What’s up, ShapeShift fam!🦊
First, I wish to recognize the situation in Ukraine, considering how close to home this hits with one or more ShapeShift DAO contributors being residents in this country. We hope for your safety, and you are in our thoughts and hearts. ❤️
With that being said, let’s dive into what’s been happening around the world concerning the market.
A report recently came out stating that Ukraine’s Bitcoin and Ethereum wallets have received over $20 Million in donations. 🙏 This is the amount raised within one week's time since the country began taking donations. Source
Since sanctions have been applied to Russia, there has been a significant impact on Russia’s currency value and created a relative bank run scenario. In relation to this event, there has been a drastic uptick in Bitcoin addresses holding 1000+ bitcoin. Coincidence? 🤔 Maybe we should ask the oligarchs.
Coinbase exceeded analysts' expectations by 27% in its Q4 earnings report regardless of broader market conditions. 📈 The company reported it had made $2.2 billion in revenue from transaction fees in Q4. This resulted in a whopping 6.8 billion dollar total for revenue in 2021. Source
In the State of the Union, by the U.S. government, Biden emphasized focus on the economy and global response to Russia. Getting inflated prices in America under control is “my top priority,” Joe Biden told Congress yesterday🇺🇸. Inflation has certainly been a shadow on Biden’s time in office, currently rising at an annual rate of 7.5% this year. Source