-deal-in-an-attempt-to-curb-reliance-on-sanctions-hit-russia-465514" hreflang="en">EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia</a>

The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine.

Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.”

Also read |&nbsp;<a href="https://www.wionews.com/world/putin-says-will-accept-only-rubles-for-gas-sales-to-unfriendly-nations-464927">Putin says will accept only rubles for gas sales to ‘unfriendly nations’</a>

Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to&nbsp;Reuters.

Russia has been looking for an alternative payment system mechanism ever since it was&nbsp;blocked from using the international&nbsp;SWIFT payment system.

Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is&nbsp;using crypto to bypass Western sanctions.

Watch |&nbsp;Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles

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(With inputs from agencies)

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey.

Battered with sanctions for initiating war against Ukraine, Russia is now mulling to accept Bitcoins as a payment for oil and gas exports. In a news conference on Thursday, Russian lawmaker Pavel Zavalny reportedly said that it is willing to be flexible with payments when it comes to “friendly” countries such as China or Turkey. Zavalny, who is also the chair of Russia’s Duma committee on energy, said that the national fiat currency of the buyer, as well as Bitcoin, were being considered as alternative ways to pay for Russia’s energy exports. "We have been proposing to China for a long time to switch to settlements in national currencies for rubles and yuan," Zavalny said, according to the translation. \ "With Turkey, it will be lira and rubles." "You can also trade bitcoins," he added. The price of the cryptocurrency reportedly spiked when the news reports of Zavalny’s remarks first came up yesterday. The remarks come a day after Russian President Vladimir Putin said Moscow will accept only rubles as payments for gas exports from “unfriendly nations”. Also read | EU, US sign mega LNG deal to curb reliance on sanctions-hit Russia The list of countries includes the United States, European Union member states, Britain, Japan, Canada, Norway, Singapore, South Korea, Switzerland and Ukraine. Echoing Putin’s remarks, Zavalny said, “If they want to buy, let them pay either in hard currency, and this is gold for us, or pay as it is convenient for us, this is the national currency.” Also read | Putin says will accept only rubles for gas sales to ‘unfriendly nations’ Energy is the single most important source of income for Russia. In 2021, the oil and gas trade brought in $119 billion in revenue for the country, according to Reuters. Russia has been looking for an alternative payment system mechanism ever since it was blocked from using the international SWIFT payment system. Earlier this week, European Central Bank President Christine Lagarde highlighted that the Russian private sector is using crypto to bypass Western sanctions. Watch | Ukraine-Russia conflict: Putin says Russia to only take gas payments in rubles (With inputs from agencies)

Russian lawmaker says considering Bitcoin payments for oil exports from ‘friendly’ nations

As the Russian-Ukraine war&nbsp;rages on, several donation pages have emerged in the dark web asking for funds in cryptocurrencies for the Ukrainian cause.

Check Point Research, the threat intelligence arm of the cybersecurity solutions provider, has reported that while some are running genuine donation&nbsp;services, many fake ads have flooded the dark web.

The darknet is a part of the internet that is invisible to search engines and can only be accessed through anonymous browsers.

Several prominent organisations like BBC and Twitter have been using the dark web to bring regular updates to Russia as their services have been restricted in the wake of the Russian invasion of Ukraine.

However, in the midst of all these, several scammers have been running fake donation camps to collect money with&nbsp;‘Help Ukraine’ advertisements.

“CPR has always taken a close look at the Darknet. Last year, we found advertisements for fake coronavirus services. Now, we’re seeing donation scams appear on the Darknet, as the Russia-Ukraine conflict intensifies," says Oded Vanunu, head of product vulnerabilities research at Check Point Software.

One such ad featured a mother and her children, who were in bad shape and needed money to escape the war-torn country. However, the image was unrelated and was taken out of context from a German newspaper, Vanunu said.

It said that sites such as Defend Ukraine, and an accompanying Twitter account has been found to be reliable.

The website contains a list of organisations and NGOs in Ukraine in need of assistance and solicits donations in both bitcoin and ethereum. It has received over $9m in funding since being registered in February 2022.

As the Russian-Ukraine war rages on, several donation pages have emerged in the dark web asking for funds in cryptocurrencies for the Ukrainian cause. Check Point Research, the threat intelligence arm of the cybersecurity solutions provider, has reported that while some are running genuine donation services, many fake ads have flooded the dark web.

As the Russian-Ukraine war rages on, several donation pages have emerged in the dark web asking for funds in cryptocurrencies for the Ukrainian cause. Check Point Research, the threat intelligence arm of the cybersecurity solutions provider, has reported that while some are running genuine donation services, many fake ads have flooded the dark web. The darknet is a part of the internet that is invisible to search engines and can only be accessed through anonymous browsers. Several prominent organisations like BBC and Twitter have been using the dark web to bring regular updates to Russia as their services have been restricted in the wake of the Russian invasion of Ukraine. However, in the midst of all these, several scammers have been running fake donation camps to collect money with ‘Help Ukraine’ advertisements. “CPR has always taken a close look at the Darknet. Last year, we found advertisements for fake coronavirus services. Now, we’re seeing donation scams appear on the Darknet, as the Russia-Ukraine conflict intensifies," says Oded Vanunu, head of product vulnerabilities research at Check Point Software. One such ad featured a mother and her children, who were in bad shape and needed money to escape the war-torn country. However, the image was unrelated and was taken out of context from a German newspaper, Vanunu said. It said that sites such as Defend Ukraine, and an accompanying Twitter account has been found to be reliable. The website contains a list of organisations and NGOs in Ukraine in need of assistance and solicits donations in both bitcoin and ethereum. It has received over $9m in funding since being registered in February 2022.

Cashing in on Ukrainian war: Scammers running crypto scam on dark web, says report

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