1. Home
  2. Discover
  3. News
  4. Forbes

Forbes - Bought the farm 🌾

Happy Friday! Billy Bambrough here with the latest from the world of crypto and what to look out for over the weekend.

📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.
Was this newsletter forwarded to you? Sign up here! Got a crypto-curious friend? Forward Codex to them to help get them up-to-date and ahead of the market!
24-hour crypto market snapshot
Bitcoin (+10%) $38,601
Ethereum (+12%) $2,625
Fighting back ⚔️
Cryptocurrency prices have bounced following their post-Russia invasion of Ukraine crash. The bitcoin price has added 10% since this time yesterday with ethereum climbing 12% as investors step back and asses the situation. Terra's luna, a recent big crypto winner, is leading the market higher with an eye-popping 26% rally as traders continue to cheer Terra's huge funding raise this week.

Overnight, Robinhood spooked users, displaying a bitcoin price more than $4,000 lower than the broader market. The trading app blamed it on a display issue, nixing suggestions it was having liquidity problems. Meanwhile, The Block reckons $2,100 is the price to watch for ethereum, with the market set for a $500 million liquidation if the price drops below that level.

Look out for... Warren Buffett's annual letter to Berkshire Hathaway shareholders tomorrow as the company reports its full-year results. Earlier this month, Berkshire revealed a $1 billion stake in the bitcoin-friendly Brazilian neo-bank Nu Holdings.

Now read this: I was addicted to trading bitcoin. I wanted to be a millionaire, but instead I lost everything
When you make a purchase through links in this email, the author may earn a commission.
Unlock Forbes Premium Crypto Articles
Forbes CryptoAsset & Blockchain Advisor grants you unlimited access to in-depth reporting and analysis on the cryptoasset & blockchain landscape. Never hit another locked premium crypto article again and stay up-to-date with the latest opportunities.

For successful subscription, disable your adblocker
Get started for only $29
Crypto's role in war 🎖️
A building damaged by rocket attack on the city of Kyiv, Ukraine.
A building damaged by rocket attack on the city of Kyiv, Ukraine. ASSOCIATED PRESS
Bitcoin backlash: As the world looks to isolate and punish Russian president Vladimir Putin for this week's assault on Ukraine using financial and economic sanctions, bitcoin and cryptocurrencies are being touted as a potential route for those in the country to dodge restrictions. The New York Times first reported on Wednesday that "Russian companies have many cryptocurrency tools at their disposal to evade sanctions, including a so-called digital ruble and ransomware."
- Russia’s invasion of Ukraine spotlights the urgent need for crypto policy

But but but... While some think crypto might be used to bypass sanctions, Andrew Jacobson, an associate with law firm Seward & Kissel, told Coindesk, he does not see this as possible. "I think the biggest thing is really how U.S. companies are going to implement the sanctions into their compliance programs," Jacobson said. "I think there's going to be some really tremendous challenges over the coming months, deciphering the new rules that come out, understanding really complex ownership structures and how the restrictions apply to those ownership structures."

Sanctimonious: More sanctions are on the way after the U.S. cut off Russia’s largest bank from its financial system, placed export controls on high-tech parts, and put restrictions on the money of more Russian elites. "The Russian financial sector is by and large isolated now from the global financial system," Edward Fishman, a former sanctions lead in the Obama administration, told Axios. However, Western leaders have so far not blocked Russia from the SWIFT global payments system, despite calls to do so from the Ukrainian government.

Where it hurts: Cryptocurrencies may help Russia's billionaires evade western sanctions, Bloomberg reported, arguing those "targeted in the wake of Russia’s invasion of Ukraine may circumvent penalties if they choose to use crypto." Meanwhile, "financial sanctions are easier than ever for Russians to evade," writes CNN, adding: "Thank bitcoin."

Friendly fire: The National Bank of Ukraine yesterday suspended the issuance and distribution of electronic money, following the invasion. The central bank ordered the suspension of "e-money issuers, replenish e-wallets with e-money, and distribute e-money to e-money issuing banks." E-money refers to fiat currency in digital form, such as that held in a PayPal account or a cash app digital bank.

Meanwhile... Bitcoin donations to the Ukrainian army are soaring, it was reported by CNBC, pointing to data from blockchain analytics firm Elliptic showing that over a 12-hour window, nearly $400,000 in bitcoin was donated to Come Back Alive, a Ukrainian NGO providing support to Ukraine’s armed forces.

WATCH: U.S. senator Ted Cruz on why he's "bullish on bitcoin"
Coinbase and Block ride the rollercoaster 🎢
🤑 Two of the biggest companies in crypto, San Fransisco-based Coinbase and Jack Dorsey's Block, have posted huge fourth-quarter earnings thanks to the price of cryptocurrencies swinging wildly.

