The Potential Impact of Janet Yellen's Crypto Executive Order
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Chapter 1: Welcome Back to Crypto Updates
Hello everyone! I hope you can forgive my absence; I just returned from a two-week vacation. The exciting news is that I'm back and ready to provide you with daily updates at no cost.
The past few weeks have been astonishing, with cryptocurrency taking center stage. My research now incorporates geopolitical events, diverse markets, and even presidential directives, showcasing the growing influence of digital assets in our rapidly evolving environment.
Stay tuned as we embark on this journey together!
Section 1.1: Janet Yellen's Potential Leak
Did Janet Yellen just hint at the next big catalyst for cryptocurrency? Reports suggest that she has leaked information regarding the highly anticipated executive order on crypto, which is expected to be signed by President Biden tomorrow. This order aims to foster "responsible innovation" that could yield significant benefits for the nation.
As geopolitical tensions rise, President Biden is set to impose a ban on Russian oil and gas imports in retaliation for the invasion of Ukraine.
This decision is likely to lead to higher gas prices and further devalue the Ruble, exacerbating the economic struggles faced by ordinary Russian citizens.
Section 1.2: The Commodity Market's Response
The macroeconomic uncertainties are causing some commodity price charts to resemble those of altcoins.
Oil Futures:
Nickel:
Despite the overarching global instability, Bitcoin (BTC) remains resilient, hovering around the $37,000 support level, with a recent surge to $41,400 possibly linked to the forthcoming executive order.
Ethereum (ETH) has seen its Total Value Locked (TVL) plummet to a historic low of 55.26%. However, other ecosystems like Terra, Cosmos, and Avalanche are starting to chip away at Ethereum's dominance. The upcoming Ethereum Merge is anticipated to be a pivotal moment, with ETH potentially offering over 10% APY for staking rewards.
Zcash (ZEC) and Monero (XMR) have also seen significant gains, rising 21% and 27% respectively in the last 24 hours, as interest in privacy-focused assets grows. Tornado Cash (TORN) has similarly increased by 21%. This trend might indicate that Russian citizens are seeking refuge from the Ruble's decline.
Notable Gainers (24h):
- ECOMI (OMI): $0.0043 (+20%)
- Synthetic Network (SNX): $4.48 (+16%)
- Arweave (AR): $36.11 (+17%)
- Terra (LUNA): $93.78 (+18%)
- Uniswap (UNI): $9.31 (+10%)
- Avalanche: $78.19 (+8.6%)
- Xido Fin. (XIDO): $21.17 (+41%)
- Defi Kingdoms (JEWEL): $4.98 (+25%)
Bitcoin Fear and Greed Index: 21 (Extreme Fear)
Chapter 2: Major Developments in the Crypto Space
The Avalanche Foundation has initiated a $209 million incentive program called "Multiverse" to promote the adoption and growth of subnet functionality, collaborating with projects such as DeFi Kingdoms and Aave.
Bain Capital Ventures is launching a $560 million crypto fund to invest in crypto startups, marking a significant first for traditional finance firms.
The NFT project World of Women, in collaboration with The Sandbox, has introduced a $25 million fund to empower women in entering the metaverse.
In response to government pressure, Coinbase has blocked accounts of 25,000 Russian users to comply with sanctions, a move that has sparked criticism within the crypto community and highlighted the increasing importance of self-custodied wallets.
The Takeaway
As geopolitical dynamics evolve with new sanctions against Russia, the digital asset sector remains surprisingly robust. Commodity prices are climbing, while the Ruble's value continues to spiral downward, leaving Russian citizens in a difficult position. While some engage in speculation, cryptocurrency may serve as a crucial lifeline for individuals in Ukraine and Russia.
Will Biden grant digital assets a favorable stance in the U.S. today?
Thank you for reading the Morning Brew!
-Gabri
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