Crypto Flipsider News — Musk Won’t Sell His Crypto, BTC/ETH/DOGE Spike; Japan Urges Crypto Exchanges to Enforce Sanctions as Russians Run to UAE; EU Votes With New York State Set to Pause Crypto Mining; BAYC Buy CryptoPunks NFTs

Read in the digest:

Tesla’s CEO has announced that he will not be selling his cryptocurrency holdings, causing assets to rally.

Socios CEO accused of price manipulation stemming from his failure to pay the platform’s advisers.

Japan reiterates warnings to cryptocurrency exchanges of Russian entities looking to circumnavigate sanctions as Russians eye the UAE as an exit plan.

The EU is set to vote on a law that could ban Bitcoin from Europe while New York mulls over the same.

The Creators of BAYC purchased the IP rights to CryptoPunks and will offer commercial licenses to individual holders.

Musk Won’t Sell His Crypto, Causing BTC, ETH, and DOGE Surge

Elon Musk has stated that he will not be sell his cryptocurrency holdings after offering a word of advice to his Twitter followers. The Tesla boss disclosed the information after soliciting the opinion of his followers on the “probable inflation rate over the next few years.”

Since stating that he had no plans to sell his assets, the values of the related currencies soon spiked. Dogecoin (DOGE) climbed by 10% to trade at $0.122, while BTC and ETH recorded positive gains to trade at $39,094 and $2,592 respectively.

U.S. inflation figures sit at 7.9% and Michael Saylor replied to Musk stating his own prediction that asset inflation will become double that of consumer inflation. The Bitcoin maximalist posits that this will cause weaker currencies to collapse while scarce property like Bitcoin will see more capital inflow.

The 1-day price chart for Bitcoin (BTC). Source: CoinMarketCap

The 1-day price chart for Dogecoin (DOGE). Source: CoinMarketCap

Flipsider:

Elon Musk has revealed that his company is under pressure caused by inflation and the high prices of commodities.

Global commodity prices could ascend further to mark the largest upswing in 50 years, according to a Financial Times report shared by Musk.