News • 4 min read
By Camilla Marziani
Last week didn’t end positively for the crypto market. Bitcoin’s price fell over the weekend and kept going down on Monday, but showed a change of trend the day after. Ethereum started plummeting on Friday and reached a one week low on Monday, but it still managed to stay above €2,200. LUNA, XRP and other major altcoins had similar performances and closed the week in the red.
Ever since the start of the war, Ukraine has been accepting donations in crypto. The country is not a newbie in terms of cryptocurrency, as a recent report showed that Ukraine had already been trading more crypto than fiat. As of now, more than $50M worth of crypto have been raised for the Ukrainian government and for NGOs operating in the country.
At Bitpanda, we’ve set up the Bitpanda Emergency Response Fund to allow our community to donate crypto assets of their choice to NGOs, bringing humanitarian support to people affected by the war. Donate here.
Terra (LUNA) became the second biggest crypto in terms of total staked value, surpassing Ethereum (ETH). The stablecoin protocol has a total staked value of over $26B, and is second after Solana (SOL), with $32B.
LUNA is considered one of the fastest growing cryptocurrencies in the industry and has earned itself a place among the top ten cryptocurrencies in terms of market cap within a very short period of time. On March 9, 2021, LUNA was trading for just under €10 and had a total market cap of €3.9B. Terra reached an all-time high on December, 27, 2021 at €94.85. LUNA is now trading at around €75, with a market cap of over €27B.
Watch our Weekly Recap - this week with a special focus on the International Women’s Day
The escalation of the war in Ukraine, now in its second week, has contributed to creating a highly volatile stock market. Major European indices closed the week deeply in the red, with losses of more than -9%, reporting the worst week since 2020. U.S. and Asian indices followed suit, but managed to keep the losses smaller.
Payment giants Visa*, Mastercard* and American Express* have decided to suspend their services in Russia following the country’s war against Ukraine. Owners of Mastercard and Visa cards will still be able to use their cards for domestic transactions in Russia, but international transactions - payments online and abroad - won’t be possible anymore for customers with Russian cards. American Express took another route: regardless of their respective country of issuance, all American Express cards won’t work anymore in Russia and all cards issued by Russian banks using the company’s network won’t either. American Express has also interrupted all business operations in Belarus.
Since the start of the war, several companies have halted services in Russia, including Zara, TikTok, Netflix, Nike, Microsoft, and many more.
Europe, U.S. and other partner countries are currently discussing issuing an import ban on Russian oil.
At the moment, Russian oil constitutes more than a third of the European oil supply, and about 60% of all the oil that Russia exports goes to Europe. In the midst of a probable import ban and a potential cut of the gas supplies to Europe, the price of this resource has risen to its highest since 2008, reaching almost $140 a barrel.
Check out the price developments of your favourite cryptocurrencies, stocks*, ETFs* and precious metals on our app for iOS and Android or on our web app. Check our blog and follow our social media channels to always be up to speed. Don’t forget to subscribe to the official Bitpanda youtube channel for our weekly recaps and video content.
This article does not constitute investment advice, nor is it an offer or invitation to purchase any digital assets.
This article is for general purposes of information only and no representation or warranty, either expressed or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of this article or opinions contained herein. *Bitpanda Stocks are contracts replicating an underlying stock or ETF. More information and the PRIIPs key information document (KID) are available at bitpanda.com.
Bitpanda’s Response to the War in UkraineRead more
Bitpanda GmbH ve grup şirketleri (Bitpanda) Türk Parasının Kıymetini’nin Korunması Hakkında 32 sayılı Karar’ın 2/b maddesine göre Türkiye’de yerleşik sayılan hiçbir kişiye yönelik olarak 6362 sayılı Sermaye Piyasası Kanunu başta olmak üzere Türkiye Cumhuriyeti Devleti mevzuatı hükümleri gereği Türkiye’de faaliyet izni gerektiren hiçbir sermaye piyasası faaliyetine dair hizmet sunmamaktadır. Şayet Bitpanda’nın yabancı sermaye piyasalarında vermiş olduğu hizmetlerden Türkiye’de yerleşik kişilerin faydalandığı tespit edilecek olursa tüm zararları kullanıcıya ait olmak üzere bu hizmetler ivedilikle sona erdirilecektir.
As the name would suggest, some cookies on our website are essential. They are necessary to remember your settings when using Bitpanda, (such as privacy or language settings), to protect the platform from attacks, or simply to stay logged in after you originally log in. You have the option to refuse, block or delete them, but this will significantly affect your experience using the website and not all our services will be available to you.
We use such cookies and similar technologies to collect information as users browse our website to help us better understand how it is used and then improve our services accordingly. It also helps us measure the overall performance of our website. We receive the date that this generates on an aggregated and anonymous basis. Blocking these cookies and tools does not affect the way our services work, but it does make it much harder for us to improve your experience.
These cookies are used to provide you with adverts relevant to Bitpanda. The tools for this are usually provided by third parties. With the help of these cookies and such third parties, we can ensure for example, that you don’t see the same ad more than once and that the advertisements are tailored to your interests. We can also use these technologies to measure the success of our marketing campaigns. Blocking these cookies and similar technologies does not generally affect the way our services work. Please note, however, that while you’ll still see advertisements about Bitpanda on websites, the adverts will no longer be personalised for you.