With $32.8 billion in venture capital investments, firms primarily focused on crypto tokens and blockchain technology businesses represented 5.28 % of all VC investments in 2021. And in today’s crypto news, Sequoia Capital just joined this pool of VCs by designating $500-600 million in a crypto fund that is focused on Liquid Digital Assets. More insights on this below.
While Ethereum’s active addresses have begun to decline, Cardano ($ADA) network activity has suddenly exploded, with the number of new daily addresses created on the blockchain’s network jumping 167% to 112,500 addresses. Find out why below.
With Russian forces stationed along the Ukrainian border, the situation could quickly deteriorate into a full-fledged confrontation. However, this instability in Ukraine aided crypto’s growth. The Ukrainian Government reportedly approved the “virtual assets” bill, and it is finally set to become law in Ukraine. Read more on this crypto news below.
Quick Crypto News Roundup!
Daily Crypto News Feb 19, 2022
Sequoia Capital Designates $500-600 Million to A Crypto Fund
Sequoia Capital, one of the top 20 blockchain and cryptocurrency venture capital firms, recently announced the launch of a new $500 million to $600 million sub-fund dedicated to “liquid tokens and digital assets”. Sequoia’s strategic “commitment to crypto” is highlighted by the new fund, according to the company’s statement.
The firm led a $450 million financing round in Polygon in the first week of February 2022, and has plans to continue collaborating with crypto teams across the sector. Metastable, Polychain, Binance, Huobi, Polygon, Orchid Labs, and String Labs are among the companies in which Sequoia has invested.
Cardano ($ADA) New Addresses Jump 167%, On-Chain Activity Surges
“Sustained increase in new addresses often precedes a jump in price volatility for ADA,” noted on-chain analyst Ali Martinez, who first highlighted the surge in on-chain activity on Cardano.
According to reports, major ADA token investors more than doubled their holdings in the crypto asset in January, taking advantage of a 30% price drop. Cardano holders with 10,000 to 1 million ADA tokens, increased their assets by 113%, amassing $53.6 million in the process.
Experts believe the surge took place because of the successful launch of SundaeSwap, which surged the network load above 90%. Due to recent spikes, the Cardano developer has recommended raising the network’s block size by 11%, from 72KB to 80 KB.
Ukraine’s Crypto Legalization Bill Set To Go Live
Despite the tensions between Ukraine and Russia, they are two of the world’s most crypto-aware nations. According to reports, Ukrainian paramilitary formations are using crypto assets to raise funds.
In October, the country’s Parliament passed a crypto bill in the aim of becoming a crypto pioneer. The bill mentioned a provision establishing a new independent regulatory body that would regulate virtual assets.
However, President Volodymyr Zelensky, rejected the law, claiming there was no money in the budget for the new organization, and sent it back to Parliament for amendments. The bill is expected to become law in Ukraine after the Parliament adopted Zelensky’s proposed change.
Crypto Market Trend February 19, 2022
Here is a quick summary of the top crypto gainers and losers for the day.
Top 3 Crypto Gainers
|Cryptocurrency||Price (latest by February 19, 2022)||Change in %|
Top 3 Crypto Losers
|Cryptocurrency||Price (Latest by February 19, 2022)||Change in %|
*All prices are latest by 11:00 AM February 19, 2022.*