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Cardano (ADA) Attains 9th Position in Market Valuation During Ecosystem Inflows

With a market valuation of $28.68 billion, Cardano (ADA) has claimed the 9th position in cryptocurrency market capitalization, surpassing Avalanche (AVAX). Despite recent inflows into its ecosystem, the coin beat Avalanche’s $22.28 billion to attain the title of 9th largest coin.

As the value of Cardano’s ecosystem has skyrocketed, so too have funds flowing into it. From roughly $1.7 million in mid-January to a present-day total value locked (TVL) up at just under $315 million – or a 18420% increase.

The Cardano team has entered the third phase of its construction, a process known as Basho, the Cardano’s next era after Alonzo. Cardano plans to release Hydra, a collection of Layer 2 solutions, as part of this phase. In this stage, Basho will update Cardano’s security and scalability.

Related Reading | Cardano Based Project Bashoswap Introduces Launchpad and DEX

The first Hydra Heads have opened on the public Cardano testnet, and it is an exciting moment for this scaling journey. As a result, the protocol can be vital in ensuring that there are no problems along the way towards becoming a fully decentralized network.

Cardano Price Action And Ecosystem Inflows

The Cardano ecosystem is booming with new funds, attracting nearly $150 million in March alone. With the surge of total value locked at over $314.87 million from roughly $168.95 million, big things are expected for this crypto project.

ADA currently trading above $0.85 level with 2% gain | Source: ADA/USD chart from Tradingview.com

Cardano’s TVL has increased by more than 80% in just two weeks. And It is currently worth $225.9 million without including staked governance assets. The increase was noted on February 28th through March 16th, when the number rose from $150 million to $314.87 million.

The Cardano Minswap has seen a surge in total value locked (TVL) over the last week, with 121% more locked up than before. Cardano Minswap became the most significant protocol by flipping the SundaeSwap. The majority of funds on this network now reside at its Minswap decentralized platform–with $115 million currently locked. 

Even as Cardano (ADA) continues to progress, the price has failed to catch up. The coin has been on a downward journey after reaching its ATH at $3.10 in September 2021.

Related Reading | TA: Bitcoin Holds Uptrend Support, What Could Trigger Sharp Decline

The Cardano price has fallen nearly 75% from its all-time high of $3.10 and currently trading at $0.85 per coin. However, $0.85 remains a vital resistance point. Because if investors can stay above that price level, they’ll see their investment rise towards testing another crucial milestone of $0.9. 

Although, Cardano is still a long way from returning to its former price of $1. As investor sentiment remains negative and the current market favors sellers.

Featured image from Pixabay, chart from Tradingview.com

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Dogecoin Price Falls As India’s Central Bank Bans Cryptos

This morning, the cryptocurrency market saw a significant headline that caused Dogecoin’s price action to drop. The Indian Central Bank came out with firm rejection against adopting cryptocurrencies in the country. There was an announcement from India’s Central Bank (RBI) calling cryptocurrencies “a tool which will wreak havoc on our economy.”

Related Reading | What’s Bitcoin Role After End of Petrodollar System? Arthur Hayes Says

The Price of Dogecoin Increased Temporarily

Dogecoin’s price action is not in a sweet spot. In just five minutes, comments trashed the planned bull target for next week at $0.1357. As a result, Dogecoin (DOGE) dipped back to its opening level and took another step away from where it had been before. 

The price of Dogecoin went down when the news came out. A trend line and an intermediary top-line stopped the bulls from taking the price higher. So instead, the price went back to where it started and looked like it would fall more. A possible target for the price going down is $0.1137 and $0.1100.

Investors may be slow to react, but if they buy the dip, it could increase the price by $0.1197 to the upside. This would open the door towards $0.1242 intraday and possibly again on track for $0.1357.

The US session has only just begun, so economic recovery is time. Maybe even some good news on taxes or regulations before traders move onto other things – providing markets with support at both $0.1197 and psychological levels like barbette above them where buyers seem confident again.

DOGE started the day with a decline as India plans not to regulate cryptos | Source: DOGE/USD chart from Tradingview.com
India To Launch CBDC This Year

The Indian government has revealed its positions on cryptocurrencies and digital currency. They are not going to regulate cryptocurrencies by the central bank. Instead, India’s central bank will be launching central bank digital currency (CBDC) this year. 

