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Good Thursday morning. Billy Bambrough here with the latest from the world of bitcoin and crypto.

📧 Thank you for reading CryptoCodex! I’d love to hear your feedback, ideas and tips. Email me directly at billy@billybambrough.com.
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24-hour crypto market snapshot
Bitcoin (-2%) $43,156
Ethereum (-5%) $2,884
Solana (-6%) $99.13
Cardano (-6%) $0.9098
Take a hike ⛰️
Cryptocurrency prices are trending downward this morning after Federal Reserve chair Jerome Powell said he's still planning to raise interest rates for the first time in the pandemic era later this month.

Powell, speaking in front of Congress, said he's in favour of a 0.25 point increase, aimed at tackling surging inflation. Some had thought the crisis in Ukraine and wide-ranging sanctions on Russia could deter the Fed from moving forward with its planned interest rate hikes. Read the full story on Forbes.

The bitcoin price is down by a little over 2% on this time yesterday, with ethereum down by almost 5%. Traders are fretting over a renewed push for strict crypto regualtions and what they might mean for access to digital assets. See below for details.

Meanwhile, ethereum rivals cardano, solana and avalanche are lead the major market lower, all down by around 6%.

Good to know: The SEC is scrutinizing the NFT market over illegal crypto token offerings
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War "underscores need" for crypto regs 🪖
Pow wow: Jerome Powell, the chairman of the Federal Reserve, has said Russia’s invasion of Ukraine emphasizes the need for cryptocurrency regulation to prevent people dodging sanctions with cryptocurrencies. Powell was speaking before the House Financial Services Committee, addressing the state of the economy and monetary policy. Today, he will appear before the Senate Banking Committee.

Time for action: "[The Ukraine-Russia conflict] underscored the need for Congressional action on digital finance including cryptocurrencies," Powell said in comments reported by Coindesk. "We have this burgeoning industry which has many parts to it, and there isn’t in place the kind of regulatory framework that needs to be there."

Not just speculation: The bitcoin price has been pushed up over the last week by expectations Russia's wealthy could flee to bitcoin in order to sidestep sanctions and that's just what they're doing. Oligarchs and billionaires hit by severe financial restrictions following the country's invasion of Ukraine are turning to bitcoin, according to a London-based lawyer. "The immediate problem they have is where they're going to move their cash, they certainly don't want to move it into Russia," Nigel Kusher, the chief executive law firm W Legal, told the BBC, who's working with a number of unnamed wealthy Russians. "Some might purchase bitcoin, it's really tricky for them," Kusher said, adding it's "the only option" for certain Russian oligarchs and billionaires targeted by international sanctions. "No bank in the world, other than a Russian bank will touch you once you're on the sanctions list, so where else could you put your money?" Read the full story on Forbes.

Meanwhile... Four U.S. senators, led by Elizabeth Warren, have written to Treasury secretary Janet Yellen asking her to explain how she plans to get cryptocurrency companies to do their part in enforcing sanctions against Russia. They also asked whether decentralized financial structures, such as they used by bitcoin, were undermining sanctions.

Now read this: Russia-Ukraine the end of dollar dominance? Don’t bet on it
Airdrop army 🪂
Ukrainian tanks have been battling with Russian forces for a week now.
Ukrainian tanks have been battling with Russian forces for a week now. AFP via Getty Images
🤲 Crypto donations to Ukraine have top $50 million, according to blockchain analytics company Elliptic, with the meme-based dogecoin and non-fungible tokens (NFTs) among the digital assets pledged to the war effor. Read the full story on Forbes.

🎖 ️The founder of Ukraine-based exchange Kuna, who's been helping the country to manage the donations, told Coindesk the funds have gone to Ukraine's military and special forces to help purchase equipment, food and gas.

🤔 Meanwhile, the Ukrainian government has cancelled a planned crypto airdrop, saying it plans to sell NFTs instead. Yesterday, Ukraine's offical Twitter accounted posted a mysterious promise of a "reward" to those who have made cryptocurrency donations to the country.

Pressing questions: Could this 'peaceful world' token be Ukraine’s secret airdrop?
Tether's big reveal 🤯
🐦 A few weeks ago, Paolo Ardoino, the chief technology officer at both stablecoin issuer Tether and crypto exchange Bitfinex, posted this cryptic tweet: "Yesterday was an historical moment for tether. In ~3 weeks you'll understand why."

🏙️ Now we know: Tether has teamed up with the Swiss city of Lugano and will be making an announcement later today that furthers their "common goal of financial freedom" and will "ensure Lugano is one of the first cities in the world to fully use bitcoin as a fiat currency"—whatever that means.

👀 You can watch the announcement live here at 6pm ET, featuring Ardoino and Lugano mayor Michele Foletti.

Now read this: Millions for crypto start-ups, no real names necessary
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.
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