EU Targets Russian Crypto Wallets In Latest Round of Sanctions; Crypto Market Falls

While imposing its fifth package of sanctions on Russia, the European Union on Friday targeted crypto wallets, banks, cryptocurrencies and trusts so that Russians could not use them to evade sanctions.

In other news, the South African Reserve Bank (SARB) has successfully concluded the part 2 of the technical proof-of-concept for its wholesale CBDC project called ‘Project Khokha 2’ (PK2).

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Cryptocurrency Prices

The global crypto market cap decreased by 3.52 per cent to $1.95 trillion at 8.50 am. However, the global crypto volume was up by 7.93 per cent to $89.23 billion, as per Coinmarketcap data. 

Bitcoin (BTC), the world’s oldest cryptocurrency, was trading at $42,329.41, lower by 3.06 per cent in the last 24 hours. Ethereum (ETH) was also trading lower by 2.02 per cent at $3,199.79.

“At the moment, investor sentiment is shuffling between bullish and bearish. The weekend might witness flat trading,” says Gaurav Dahake, CEO and founder, Bitbns.

#ProjectKhokha2 Highlights: Proof-of-concept showed that several functions currently performed by separately licensed providers could be brought onto a single shared platform, potentially reducing costs & complexity. It provides a solid base for further research & collaboration.

— SA Reserve Bank (@SAReserveBank) April 6, 2022

Among other major coins, Cardano (ADA) was down by 5.82 per cent at $1.03, Algorand (ALGO) was trading with a loss of 4.78 per cent at $0.7692, Binance Coin (BNB) was down by 4.02 per cent at $422.09, Solana crashed by 10.24 per cent at $109.37, and Polkadot (DOT) was also trading with a loss of 5.11 per cent at $19.44.

Today’s top gainer was Sakura Bloom (SKB), which was up by 481.97 per cent at $0.00009611. The top loser was WonderHero

(WND), which was down by 98.65 per cent at $0.004158.

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 4.76 per cent at $0.142. Its volume to market cap ratio stands at 0.07884. Rival Shiba Inu (SHIB) was down by 4.99 per cent at $0.00002381.

Dogelon Mars (ELON) lost 5.57 per cent to trade at $0.0000008899, Floki Inu (FLOKI) fell 8.14 per cent at $0.00003033, and Samoyed Coin (SAMO) was down by 4.94 per cent at $0.01919. 

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In the DeFi segment, YFI (yearn.finance) was trading with a loss of 6.27 per cent at $20,336.55. However, Terra (LUNA) crashed by a massive 12.35 per cent to $92.87. Avalanche (AVAX) too lost 5.96 per cent at $83.43, Uniswap (UNI) was down by 6.59 per cent to trade at $9.80 and Aave (AAVE) by 9.2 per cent to trade at $181.78.

Latest Updates

“Together with the four previous packages, these sanctions will further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine. Moreover, these measures are broader and sharper so that they cut even deeper into the Russian economy,” read a press release by the EU.

“The second phase of Project Khokha (PK2) explored the impact of DLT on trading, clearing and settlement in a limited proof-of-concept (PoC) environment. The PoC has been limited to the issuance of a South African Reserve Bank debenture on DLT and enabling two DLT-based payment options in the form of a wholesale central bank digital currency (wCBDC) token and a wholesale digital settlement token (wToken),” read the project’s summary report.