Related Reading | Bitcoin Bullish Signal: Exchange Reserve Loses Another 50k BTC Over Past Week

On Tuesday, the Indian ministry of finance answered some questions in Rajya Sabha regarding “RBI Cryptocurrency.”

The Finance Minister to state was asked by Rajya Sabha member Sanjay Singh, “whether it is a fact that the government plans on introducing a cryptocurrency regulated by The Reserve Bank of India (RBI).

“No sir,” replied Pankaj Chaudhary, the minister of state in the finance ministry.

Minister Chaudhary explained the difference between the RBI cryptocurrency and traditional paper currency:

RBI does not issue cryptocurrency. Traditional paper currency is a legal tender and is issued by RBI in terms of provisions of RBI Act, 1994. A digital version of traditional paper currency is called central bank digital currency (CBDC).

Indian Finance Minister Sitharaman said during her Feb. 1 budget speech: 

The introduction of a central bank digital currency will give a big boost to the digital economy. Digital currency will also lead to a more efficient and cheaper currency management system.

Indian Prime Minister Narendra Modi commented on the upcoming digital rupee launch:

The digital rupee will revolutionize the fintech sector by creating new opportunities and lessen the burden in handling, printing, logistics management of cash.

Featured image from Pixabay, chart from Tradingview.com

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Why The Crypto Market Bloomed After FED Decision

Bitcoin and the crypto market trend to the upside on Wednesday. The Federal Reserve (FED) announced a raise rates by 25 basis points. The FED Chair Powell said at the news conference;

We are attentive to the risks of further upward pressure on inflation and inflation expectations. The committee is determined to take the measures necessary to restore price stability. The U.S. economy is very strong and well-positioned to handle tighter monetary policy.

Technical Analysis Of The Top Crypto

Bitcoin

Bitcoin is trading in a range but with recent bullish price action, with prices climbing above the Tenken-sen ($39,880), Kijun Sen level at $39,828 per coin, and below another cloud called Ichimoku Kumo ($41,025) that indicates where investors should look for potential buy zones.

Related Reading | Bitmain Rolls Out More Powerful And Energy-Efficient Bitcoin Mining Rig To Date

Bitcoin’s primary support level is $37,000 (low seen as of March 7th), and if the price falls below this level, it might revert into bear territory with possible drops down to $34,000/$32,950 (low of the January 24th )

If the cryptocurrency close above $41,700 today. However, there might probably be another rise to around $42,600 (high on March 9th) / $45,356 (200-dаy EMA) / $50,000. 

With the price of Bitcoin, it might be a good time to buy a dip at $40,000  with SL around $37,000 for TP of $50,000.

Bitcoin started the day with a decline of .4% | Source: BTC/USD chart from Tradinview.com
Ethereum

Ethereum has oscillated within a tight trading range between 2,810 and $2,492 for the past week.

The ETH/USD pair has hit a high of $2,809 on the daily chart but is currently trading around that value. The pair is trading below Tenken-sen ($2,627), Kijun-sen ($2,672), and Ichimoku Kumo cloud ($2,870), confirming the minor weak trend. 

The Ethereum price has major support at $2,445, and if it drops below this level might confirm the bearish trend. So a dip until around February 24th’s low of $2,300 can be on deck for us here, with potentially more downsides still left ahead.

Related Reading | TA: Ethereum Back to Square One, Why ETH Could Surge Again

The potential for an intraday trend reversal is present if Ethereum’s close today above $2,850. 

After that, it is possible the coin might jump to $2,900/$3,000. However, the bullish trend might continue if the price breaks $3,300 support. 

With the price of Ethereum, it might be a good time to buy a dip at $2,500  with SL around $2,300 for TP of $3,300.

XRP

The price of XRP is held above short-term (55 days EMA) and below long-term (200 days EMA). If it breaches below $0.70, then further bearishness would be confirmed by the pattern observances. However, a short-term trend reversal would occur only if it breaches $1.02 (23rd Dec high).

LUNA

The price of the LUNA token is held below short-term (55 days EMA) and above long-term (200 days EMA). If it breaches above $105, then further bearishness would be confirmed by the pattern observances. However, a short-term trend reversal would occur only if it breaches $75.

