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Latest EU Sanctions Expected to Stimulate Russia's Own Crypto Market, Exchanges Maintain Services – Regulation Bitcoin News – Bitcoin News

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by Lubomir Tassev
The new crypto sanctions imposed by the European Union are likely to spur the development of the country’s digital asset market, according to a Russian lawmaker. Anatoly Aksakov, who chairs the parliamentary Financial Market Committee, believes Russians will manage to bypass the restrictions. Meanwhile, major exchanges have reportedly informed Russian users that trading continues.
This week, the EU adopted its eighth package of penalties against Russia, meant to hit its government, economy, and energy exports in response to the recent escalation of the military conflict in Ukraine and the annexation of Ukrainian territories. Russian access to cryptocurrency, viewed as a tool to circumvent financial restrictions and export wealth, was also targeted.
The Council of the European Union completely banned the provision of crypto wallet, account, and custody services to Russian residents and entities. However, according to a high-ranking member of the Russian parliament quoted by the Tass news agency, the EU decision may actually stimulate the development of Russia’s digital financial asset (DFA) market.
The opinion was expressed by Anatoly Aksakov, head of the Financial Market Committee at the State Duma, the lower house of Russian parliament. He has been deeply involved in recent efforts to regulate the country’s crypto space, including the use of digital currencies in international settlements. Authorities in Moscow have been discussing the matter for over a year and considering an expansion of the legal framework which currently covers mostly DFAs with an issuer, such as tokens.
The latest round of EU sanctions tightens previously imposed restrictions. Earlier this year, as part of its fifth package of measures approved a little over a month after Russia launched its invasion of Ukraine, the 27-strong bloc limited only “high-value” crypto-asset services for Russians and Russian-registered organizations — those for digital holdings exceeding €10,000 in fiat value (approx. $11,000 at the time, less than $10,000 now).
“Similar decisions have already been made before. They closed the official representative offices of their crypto exchanges in Russia, but de facto nothing has changed. There can also be an office in the virtual space, not at some address in Moscow,” Anatoly Aksakov further elaborated, insisting that Russians can easily bypass the sanctions.
While the world’s largest crypto exchange, Binance, partially complied with the EU’s earlier requirements, allowing only withdrawals in the case of Russian account balances exceeding €10,000, it has now told users it did not introduce new restrictions, Bits.media revealed in a report. Another major platform, Huobi, said it “continues to support the stable trading of Russian users.”
Of the top seven global crypto exchanges popular with Russians, which also include Bybit, Coinbase, FTX, Kraken, and Gate.io, none is a “European resident” for which the measures would be mandatory, the Russian crypto news outlet noted. Russian crypto experts, like the CEO of defi banking platform Indefibank, Sergey Mendeleev, doubt that most crypto companies would rush to implement the EU resolution targeting all Russian users as this would lead to loss of market positions.
“Moreover, these restrictions stimulate the development of modern technologies. Next year will be the year of digital financial assets in Russia, you’ll see,” Aksakov promised. His comments come as deputies in the State Duma prepare to adopt a new law “On Digital Currency” designed to regulate decentralized crypto assets such as bitcoin and their employment in cross-border crypto payments between Russian companies and their foreign partners.
Do you think the latest EU sanctions will speed up the legalization of cryptocurrencies in Russia? Share your thoughts on the subject in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image Credits: Shutterstock, Pixabay, Wiki Commons, ID1974
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Compute North — flying high just months ago — now part of crypto bankruptcy wave – Star Tribune

