Monday, Aug 08, 2022
Outlook Money

Fed Chair Powell Stresses On Crypto Law In View Of Russia-Ukraine War; Donald Trump NFTs Launched

Fed chairman Jerome Powell says the Russia-Ukraine war highlights that crypto law can prevent evasion of sanctions. Parler launches Donald Trump NFTs.


The Russia-Ukraine war could highlight the importance of bringing in a regulation for cryptocurrencies to prevent evasion of sanctions, says US Federal Reserve chairman Jerome Powell. Meanwhile, following Ukraine’s announcement that it will airdrop (add additional coins) to donors’ wallets, the numbers went up.

In other news, social networking platform Parler has launched non-fungible tokens (NFTs) inspired by former US President Donald Trump.

Meanwhile, the global crypto market cap decreased by 0.54 per cent at $1.92 trillion. The crypto trading volume declined by 9.41 per cent at $95.41 billion, at 8.27 am, as per Coinmarketcap data.

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $43,791.26, lower by 0.57 per cent in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency by market capitalisation, was also down by 0.05 per cent at $2,930.19.

“As the uncertainty across the globe continues, the markets have slightly retracted, especially the market leader. Bitcoin has dropped to about $43,000. Ether and other major altcoins have followed a similar pattern, trading at a flat rate currently,” says Gaurav Dahake, CEO and founder, Bitbns.

Among other major coins, Cardano (ADA) was down by 2.55 per cent at $0.9311, Algorand (ALGO) lost 3.88 per cent at $0.8093, Binance Coin (BNB) fell 0.5 per cent at $407.36, while Solana (SOL) was up by 0.32 per cent at $98.97. Polkadot (DOT) fell by 1.9 per cent at $18.27.

Today’s top gainer was ELEF WORLD (ELEF), which was up by 1410.68 per cent at $0.02117. The top loser was OBRok Token (OBROK), which was down by 92.99 per cent at $0.0000006771.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 0.92 per cent at $0.1326. Its volume to market cap ratio stands at 0.03915. Rival Shiba Inu (SHIB) also declined 1.97 per cent at $0.00002594.

Dogelon Mars (ELON) was trading with a loss of 2.18 per cent at $0.000000824. Floki Inu (FLOKI) was up by 2.51 per cent at $0.00004128, while Samoyed Coin (SAMO) gained 0.67 per cent at $0.02123.

In the DeFi segment, YFI ( was trading with a gain of 2.74 per cent at $21,928.02, while Terra (LUNA) was up by 0.42 per cent at $93.30. Avalanche (AVAX) was down by 4.76 per cent at $82.53, Uniswap (UNI) lost 3.1 per cent to trade at $9.90, and Aave (AAVE) declined 4.97 per cent to $134.98.

Latest Updates

As US and EU cut Russian banks from the SWIFT interbank messaging system, there is speculation that crypto could play a role (Read more here). “[The Ukraine-Russia conflict] underscored the need for Congressional action on digital finance including cryptocurrencies. 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,” Coindesk quoted Powell as saying.

Ukraine announced on Wednesday that it will conduct an airdrop to reward various crypto donors who helped them in time of need. Airdrop involves adding some tokens to a wallet (Read more here). To take advantage of this airdrop several users made subsequent smaller donations in the hope that Ukraine will reward them too.

As a result, the number of unique donor crypto wallet addresses crossed the number of donor crypto wallet addresses before the airdrop announcement, as per data from Dune analytics, reported Coindesk.

Meanwhile, Parler, a social networking platform, has launched a series of non-fungible tokens (NFT) depicting former president Donald Trump. According to the official website of Parler’s NFT marketplace which is called, the price of the Donald Trump-inspired NFTs is starting from $500 and goes all the way to $2750.