Bitcoin, Ethereum Resistance, and Support Chart

Cryptocurrency Resistance Support

Bitcoin

 R1- $42,600 S1- $37,000
R2- $43,500 S2- $34,000
R3- $46,000 S3- $30,000

Ethereum

 R1- $2,775 S1- $2,445
R2- $2,850 S2- $2,300
R3- $3,160 S3- $2,150

Featured image from Pixabay, chart from tradingview.com

 

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Bitcoin Worth $1.2B Left Coinbase In Sign Of Continuous Institutional Adoption

Despite the four-month bearish price action, institutions continue to pile drive bitcoin, which might have scared away retail leverage traders. This is because institutions are focusing on longer-term horizons and see the potential for big profits in BTC’s growth over time.

The recent large outflow of coins from the U.S.-based crypto exchange Coinbase is evident, according to blockchain analytics firm Glassnode.

Related Reading | 82% Of Bitcoin Short-Term Holder Supply Now In Loss, Capitulation Ahead?

The recent highly volatile markets have sent bitcoin prices tumbling, with a total of 31,130 bitcoin leaving Coinbase last week. This is the highest single-week outflow since 2017, data tracked by Glassnode.

In a weekly newsletter published Monday, Glassnode said; 

Large outflows like this one are actually part of a consistent trend in the Coinbase balance, which has been stair-stepping downwards over the last two years. As the largest exchange by BTC balance, and a preferred venue for U.S.-based institutions, this further supports the adoption of bitcoin as a macro asset by larger institutions.

The crypto markets have experienced drought over the past week. The Nasdaq-listed exchange’s holding in bitcoin has dropped a four-year low of 649,500 BTC for just the second time since 2018. In addition, the amount of bitcoins held by all centralized exchanges has decreased to 2,519,403 BTC, the lowest number since November 2018.

Bitcoin currently trading above $40,000 with 2.7% rise | Source: BTC/USD chart from Tradingview.com
Withdrawal Bitcoins Moved To Inactive Wallets

The Coinbase withdrawal may be driving up the price of Bitcoin. The declining exchange balance means fewer coins are available for liquidations on exchanges, which could lead to an increase in demand and push prices higher still – especially since those withdrawals have moved into largely inactive wallets.

Additionally, Glassnode said;

If we look at the Illiquid Supply Shock Ratio (ISSR), we can see a significant uptick this week. Suggesting that these withdrawn coins have been moved into a wallet with little-to-no history of spending.

The ISSR is on an upwards trend, suggesting that these withdrawn coins transferred into a wallet with little-to-no history of spending.

Related Reading | Bitcoin Detractor Peter Schiff Lays On What Will Trigger Bitcoin Recovery

The current amount of supply held in Illiquid wallets is 3.2x larger than Liquid and Highly-Liquid combined. Meaning that many coins are still trapped there despite the recent bear market conditions. A similar metric to what we saw during the 2018 – 2020’s bear market.

Major cryptocurrencies registered mostly small losses on Monday. As the European Parliament’s Committee on Economic and Monetary Affairs voted down a bill. That bill could have outlawed proof-of-work in EU territory.

The markets were volatile yesterday as investors waited to hear what the Federal Reserve would do with today’s policy meeting. The NASDAQ100 fell 2%, while SPX500 Index dropped 0.75%. DJ30 closed flat following these declines in stock prices. 

The crypto market experienced a mild correction, with Ethereum, BNB, Solana, and XRP losing 2%. Bitcoin also fell slightly 1.6% in value and trading under $40,000 at the time of writing.

Featured image from Flickr, chart from Tradingview.com

 

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Bitcoin Value Takes A Hit As U.S Inflation Rises

The recent acceleration in the United States Consumer Price Index for February has come at just the right time with matching expectations. The index is at 7.91%. It was expected to peak during Q1 and remain elevated throughout this year.

Even though it might not have a big impact on prices, the Federal Reserve and other central banks are trying to make monetary policy tighter so that people will believe they can keep prices stable.

Related Reading | Gloomy Crypto Future? Book Author Warns We’re In The Biggest Bubble In History

The price of bitcoin had decreased since December when the 10-year yield rose, and credit became more expensive.

Reviews On Market Inflation

People in the credit market understand inflation is here to stay. This means that rising interest rates are going to continue. As credit instruments sell, this causes interest rates to go up. This makes it harder for people to afford things.

Dylan LeClair, senior analyst and Co-Founder of 21stParadigm, said;

Fixed income doesn’t react well to (accelerating) inflation at four decade highs, who would’ve thought?

