Forbes - Russian bear trap 🐻

CryptoCodex


	Good Tuesday morning. Billy Bambrough here with what's driving the day in 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 (-1%)

$38,729

Ethereum (-2%)

$2,540

Avalanche (-5%)

$67.59

Dogecoin (-3%)

$0.1121

Catching cold 😷


	Cryptocurrency prices are still broadly trading sideways despite Hong Kong’s Hang Seng going into meltdown and the Nasdaq yesterday closing down more than 20% from its peak—officially back into bear market territory. The bitcoin price is down around 1% on this time yesterday with ethereum 2% lower. Most of the rest of the crypto top ten, as measured by CoinMarketCap, are all down about the same. Avalanche is leading the decline, off by 5%, while the meme-based dogecoin failed to see any lift from Elon Musk's tweet yesterday declaring he wouldn't be selling his crypto. Now read this: I accidentally attended a crypto bro dinner

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Following the money 🕵️



	Strict sanctions placed on Russia and its wealthiest citizens have caused some to turn to bitcoin and crypto in recent weeks. AFP via Getty Images


	Poking the bear: Elliptic, a crypto and blockchain analytics company, has passed details of a crypto wallet to authorities that researchers think could be linked to sanctioned Russian officials and oligarchs. The wallet has "significant crypto-asset holdings," in the millions of dollars, Elliptic co-founder Tom Robinson told Bloomberg. Nowhere to hide: "Crypto can be used for sanctions evasion," Robinson said. "What’s in question is on what kind of scale. It’s not proving out realistic that oligarchs can completely bypass sanctions by moving all their wealth into crypto. Crypto is highly traceable. Crypto can and will be used for sanctions evasion, but it’s not the silver bullet." Why it matters: As sanctions on Russia and wealthy oligarchs have ramped up in recent weeks, lawmakers and regulators around the world have debated how to prevent those hit by sanctions using crypto to move their money around. With authorities confiscating yachts, homes and bank accounts, some lawyers have said Russian clients have inquired about using bitcoin and other cryptocurrencies to hide their assets. Japan has now followed other major crypto hubs in ordering crypto exchanges not to process transactions involving crypto-assets subject to asset-freeze sanctions against Russia and Belarus. Crypto exchanges including the likes of Binance and Coinbase have said they will abide by sanctions. Meanwhile... The U.K.'s crime agency has called for the regulation of "decentralized crypto mixers" that can disguise transactions on the blockchain and facilitate anonymous movements of dark web bitcoin. The Financial Times has the story. "They can be used to provide a ‘layering’ service, churning criminal cash, obscuring its origins and audit trail, similar to how a cash business might be used by criminals to legitimise cash through the banking system," Gary Cathcart, head of financial investigation at the National Crime Agency told the FT. Zoom out: Blockchain analytic companies appear to be winning the technological arms race against those who wish to use crypto for illicit purposes. Last month, the crypto community was rocked by claims that Elliptic rival Chainalysis is able to unmask the path of transactions through a popular bitcoin mixing service called CoinJoin. Now read this: Bitcoin's scared of commitment, Mr Biden

Bitcoin not bloc-ed 🗳️


	▶️ The European Union's markets in crypto assets bill (MiCA) advanced through the European Parliament but without a provision seeking to limit the proof-of-work consensus model used by bitcoin and many other major cryptocurrencies. 🗣️ "The agreed text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities," said an official statement issued after Monday's vote that will see the MiCA draft now move on to further negotiations with E.U. governing bodies. 👣 The European Parliament's committee on economic and monetary affairs leader, Stefan Berger, tweeted that it was "a good day for the crypto sector ... the E.U. Parliament has paved the way for innovation-friendly crypto regulation that can set standards worldwide," but added: "The process is not over yet; Steps still lie ahead of us." Good to know: Kazakhstan crackdown forces 106 more crypto miners to close

	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.

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Forbes - Russian bear trap 🐻

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