In a historic first, the European Union has slapped sanctions on Russian cryptocurrency exchange Garantex, a key player in Moscow’s crypto market. The move stems from Garantex’s close ties to sanctioned Russian banks and its role in facilitating activities that threaten global financial stability.

This latest action solidifies a growing, unified international front against the exchange, which has already faced sanctions from the UK and the US.

The EU’s sanctioning of Garantex demonstrates a clear escalation, highlighting the severity of the concerns around the platform’s operations.

Are non-custodial wallets like Best Wallet and their token $BEST a solution to help investors mitigate risks associated with crypto trading—and is $BEST the best crypto to buy?

Garantex Scrutiny & Impact on Investors Point to Bigger Issues

Whilst this isn’t Garantex’s first rodeo against international sanctions, it is the first time that the EU has sanctioned a crypto exchange, marking a historic first.

In 2022, the US Treasury sanctioned Garantex for facilitating illicit transactions, anti-money laundering, and the counter-financing of terrorism deficiencies.

Simultaneously, Garantex lost its Estonian license following an investigation by the Estonian Financial Intelligence Unit.

In response to the Russian invasion of Ukraine in 2024, the US and UK imposed further sanctions on Garantex. Despite this, US officials raised questions about how to prevent the exchange’s attempts to circumvent them.

In fact, more recent sanctions arise from the concerns of the European Council (the official Council of the European Union) that the trading platform is getting all too familiar with avoiding their punishment

This is a significant step in combating illicit financial crypto flows from the exchange.

The imposed sanctions will restrict investor access to their funds, diminish their trading capacity, and severely disrupt Garantex’s operations, effectively undermining the exchange’s ability to operate.

Crypto Security in Exchanges – Insufficient Safety Guarantees?

Crypto is a volatile investment, with market trends changing rapidly. Investors approach the market in different ways, with some employing a short-term trading system and others invoking a HODLing (Holding On for Dear Life) approach, hoping for long-term gains.

The latest data from CoinMarketCap, shows that although in a current positive trend overall (a bull market), investors are experiencing recent market dips. This experience is evident, with notable highs and lows throughout the year.

Being a centralized exchange (CEX), Garantex offers convenience and ease of use. However, you relinquish control of your private keys and rely on their security measures to safeguard your funds.

But when the unexpected happens (like sanctions), your funds might be frozen.

Other risks include security breaches (like the Bybit hack), exchange failures, and the ever-present threat of regulatory uncertainty.

If you want more control over the security of your crypto, non-custodial wallets like Best Wallet are the safer bet. Even better if you can invest in a promising presale like the Best Wallet Token, which promises long-term gains.

Protection and passive income? Where do we sign up?

With advanced cryptographic techniques, multi-factor authentication, and biometrics, Best Wallet prioritizes the security of user funds—making its native token a strong contender for the best crypto to buy.

Currently standing at a token price of $0.024225 and an impressive total raised of $10.8M, $BEST demonstrates it continues to grow, even in the recent market dip. Rewarding investors with a dynamic 147% APY, Best Wallet continues to build on its good reputation and attract new investors.

Unlike centralized exchanges, non-custodial wallets like Best Wallet remain unaffected by events such as the recent Garantex sanctions, providing a safe haven for crypto assets.

Crypto is very volatile, and like with any investment, you run the risk of losing it all. Always do your own research before making any investments.

Dogecoin price remains much-eyed by crypto traders and investors as whale accumulations for the meme coin spiked recently. A renowned market analyst revealed on Wednesday that DOGE whales accumulated 180 million coins amid the ongoing broader market flux.

As a response, investors now anticipate a highly bullish price outlook amid rising buying pressure. Further, top analysts also conveyed a highly bullish forecast for the token amid strong market technicals, with one even revealing that a 5x rally looms.

Dogecoin Price Bullish? Here’s Why Whale Data Sparks Optimism

According to analyst Ali Martinez’s X post on March 5, DOGE whales purchased a whopping 180 million coins in the last 24 hours. The analyst’s data suggests that the accumulations occurred as the Dogecoin price fluxed near the $0.2 price level intraday.

For context, rising whale accumulations signal heightened market interest, underscoring the asset’s potential for gains. Moreover, it’s also noteworthy that whales reflected a potential ‘buy-the-dip’ sentiment amid broader volatility.

Why The Broader Turbulence?

Notably, weekly and monthly Dogecoin price charts showcase a 6% and 19% dip, respectively. This waning action is attributable to a market bloodbath in February due to macro heat and liquidity hurdles.

Traders and investors panic sold risk assets amid Donald Trump’s new import tariffs on China, Canada & Mexico, which kicked off on March 4. In turn, global markets took heat amid trade war speculations. BTC price slumped from a $99K level high to as low as the $78K mark amid this market pressure. In turn, even altcoins (including meme coins) followed.

Nevertheless, CoinGape reported that the crypto market showed resilience as BTC and altcoins reversed previous losses just a day after Trump’s tariffs kicked off.

DOGE Price Jumps 3%

DOGE price today soared over 3% intraday and exchanged hands at $0.1990. The meme coin bottomed and peaked at $0.1837 and $0.2036 in the past 24 hours. Today’s rising action falls in line with the broader market trend that shows traders and investors are digesting trade war tensions.

Top Analysts Convey Bullish Outlook

Simultaneously, top crypto analysts have taken the stage to inject optimism into the meme coin. Analyst ‘Trader Tardigrade’ recently revealed that Dogecoin price follows ‘Mean Reversion on macro chart.’ This phenomenon suggests that the price is likely to return to its long-term historical average as time longs. The analyst spotlighted this concept via the price chart below, with DOGE exhibiting “Mean Reversion along the yellow dotted line on the chart.”

Also, the analyst revealed that the meme coin’s price daily candle closed with a ‘Dragonfly Doji.’ This pattern suggests that Dogecoin’s price is currently at the bottom of a downtrend, indicating that a reversal, and thus gains loom.

On the other hand, renowned trader ‘Chandler’ revealed on X that DOGE’s MVRV ratio formed a bearish divergence against price in previous cycles. However, this phenomenon has yet to occur in this cycle, paving an optimistic path for price ahead.

In addition, market expert CryptoELlTES revealed on X that the meme coin’s price is gearing up for 5x gains ahead, solidifying investor optimism amid rising DOGE whale activity and strong pattern formations.

It’s noteworthy that with DOGE ETF approval odds gaining substantial weight in recent days, market sentiments over a 5x rally remain uplifted. A CoinGape market analysis also showed that the DOGE price can hit its peak in 2025 if institutional adoption through an ETF happens.

✓ Share:

Coingape Staff

CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.