An analysis of cryptocurrency flows between personal and cryptocurrency exchange wallets has shown a “lack of directional conviction” in the cryptocurrency market, according to Bank of America, who noted a “crypto winter” is unlikely in the near future.

Popular cryptocurrency exchanges Binance, KuCoin, Kraken and Coinbase have denied a request from Ukraine’s Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov to block Russian users from their platforms.

Ukraine has expanded its fundraising efforts by opening up a Polkadot wallet, in what may be a response to Polkadot Founder Gavin Wood pledging to donate $5 million in DOT if the country did so.

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Top stories in the Crypto Roundup today:

• Bank of America Sees No Crypto Winter Ahead
• Crypto Exchanges Deny Request to Block Russian Users
• Ukraine Expands Crypto Fundraising Efforts with Polkadot Wallet
• Chart of the Week: BTC, ETH, and ADA Developer Activity in 2022
• Sponsored: Register for a Rewarding Bybit Experience

Bank of America Sees No Crypto Winter Ahead

An analysis of cryptocurrency flows between personal and cryptocurrency exchange wallets has shown a “lack of directional conviction” in the cryptocurrency market, according to Bank of America, who noted a “crypto winter” is unlikely in the near future.

In a note titled “Digital Assets: In the Flow,” analysts at the financial institution noted that tightening by the U.S. Federal Reserve and macroeconomic headwinds are likely limiting cryptoassets’ upside over the next six months.

Bank of America added, however, that user adoption growth and rising development activity suggest a “crypto winter” isn’t coming in that period as well. Exchange outflows suggest buying on dips has been muted, while inflows for ETH show potential for continued price headwinds, the bank added.

Crypto Exchanges Deny Request to Block Russian Users

Popular cryptocurrency exchanges Binance, KuCoin, Kraken and Coinbase have denied a request from Ukraine’s Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov to block Russian users from their platforms.

Binance responded to the request saying it will block the accounts of Russian individuals who have been sanctioned but won’t “unilaterally” freeze the accounts of all of its Russian users. A spokesperson for the Exchange was quoted saying:

“Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”

Similarly, Coinbase responded saying it will “not institute a blanket ban on all Coinbase transactions involving Russian addresses,” adding that such a move would “punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government’s aggression against a democratic neighbor.”

Kraken’s CEO Jesse Powell has said on social media that the firm “cannot freeze the accounts of our Russian clients without a legal requirement to do so.” KuCoin responded to the request saying it would not freeze Russian user accounts “without a legal requirement.”

Ukraine has been relying on crowdfunding methods to raise funds. Cryptocurrency donations sent to the Ukrainian government and several non-governmental organizations meant to support the country amidst its ongoing war with Russia have topped $30 million.

Ukraine Expands Crypto Fundraising Efforts with Polkadot Wallet

Ukraine has expanded its fundraising efforts by opening up a Polkadot wallet, in what may be a response to Polkadot Founder Gavin Wood pledging to donate $5 million in DOT if the country did so.

The country’s wallet has so far received $195,000 worth of DOT, according to on-chain data. In response to Wood’s pledge, Ukraine tweeted that an “airdrop has not been confirmed yet.” Ukraine noted it will accept more cryptocurrencies in the future as well.

The country has so far raised over $30 million in crypto, with digital asset research firm Elliptic noting over 24,000 transactions flowed into its wallets since the start of the Russian invasion.

Chart of the Week: BTC, ETH, and ADA Developer Activity in 2022

So far this year, Cardano’s developer activity, measured by GitHub commits, is more than seven times that of the flagship cryptocurrency Bitcoin, and is significantly above that of its rival smart contract network Ethereum.

Cardano’s developer activity shot up with the launch of SundaeSwap, a decentralized exchange on its blockchain that has recorded a total value locked of over $116 million on February 22.

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