Crypto Flipsider News – Cryptos Reach $2 Trillion Market Cap, Institutional Investors Prepare for Return, Crypto Firms Leave UK, Honduras Withdraws Bitcoin as Legal Tender, Russia Accepts Bitcoin for Oil and Gas, Marc Andreessen Leaves Facebook

Digest 03 25

Institutional Investors Prepare for Market Re-entry as Cryptos Hit $2 Trillion

After taking a combined $157 million out of Cryptocurrencies in the past two weeks, institutional investors seem poised for a possible return. The move is spearheaded by Goldman Sachs, which recently… first US company to buy Bitcoin over-the-counter

The investment bank has revamped its website after the purchase, reflecting its renewed bullishness towards crypto. Grayscale continues the trend and launches a new one smart contract fund for Ethereum competitors. BlackRock is also optimistic and believes that the crisis could accelerate the adoption of digital currencies.

Investors’ bullish outlook comes as Bitcoin hits a new three-week high of $44,801, pushing global crypto market capitalization above $2 trillion for the first time since mid-February.

The seven-day chart of the global crypto market capitalization. Source: Trading Display

With Bitcoin and 95% of the top 100 cryptos in green, the global crypto market capitalization is up 13% in the past week. The recent market rally has seen the global crypto market recover more than 33% from its lows in January when it hit a low of $1.49 trillion.

Crypto Firms Leaving UK Over FCA Registration Fail, Honduras Withdraws Bitcoin as Legal Tender

Several crypto companies in the UK may want to leave the country or register with the Financial Conduct Authority (FCA) before March 31. temporary registration from the financial watchdog in December 2020, but have not been able to complete their registration.

The list of crypto companies with a temporary FCA registration covers billions of fintech companies revolution and Copper. Many experts have expressed concern about the FCA’s handling of the crypto registry, with some calling it a disaster.

Ever since El Salvador legalized Bitcoin as legal tender, many have anticipated the next nation to follow suit. Many rumors suggested that Houndoras could be next, especially after President Xiomara Castro declared that El Salvador should not be the only “escapee dollar hegemony.”

However, on March 23, Honduras’ central bank issued a statement debunking rumors that bitcoin or other digital currencies are neither legal tender nor regulated.

While different regions have adopted different approaches to cryptocurrencies, experts have suggested that it is only a matter of time before cryptocurrencies are accepted globally.

Russia Accepts Bitcoin For Oil And Gas, Exxon Considers Extending Gas-to-Bitcoin Pilot

In an attempt to evade the multiple strict sanctions Russia has been hit by its invasion of Ukraine, the country is now considering accepting Bitcoin as payment for its oil and gas exports.

According to a press conference on Thursday, Pavel Zavalny, the chairman of the Russian State Duma Energy Commission, wants Russia to allow more flexible payments for “friendly” countries. This could lead to China or Turkey paying for oil and gas using Bitcoin or their local currency.

Crypto in oil and gas could expand further as industry giant Exxon considers expanding its gas-to-bitcoin pilot. In January 2021, Exxon began using excess natural gas in North Dakota that would have been burned to mine Bitcoin.

Exxon is now considering expanding the program to four regions, including Alaska, the Qua Iboe Terminal in Nigeria, the Vaca Muerta shale field in Argentina, Guyana and Germany.

As the crypto industry matures, it finds more and improved use cases, leading to its growing adoption.

Facebook loses its longest-serving board member, Marc Andreessen

Meta could lose one of its most influential drivers, Marc Andreessen, from its board members due to conflicting interests. Andreessen, famous for his VC firm, a16z, is Facebook’s longest-serving board member, having joined since 2008.

Andreessen’s eager interest and investment in the emerging Web3 space is nothing new. However, Meta has plans for its own web3 projects, with 8 patents pending on March 18 in areas related to NFTs, web 3 and the Metaverse.

Andreessen’s continued investments in potential competitors have created conflicts of interest. His VC firm, a16z, recently helped Yuga Labs, makers of the BAYC NFT, launch a $450 million Metaverse fund. The company has also invested in Uniswap, OpenSea, MakerDAO and Compound.

According to those familiar with the case, the Tech billionaire could walk in the path of PayPal co-founder Peter Thiel by leaving Meta’s board of directors after investing billions in rival web3 projects.

Meta wants to create a future where it becomes the dominant provider of digital experiences.

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