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In February, now-bankrupt Compute North looked to be on a fast track to an initial public offering.
The Eden Prairie-based company, co-founded by local tech entrepreneur Dave Perrill, had just raised $385 million to build state-of-the-art data centers for cryptocurrency miners. Bitcoin was booming. And the Super Bowl was rife with crypto ads.
Within months, bitcoin’s price collapsed and a parade of crypto companies — including Compute North — went bust. As crypto cratered, Compute North’s main lender pulled back and the company’s ambitious growth plans unraveled, bankruptcy court records indicate.
The company is now trying to restructure its finances. But that’s a tall order. It has already been stripped of two prized crypto data centers and is selling assets.
In a recent interview, Perrill said he’s not shocked the crypto market has been rocked. “Markets ebb and flow,” he said. But he thought Compute North would be on the buying end of asset fire sales, not the other way around.
“We had built up our company to protect ourselves on the downside. We were always focused on low costs, size and scale and making sure we had a cushion. What pains me is that we are not in a position now to capitalize on the opportunities we thought would eventually come,” he said.
To its proponents, cryptocurrency is the backbone of a decentralized financial system, one free of intervention from central banks and commercial banks. To its detractors, it is a medium for financial speculators and — at worst — internet criminals.
Bitcoin is by far the most popular of thousands of cryptocurrencies, and in November 2021 one bitcoin traded at a peak of $64,000. Last week, one bitcoin was going for around $16,000.
The crash has led to hundreds of billions of dollars in investor losses and has included at least nine bankruptcies, culminating in the stunning crash this month of the FTX cryptocurrency exchange — an industry titan that owes creditors billions of dollars and appears to have been epically mismanaged.
Few segments of the industry have been spared. Crypto exchanges like FTX, traders, lenders and service providers like Compute North have all plunged into insolvency or are teetering on it.
“The bigger question now is, will the [crypto] industry survive?” said Vivian Fang, an accounting professor at the University of Minnesota’s Carlson School of Management. She thinks it will; “crypto winters” have occurred before.
“I’m cautiously optimistic about its future,” Fang said. But for now, there is wreckage strewn across the crypto landscape.
Compute North’s quick rise
Compute North is one of the largest U.S. operators of data centers that house computers specially designed for crypto mining.
So is Core Scientific, which operates a large North Dakota crypto data center. That company, based in Austin, Texas, warned of a bankruptcy filing last month, saying it would miss key debt payments.
Core Scientific shares are trading around 13 cents, down from $12 in mid-November 2021. That’s the same month when Core Scientific opened a $100 million data center in Grand Forks, aided by a $269,000 loan from the city.
Compute North mostly hosts computers owned by other companies and individuals. The computers run day and night to solve a math problem — with a payoff in cryptocurrency as the reward.
Crucially, Compute North also arranges power contracts for the electricity-hungry mining machines.
Compute North was founded in 2017 by Perrill and PJ Lee, who respectively own 24 % and 23 % of the company — equity likely to be erased in bankruptcy.
Perrill is the computer guy: He co-founded his first business 30 years ago at age 14, hosting online bulletin boards out of his Waconia home. That company evolved into an internet services provider with 15 employees and about $3 million in revenue by 2006.
Lee is the energy finance guy. His EverStream Energy Capital Management, founded in 2012, focuses on investing in renewable and sustainable energy projects. Before that, Lee was a managing director at Black River Assessment Management, then an arm of Cargill.
Compute North started with two smaller crypto mining sites in South Dakota and Texas, which together drew about 20 megawatts of power. In 2021, it opened a larger crypto mining site — 100 megawatts — in Kearney, Neb.
Then in February, Compute North struck what seemed like a financing coup. It secured $385 million in debt from San Francisco-based Generate Capital to refinance loans on its Kearney facility and fuel its ambitious expansion plans.
At the top of Compute North’s list: a 300-megawatt project called Wolf Hollow, about 70 miles west of Dallas, Texas. Wolf Hollow was partially switched on earlier this year.
Compute North is also in a joint venture with renewable energy giant NextEra to develop a 280-megawatt crypto center in west Texas. Part of it came online this summer.
The quick fall
By Sept. 22, when Compute North filed Chapter 11 in a U.S. bankruptcy court in Texas, its 2022 revenue was $96 million — three times 2021’s mark. And its workforce had grown to 140, up from 30 in early 2021.
“We were just on the cusp of being the biggest company in the world doing this,” Perrill said, referring to the crypto hosting business. Indeed, Compute North earlier this year had expected to join the ranks of publicly traded crypto companies.
The outlook was rosy enough in March for Compute North to pay bonuses of $300,000 to Perrill and $240,300 to Tad Piper, Compute North’s former chief financial officer, who exited in June, bankruptcy documents show.
Perrill, who resigned as CEO two weeks before the bankruptcy filing, was paid nearly $600,000 through September 2022. (Perrill remains on the firm’s board.)
As Compute North was building in 2022, crypto prices crashed and electricity costs — driven by surging natural gas prices — soared. It was a toxic combination: Power is by the far the largest cost of bitcoin mining.
Then came the hammer that drove Compute North into bankruptcy: Generate Capital pulled back.
In the second quarter, Generate — which had already fronted Compute North $101 million of its $385 million commitment — stopped funding new projects other than Kearney and Wolf Hollow, Compute North said in a bankruptcy filing.
In late July, Generate declared Compute North in technical default, meaning that even though the company was making its loan payments, it had violated a loan covenant. The next month, Generate effectively took over the Kearney and Wolf Hollow projects.
Kearney was Compute North’s major source of cash flow. “It was our flagship project,” Perrill said.
In a bankruptcy auction, Generate Capital has since purchased Compute North’s equity in both projects for $5 million. Generate didn’t return calls for comment.
Chapter 11 allows a company to reorganize its finances while protected from creditors, unlike a Chapter 7 bankruptcy liquidation. But Compute North is operating under section 363 of the bankruptcy code – i.e. selling assets to pay creditors.
Uncertain future
It’s not clear how much will be left of Compute North to reorganize. The company owed $500 million to its creditors when it filed bankruptcy.
It’s on the hook for a $99.8 million secured loan in connection with its NextEra joint venture. And it owes $21 million to its largest unsecured creditor — and major customer — Marathon Digital Holdings, one of the world’s largest bitcoin miners.
“The goal has always been to come out of [bankruptcy] restructuring as a reorganized company and continue to grow,” Perrill said. But without the Kearney and Wolf Hollow projects, “it will be a challenging path going forward,” he acknowledged.

