@cryptocracyOnNoiseApp 25 February 2022 more from that month

This week, immediately after Russia’s invasion of Ukraine, cryptocurrency values plummeted. In fact, the market lost $250 billion in hours. Economists are now predicting Russia could use cryptocurrencies to get around sanctions issued by the U.S. and other nations. Not only that, but billionaires could use cryptocurrencies to do business with Russia, averting sanctions. In other words, the decentralized nature of cryptocurrencies is doing precisely what it was intended to do—offer an alternative finance mechanism outside of the centralized banking infrastructure, presenting both an upside and a downside to decentralization. Meanwhile, Ethereum co-founder Vitalik Buterin calls the Russian invasion a crime. The invasion drove the price of Tether to well over $1 on Ukraine crypto exchange Kuna and has become more popular than the U.S. dollar. Fortune calls it a “lone bright spot in crypto.” The largest decrease in value among cryptocurrencies following the Ukraine invasion was Cardano with a hefty 18 percent decline. Bitcoin and ether also plunged. However, bitcoin did stabilize. NPR says the U.S. benefits by China’s pullback on bitcoin. After Putin’s attack on Ukraine, bitcoin donations flooded into Ukraine’s military. Some analysts are predicting bitcoin to fall below $30,000. If that happens, it could cause a panic. There are still those who claim bitcoin hurts the environment. While the Crypto Climate Accord is actively seeking solutions to make bitcoin more environmentally friendly, there are those who are asking if the leading cryptocurrency will ever be ecologically safe. Tether reserves seem to have improved in quality. Some people, however, are calling for an independent audit of Tether’s holdings. The U.S. Securities and Exchange Commission (SEC) is gunning for cryptocurrencies. We all know about the SEC v. Ripple case. Fewer know about the SEC v. LBRY. The SEC has now cited the court’s decision in the SEC v. LBRY case in its case against Ripple. Meanwhile, Elon Musk has thrown a punch at the SEC over Ripple’s shoulder. Translation: Tesla’s founder has made himself a part of the lawsuit. Musk said on Twitter, “I didn’t start it, but I will end it.” Get the links and all the #crypto news at https://cryptocracy.substack.com/p/how-russias-invasion-of-ukraine-impacted