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Sanctioned Russian Crypto Exchange Garantex Suspends Services After Tether Blocks Wallets

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Russian cryptocurrency exchange Garantex announced on Thursday that stablecoin Tether had blocked digital wallets on its platform, which collectively held over 2.5 billion roubles ($28 million). This move has forced Garantex to suspend operations just days after being sanctioned by the European Union.

The EU included Garantex in its 16th sanctions package on February 24, accusing the platform of being closely linked to Russian banks already under EU sanctions and playing a role in circumventing these sanctions. In a statement on Telegram, Garantex expressed frustration, stating, “We have bad news. Tether has entered the war against the Russian crypto market.”

When contacted for comment, a spokesperson for Tether referred Reuters to the U.S. Secret Service, offering no additional details on the matter.

Garantex confirmed it was halting all services, including cryptocurrency withdrawals, and vowed to continue fighting against the sanctions. “Please note that all USDT held in Russian wallets is now under threat,” the exchange warned.

As access to the U.S. dollar and the SWIFT global payment network has been restricted, many Russians have turned to cryptocurrencies to bypass these financial limitations, with the central bank permitting businesses to use cryptocurrencies for international trade.

The U.S. had previously labeled Garantex as a “ransomware-enabling virtual currency exchange” when imposing sanctions on the platform in April 2022, accusing it of facilitating illicit activities.

Russian lawmaker Anton Gorelkin responded to the latest sanctions, accusing Western nations of pursuing political motives. He assured that this would not be the last attempt to target Russia’s cryptocurrency infrastructure but stressed that cryptocurrencies remain a key tool for circumventing sanctions, despite Tether’s actions.

Bitcoin Drops to $94,000 Amid 9% Market Decline After Trump’s New Tariff Decisions

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Bitcoin Drops to $94,000 as Tariff Decisions Trigger Market Slump

Over the weekend, the cryptocurrency market saw a sharp increase in volatility following U.S. President Donald Trump’s announcement of new tariffs on imports from China, Mexico, and Canada. On Monday, February 3, Bitcoin experienced its most significant price drop in months, with the world’s leading cryptocurrency losing almost 7% of its value. According to CoinMarketCap, Bitcoin fell to $94,303 (approximately Rs. 82 lakh), down from its previous price of $104,002 (roughly Rs. 90.1 lakh) before the tariff decision. On Indian exchanges like BuyUcoin, BTC saw a smaller drop of around 5%, trading at $101,116 (roughly Rs. 88 lakh).

Ether Faces Even Bigger Losses

Ether, the second-largest cryptocurrency by market cap, faced even steeper declines than Bitcoin. On international platforms, ETH dropped by 19.51%, bringing its price down to $2,497 (around Rs. 2.17 lakh). Indian exchanges followed a similar trend, with Ether trading at $2,750 (roughly Rs. 23.9 lakh). The dramatic drop in Ethereum’s value underscores the broader market concerns, where macroeconomic factors are playing an increasingly influential role in digital asset valuations.

Market Reactions to Trump’s Tariff Decisions

The announcement of new tariffs set off a chain reaction in global markets, spilling over into the crypto space. Avinash Shekhar, co-founder of Pi42, explained that the performance of digital assets is heavily impacted by broader macroeconomic trends and investor sentiment. “The imposition of tariffs on Canada, Mexico, and China led to nearly $2 billion (roughly Rs. 17,425 crore) in liquidations across the crypto market, causing a widespread slump,” Shekhar stated. The market’s reaction highlights how sensitive cryptocurrencies are to political decisions, especially in the context of global trade tensions.

A Bleak Outlook for Crypto Assets

As global markets adjust to the implications of new tariffs, the outlook for cryptocurrencies remains uncertain. The price fluctuations of Bitcoin and Ether reflect the broader economic climate, where the confidence of investors is deeply influenced by geopolitical developments. The recent price drops have left many wondering whether this trend will continue, especially if other international policies contribute to ongoing instability in the market. For now, investors will need to navigate a landscape where digital assets remain highly volatile, with external factors continuing to play a significant role in their valuation.

Bitcoin Holds Above $100,000 Despite 3.3% Dip Ahead of US Fed Meeting

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Bitcoin Holds Above $100,000 Despite Volatility Ahead of Fed Decision

The cryptocurrency market is witnessing notable fluctuations as investors brace for the US Federal Open Market Committee (FOMC) meeting, where officials are expected to announce their stance on interest rates. Bitcoin, the leading digital asset, experienced a 3.33% decline on international exchanges, trading at $102,185 (approximately Rs. 88.4 lakh), as per CoinMarketCap. In India, the price of BTC remained slightly more stable, registering a less than 2% drop to $102,006 (roughly Rs. 88.3 lakh) on platforms like BuyUcoin.

Market Sentiment Remains Cautious

According to the CoinSwitch Markets Desk, investors are treading carefully as the CME FedWatch tool indicates a 99% probability that the Federal Reserve will maintain current interest rates. Given this backdrop of uncertainty, analysts anticipate continued volatility, urging traders to adopt risk-management strategies. Bitcoin’s recent price movements suggest that while the asset remains above the critical $100,000 mark, it is susceptible to further corrections depending on the Fed’s announcement.

Ethereum and Altcoins Also Face Downturn

Ethereum, the second-largest cryptocurrency by market capitalization, followed Bitcoin’s downward trajectory. ETH fell by 2.80% on global exchanges, trading at $3,124 (approximately Rs. 2.70 lakh). Meanwhile, on Indian platforms such as CoinSwitch and CoinDCX, Ethereum saw a sharper decline of 3.50%, bringing its price down to $3,373 (around Rs. 2.92 lakh). Other major altcoins, including Binance Coin (BNB) and Solana (SOL), also recorded slight losses amid the broader market downturn.

Outlook for the Crypto Market

Despite the recent pullback, many analysts believe Bitcoin and Ethereum are maintaining strong support levels, with institutional demand remaining a key driver. The outcome of the FOMC meeting will likely determine the short-term trajectory of the crypto market. If the Federal Reserve signals a dovish stance or hints at future rate cuts, Bitcoin and other digital assets could see renewed bullish momentum.