Most major cryptocurrencies traded negative for the week as Canada’s blacklisting of crypto wallets related to the trucker protest drew criticism from the community, while tensions between Russia and Ukraine dented broader markets.
Bitcoin and Ethereum, the world’s largest crypto currencies, were trading 5.6% and 10% lower for the week, respectively, while crypto market capitalization sank by at least $160 billion this week.
A bulk of the losses can attributed to tensions over a Russian invasion of Ukraine, which had hurt equities and foreign exchange. But crypto markets were also unsettled by Canada banning more than 30 wallets related to the “Freedom Convoy” protest.
The move, which was part of a broader crackdown that targeted funding sources for the protest, drew widespread ire from the crypto community.
The government said more accounts would likely be frozen, and that individuals and entities will face full sanctions in connection with the protest. The Freedom Convoy is a nearly month-long protest started by truckers in opposition to COVID-19 vaccine mandates.
Crypto Companies Criticize Canada’s Actions
Jesse Powell, chief executive of crypto exchange Kraken, criticized the blacklist in a series of tweets, and urged investors to consider using non-centralized wallets.
100% yes it has/will happen and 100% yes, we will be forced to comply. If you're worried about it, don't keep your funds with any centralized/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p.
— Jesse Powell (@jespow) February 18, 2022
Powell also said that centralized exchanges would have no choice but to comply with government regulations, and that decentralized exchanges would allow investors to protect their funds.
“If you’re worried about it, don’t keep your funds with any centralized/regulated custodian. We cannot protect you. Get your coins/cash out and only trade p2p.”
Binance CEO Changpeng “CZ” Zhao and Coinbase head Brian Armstrong expressed concerns over the move, while Ethereum founder VItalik Buterin called the blacklist “dangerous”, in an interview with Coindesk.
The Justin Trudeau administration recently invoked emergency powers that allow it to freeze individual accounts without needing court approval. Trudeau himself has publicly condemned the protests.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3