Mike Hughlett covers energy and other topics for the Star Tribune, where he has worked since 2010. Before that he was a reporter at newspapers in Chicago, St. Paul, New Orleans and Duluth.

© 2022 StarTribune. All rights reserved.

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Cryptocurrencies Price Prediction: Bitcoin, Ethereum and Cardano – European Wrap 25 November – FXStreet

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FXStreet Team FXStreet Team
FXStreet

Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.

BTC/USDT 1-day chart
Ethereum price has stopped in its tracks as it approaches a critical hurdle. The drop in momentum can be attributed to Bitcoin’s slump in buying pressure. Regardless, a decisive flip of the immediate barrier could trigger a minor run-up for ETH.
Cardano (ADA) is stalling for a second day after the small fade it underwent on Thursday. Although several asset classes look calm and there is no real panic in the markets, it could become clear that cryptocurrencies are simply not on the wish list this year for shoppers on Black Friday and Christmas. Expect with this a small grind lower that could silently rip through the low of this year and see ADA flirt with $0.28 to the downside.
 
ADA/USD daily chart
 
 
 
 

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Bitcoin price is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.
Uniswap price has been following the broader market bullish cues over the last few days sustaining its rise from 48 hours ago. Although the sentiment seems to have shifted slightly, UNI holders can still book profits if the Decentralized Finance (DeFi) token climbs to this level.
Cosmos price is producing a countertrend rally after suffering a steep decline throughout the month. If market conditions persist, ATOM could wipe out newly established bullish positions. Key levels have been defined to gauge ATOM’s next potential move.
Cardano price has suffered a vicious downtrend move throughout November. Ss price consolidates, the technicals suggest a bounce occurs while on-chain metrics hint that investors are considering securing profits sooner than later.
BTC is in a good place to trigger another bear market rally from a high-time frame perspective. This development, combined with the optimistic outlook seen in on-chain metrics, further strengthens the possibility of a happy ending to 2022.
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Cryptocurrency Price Prediction: Cardano (ADA), Shiba Inu (SHIB), Ripple (XRP), Polygon (MATIC) – CoinChapter