📈 Coinbase's fourth-quarter revenue more than quadrupled on the year before, while Block's last three months of the year topped projections and gave an unexpectedly positive outlook for 2022. Block stock surged 30% in late trading while Coinbase continued its downward trend.

🧭 Both Block and Coinbase are looking to diversify their businesses this year, with Coinbase expanding into the non-fungible token (NFT) craze and Block getting into bitcoin mining.

Listen to this: Meltem Demirors on this year’s wild ride in crypto
hello world
Billy Bambrough
Forbes Senior Contributor
I am a journalist with significant experience covering technology, finance, economics, and business. I write about how bitcoin, crypto and blockchain can change the world.
Follow me on Twitter or email me.
Forbes

You’ve received this email because you’ve opted in to receive Forbes newsletters.

Unsubscribe from CryptoCodex.

Or, manage your paid subscriptions on your Forbes profile here.

Manage Email Preferences | Privacy

Forbes Media | 499 Washington Blvd.

Jersey City, NJ 07130

Older messages

Richest Ukrainians Close Ranks As Putin Unleashes War

Friday, February 25, 2022

Zach Everson Staff Writer FEBRUARY 24, 2022 Welcome to the latest issue of Checks & Imbalances. Our colleagues at Forbes Ukraine are maintaining an English-language overview of Russia's war on

The quiet national vaccine pass

Thursday, February 24, 2022

Plus: Canada ends emergency declaration sparked by convoy protests ADVERTISEMENT Forbes | InnovationRx Intrivo announced today that its On/Go One at-home test for Covid received emergency use

Battered Markets Fear The Fed | Who Gains From Promoting Truth Social | Canada’s Truckers Defeat

Thursday, February 24, 2022

Plus: Russia Attacks Ukraine In Europe's 'Darkest Hour' Since World War II ADVERTISEMENT Forbes Good morning. Months of military build up at the border between Ukraine and Russia erupted on

No man’s land 💀

Thursday, February 24, 2022

CryptoCodex Forbes Billy Bambrough Forbes Senior Contributor Forbes Good Thursday morning. This is Billy Bambrough, here with what's driving the day in the world of bitcoin and crypto. 📧 Thank you

Welcome To Checks & Imbalances | Investigating Money In Politics

Thursday, February 24, 2022

Zach Everson Staff Writer Thanks for subscribing to Forbes' Checks & Imbalances. You're about to get a tour of the money trail winding its way through Washington, DC I used to be a travel

You Might Also Like

Federal frenzy to patch gaping GitLab account takeover hole [Fri May 3 2024]

Friday, May 3, 2024

Hi The Register Subscriber | Log in The Register {* Daily Headlines *} 3 May 2024 GitLab Federal frenzy to patch gaping GitLab account takeover hole Warning comes exactly a year after the vulnerability

✅ Cheat codes for life

Friday, May 3, 2024

Fun stuff to click on, watch, and read from CreativeMornings HQ. May 2, 2024 Open in new tab Did a friend forward this? Subscribe today. Speech bubble logo with the words, CreativeMornings "Never

The hateful bait

Thursday, May 2, 2024

President Biden urged protestors to stay peaceful, as demonstrations and arrests continued to roil campuses around the country. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

The House Antisemitism Bill Is Bad for the Jews and Free Speech

Thursday, May 2, 2024

Columns and commentary on news, politics, business, and technology from the Intelligencer team. Intelligencer the national interest The House Antisemitism Bill Is Bad for the Jews And free speech. UCLA

A whisper-thin pair of underwear

Thursday, May 2, 2024

Currently on sale ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Friday Briefing: Hamas considers Israel’s proposal

Thursday, May 2, 2024

Also, the US accused Russia of using chemical weapons. View in browser|nytimes.com Ad Morning Briefing: Asia Pacific Edition May 3, 2024 Author Headshot By Amelia Nierenberg Good morning. We're

Hear from AWS experts on all things cloud security in the generative AI era

Thursday, May 2, 2024

Navigate security for generative AI, automated reasoning, cryptography, & more at AWS re:Inforce GeekWire is pleased to present this special sponsored message to our Pacific NW readers. Hear from

That's Not How They Roll

Thursday, May 2, 2024

The Jivebiscuit Skate Family Reunion and other news... ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏

Docker, Qualtrics leaders join Seattle startup | DoorDash rips Seattle over minimum wage law

Thursday, May 2, 2024

Microsoft exec joins Mariners ownership group | Meet the latest Creative Destruction Lab grads ADVERTISEMENT GeekWire SPONSOR MESSAGE: Washington state's second-largest city is the hub of an

Give Her an Actually Useful Bag

Thursday, May 2, 2024

A carry-all bag for Mom from Away. The Strategist Every product is independently selected by editors. If you buy something through our links, New York may earn an affiliate commission. An Everywhere