The 45th-ranked crypto asset is also trading near its weekly high as the token is worth $1.53 at time writing. IMX climbed from a seven-day low of $0.78 to a high of $1.59 to mark a rally of over 103%. The last coin on the list is ImmutableX ( IMX), a protocol that’s designed to enable developers to build fast, scalable and secure applications for blockchain-based games and non-fungible tokens (NFTs).
At the time, the exchange and Zhao defended their compliance efforts. Stacks has retraced since and is trading at $1.19 at time of writing. The case follows a lawsuit from the US derivatives watchdog in March that alleges Binance and Zhao routinely broke its rules. The crypto asset skyrocketed from a low of $0.57 on March 12th to a weekly high of $1.30, representing a surge of more than 128%. Just like CFX, MASK is trading near its seven-day high as the altcoin is worth $6.51 at time of writing.Īnother altcoin that’s on the up and up as of late is Stacks ( STX), a layer-1 protocol that aims to enable smart contracts and boost the utility of Bitcoin ( BTC). The crypto asset surged from a low of $2.70 on March 13th to a weekly high of $6.66 for an increase of over 146%. The Mask Network is a decentralized portal that allows users access to blockchain features on top of existing social networks. Next up is MASK, the Ethereum ( ETH)-based governance token of the Mask decentralized autonomous organization (DAO). Zhao, whose personal wealth has been estimated at $1.9bn (£1bn) by Forbes magazine’s billionaires list, said this week Binance had donated $10m to aid the humanitarian effort in Ukraine and help those fleeing the conflict.CFX rallied from a seven-day low of $0.14 to a high of $0.42 to mark a staggering 200% rise. CFX continues to trade near its highs as it is worth $0.41 at time of writing. There has also been a vast increase in the number of retail investors over the last year, as we have seen from the rise of so-called meme stocks such as AMC and Gamestop (). And governments around the world are already very adept at tracking it,” said Zhao. Bitcoin and cryptocurrency prices have surged since last year thanks to increased institutional adoption. “Another reason Russia would not want to use crypto is that it is too traceable. Zhao added that using privacy-focused digital currencies such as Monero would not work either because the market capitalisation of Monero is $3bn compared with Russia’s GDP – a measure of economic output – of $1.5tn. The founder of Binance, the cryptocurrency trading platform, has dismissed fears that virtual money could be used by the Kremlin to evade sanctions as he claimed that crypto is too small for Russia. A blockchain is a digital, decentralised ledger maintained by a network of computers that registers every crypto transaction and can be scrutinised by anyone. Zhao said the use of blockchain in cryptocurrency transactions meant that crypto assets are “not an effective tool for illicit activities”. Zhao denied this applied to Binance, saying it “applies the same sanctions rules as the banks, according to international standards”. In a recent interview, he also emphasized on Bitcoin’s increased stability, joking that it has become a stablecoin now. The Wall Street Journal reported last week that the US is considering imposing sanctions on Russia’s cryptocurrency market, amid concerns that currencies like bitcoin offer an alternative way, outside the international banking system, to make irreversible cross-border transactions. Chanpeng Zhao, CEO of the leading cryptocurrency exchange Binance, believes that there’s an ongoing altcoin season in the digital asset market. The ultimate gate to the cryptocurrency world: The latest Bitcoin and crypto news, price analysis, trading and how-to guides for beginners and experts. This percentage applies equally to Russia.”
So, there is probably only less than 0.3% of the global net worth in crypto today. Of those, most only have a small percentage of their net worth in crypto. If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure (ie, owning some crypto). “The truth is, crypto is too small for Russia. “Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions,” he said.
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