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Home » News » Cryptocurrency » Cryptocurrency Price Prediction: Cardano (ADA), Shiba Inu (SHIB), Ripple (XRP), Polygon (MATIC)
NEW DELHI (CoinChapter.com) — Cryptocurrency markets recovered slightly on Nov 24, but altcoins like SHIB, ADA, MATIC, and XRP continue to face bearish pressure. Cryptocurrency investors remain nervous about the increasing impact of FTX’s collapse on other blockchains and crypto firms.
As a result, the market is unlikely to see an uptrend until the FTX FUD clears. Furthermore, the FTX-Alameda contagion broke the correlation between the US equities market and Bitcoin (BTC) price action.
Meanwhile, Sequoia’s VC, Doug Leone, warned of a market downturn worse than the economic downturn of 2000 or 2008. However, the downturn has not robbed the crypto market of its supporters.
Billionaire investor and hedge fund manager Bill Ackman that crypto is here to stay, but the sector would require proper “oversight and regulation.”
Moreover, Ackman noted that crypto tokens would benefit society and help grow the global economy. However, the hedge fund manager noted that the crypto sector needs to improve in terms of its ability to detect and inhibit frauds and hacks, protecting investor interests.
Cardano’s native token, ADA, rebounded off multi-month descending trendline support on Nov 22. ADA price has tested the trendline support multiple times since May 2022.
However, the Cardano token dropped more than 3.1% between the intraday high ($0.32) and low ($0.31) on Nov 24. If the downtrend continues, the crypto token price might fall to support near $0.305.
Moreover, the failure of immediate support might see Cardano token price flip the multi-month trendline support into resistance, resulting in ADA price dropping to test support near $0.28 before recovering.
Conversely, an uptrend would take ADA price to challenge resistance from its 20-day EMA (red wave) near $0.33. Breaking and consolidating above immediate resistance might help the Cardano token price rise to $0.36 before downside corrections pare gains.
Meanwhile, the relative strength index for the crypto token remains neutral, with a value of 38.38 on the daily chart.
Meme token Shiba Inu price has been moving below its 20-day EMA (red wave) resistance since Nov 13. SHIB price mimicked the wider crypto market recovery, jumping 11.4% between Nov 22’s low ($0.00000818) and Nov 23’s intraday high ($0.00000911).
However, bears started selling on Nov 24, forcing the SHIB token price to fall to an intraday low of $0.0000089, a drop of nearly 3.2% from the day’s high of $0.00000919. If the sell-off continues, the meme crypto price might end up testing support near $0.0000087.
Needling below immediate support might result in holders panic dumping their tokens, forcing the Shiba Inu token to drop to $0.0000078 before recovering.
Conversely, if bulls manage to defend immediate support and push prices up, the Shiba Inu crypto price would face resistance from its 20-day EMA near $0.0000095.
However, a break and hold above immediate resistance might help SHIB price challenge resistance from its 50-day EMA near $0.0000103 before downside corrections pare gains. Meanwhile, SHIB’s RSI remains neutral, clocking at 41.34 on the daily chart.
Ripple’s XRP token has formed a bullish technical pattern called the ascending triangle. A horizontal trendline that connects swing highs and an ascending trendline connecting swing lows forms an ascending triangle pattern. Volume helps determine if a breakout is strong.
In an ideal world, buyers would enter the market as the trendlines close the gap, pushing prices above horizontal resistance with heavy volumes. Unfortunately, a low-volume breakout on the upside will likely fail, resulting in a pullback.
Per the rules of technical analysis, the price target for a breakout is equal to the triangle’s height at its thickest point. Therefore, XRP price might jump more than 26% from current levels to $0.48. But, the cryptocurrency token’s declining volumes might have bulls worried about a fakeout.
XRP price swung 2.7% between intraday high ($0.38) and low ($0.37) on Nov 24, halting a three-day-long recovery rally of the token. However, the long bottom wicks on recent daily candles suggest a strong bullish presence near the lower levels.
Hence, the Ripple crypto price might start rising later in the day. However, an uptrend by the Ripple token would first encounter resistance from its 20-day EMA near $0.39. A break and hold above immediate resistance would help XRP price target resistance near $0.41 before retreating.
Conversely, if XRP fails to start an uptrend, the Ripple token might fall to support near $0.37. Breaking below immediate support would invalidate the bullish triangle setup, resulting in a sell-off that could force the cryptocurrency token price to $0.35 before recovering.
Meanwhile, XRP’s RSI remains neutral, clocking at 44.7 on the daily chart.
Polygon’s native token MATIC flipped multi-month ascending trendline support into resistance on Nov 20. Furthermore, MATIC’s recent price action has resulted in its 20-day EMA (red wave) poised to needle below the token’s 50-day EMA (purple wave), forming a bearish pattern called the death cross.
Traders often consider the pattern an indicator of negative market sentiment and a sell signal. Hence, MATIC price might fall to test support near $0.83 due to the bearish pressure.
Moreover, if the immediate support fails, the Polygon token price might drop to support near $0.8 before recovering.
MATIC would need to move above the ascending trendline resistance to challenge the resistance confluence of its 20-day EMA (red wave), 50-day EMA (purple wave), and 100-day EMA (blue wave) near $0.89.
A break and hold above the immediate resistance level could help the cryptocurrency price rise to target the resistance from its 200-day EMA (green wave) near $0.93 before downside corrections pare gains.
Meanwhile, the relative strength index for the Polygon token is currently neutral, with a value of 46.07 on the daily charts.
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A Delhi-based Markets writer, I did my bachelor's in engineering with major in electronics and communications. I first heard of bitcoin while writing an article about blockchain technology a few years back, and have been following it ever since. Bitcoin may well be current big thing happening in the finance industry, and it feels like the right time to join the crypto bandwagon.
Founded in 2015,  Coinchapter.com  has become one of the leading resources for the crypto asset community. Created by a small group of cryptocurrency enthusiasts,  Coinchapter.com  was built to provide new members of the crypto asset community with unbiased listings of cryptocurrency exchanges and retail options that would allow them to buy the crypto assets that they wanted, how they wanted and at the price they wanted.

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