Crypto NFT Today: The Latest News in Blockchain, Cryptocurrency, and NFTs: Jan. 18-24, 2022

Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional rollercoasters, this is the place to be.

Are you ready for the crunch? Let’s get started.

Russia and Iran Partner on Stablecoin Initiative

Russia and Iran are reportedly working together to create a stablecoin backed by gold. 

According to the Russian news agency Vedomosti, Iran is working with Russia to create a “token of the Persian Gulf region” that would serve as a payment method in foreign trade.

Russia recently started accepting Iraninan cargo shipments in a special economic zone called Astrakhan, and the proposed cryptocurrency would help to facilitate the transactions in the region. 

Russia and Iran are among the countries that banned cryptocurrency transactions including Bitcoin and Tether, but Russia’s lower house of parliament recently announced a promise to start regulating crypto once again in 2023. 

Russian lawmaker Anton Tkachev, a member of the Committee on Information Policy, Information Technology and Communications, stressed that a joint stablecoin project would only be possible once the digital asset market is fully regulated in Russia.

Bitcoin Back in Business?

Bitcoin rallied to over $21,000 on Jan. 13 and pushed beyond the $21,500 mark Wednesday. The precipitous gains are now demanding the attention of Butcoin skeptics, begging the question: where will Bitcoin go from here?

While we are still technically in a bear market, investor sentiment is improving. According to the Fear and Greed Index, a crypto-specific metric that measures sentiment using five weighted sources, investors’ feelings about the market hit a monthly high.

However, many analysts stress Bitcoin must continue to hover above the 21K mark in the preceding weeks before sentiments turn bullish. 

Coinbase To Halt Operations in Japan

Due to a trading slump in the country, Coinbase is halting its operations in Japan. 

The crypto exchange originally started planning its Japanese expansion during the bear market in 2018. Now, with the FTX fallout still impacting the overall market, Coinbase has decided to regroup and put its Japanese operations on hiatus. 

Coinbase officially announced on Jan. 18 that the firm would terminate operations in Japan and conduct a complete review of its business in the country due to market conditions.

All Coinbase Japan customers will have until Feb. 16 to withdraw their fiat and crypto holdings from the platform. After Feb. 17, the remaining crypto assets held by Coinbase Japan customers will be converted to Japanese yen. Fiat currency deposits will not be available from Jan. 20, according to CoinTelegraph. 

New Report Names ‘Crypto Valley’ Most Mature Blockchain Hub

The CV VC Top 50 Report 2022 was presented in Davos today and shows that Crypto Valley, which includes Switzerland and Liechtenstein, is the most mature blockchain hub. 

It continued to expand steadily in 2022 because of its regulatory jurisdiction and a determined decentralized mindset exhibited by the 1,135 entities building from there. 

The CV VC Top 50 Report 2022 shows blockchain is evolving into a multi-billion dollar industry in Crypto Valley.

Why is Bitcoin Rallying?