Higher rates in a historically over-indebted economy; the market is doing the Fed’s hike cycle for them. 

Things are likely going to break faster than most think.

Furthermore, we have increasing financial conditions, and an unwind in leverage (in legacy markets as bitcoin derivatives are already de-risking).

Bitcoin value is steady around $39,000 | Source: BTC/USD chart from Tradingview.com

On this point, LeClair tweeted;

Fixed income getting murdered over the last three months. Accelerating inflation and slowing growth across the board. A gradual then sudden process of declining liquidity as deleveraging process continues. BTFD conditions across markets has turned into “sell the rip”.

The end of this regime will likely be marked by the liquidity crisis in legacy markets, which probably has a net negative impact on the bitcoin price followed by a pivot back towards quantitative easing and, ultimately, yield curve control from central banks.

Related Reading | Hedge Fund Holdings Fail To Prop Up Bitcoin Price

Regardless of what happens with the global economy, blockchain has continued to prove its usefulness. The case for a non-sovereign scarce digital monetary asset has never been stronger, and investors should embrace this new trend before it’s too late.

Crypto Market Insight

In the past 24 hours, cryptocurrency prices have been relatively calm.

Yesterday’s US markets dive was in reaction to fresh inflation figures that showed prices rising at an annual rate of 7.9% over the past three months and raising fears about future tightening from monetary policymakers across Europe, Asia, and America – with all eyes fixed on when they will tighten their own purses.

The top ten cryptocurrencies were all relatively stable, with only a few showing 1% or fewer movements. Among these was Avalanche, which gained 2%. Finally, Polkadot is adding 5%, making it the first time in quite a while that we’ve seen growth this high. Bitcoin added 1.08% to its value.

Featured image from Pixabay, chart from Tradingview.com

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Hedge Fund Holdings Fail To Prop Up Bitcoin Price

Bitcoin’s price is at risk of going down because investors are funding short positions in Bitcoin by borrowing digital money from exchanges. Datamish shows that investors are funding short, causing the value of Bitcoin to go down.

Bitcoin fell again on Friday, despite a surge in capital inflow from large wallet investors and institutions. Brevan Howard Asset Management LLP and Tudor Investment Corp refreshed their bitcoin holdings by adding more of the cryptocurrency to their portfolios.

Related Reading | Bitcoin Outflows Spike As 30k BTC Exits Exchanges, Reserve Plunges Down

The growing geopolitical tension and the increasingly tense crisis in Russian-Ukraine are negatively impacting investor risk appetites for both equities as well crypto. This has fueled a bearish narrative surrounding Bitcoin’s price, which plunged below $40,000 with no signs of letting up.

Cryptocurrencies are not without their risks, and it seems that even large investors know this. On March 11th of 2022, survey data from Datamish showed 1,500 Bitcoin being lent out as short positions to finance those risks- a total debt amounting close enough for a 3,603 BTC loan. Following an increase in funding for short positions, there have usually been negative consequences such as price drops.

Analysts have been monitoring the recent changes in Bitcoin price, predicting that it will continue to fall. They believe there is still a significant risk for an upcoming decline, even after its recent recovery.

The Bitcoin price recovery is attributed to the first bearish Ichimoku breakout since December 4, 2021. Analysts believe Bitcoin price has formed a bottom in the $38,000 -$38500 range. This is an important confirmation zone for trading on bitcoin. This may signal more losses for investors who have been selling assets in anticipation of an upcoming crash.

Bitcoin is trading in its bottom range | Source: BTC/USD chat from Tradingview.com
According To Reuters, Russians Flooded The UAE With Liquidation Requests

In a Russia- drowning attempt to save their fortune, company executives and financial sources told Reuters that many Russians flooded the UAE’s cryptocurrency firms with liquidation requests.

That’s not all they want to do. Some of these investors are looking for real estate in the UAE. While others plan to convert it into fiat and hide their money somewhere else – insiders reported.

Related Reading | Bitcoin Exchange Withdrawals Suggests Whales Are Accumulating

The Swiss financial industry is currently in chaos. In fact, brokers requested the withdrawal of billions of dollars worth of Bitcoin. The request came from their clients concerned that Switzerland might freeze all funds. One representative claims they have received requests for up to $2B. 

The UAE has been a neutral ground for Russians and Belarusians who have come to Dubai with their money to avoid being left out during any wars that may break out. There’s even been talk of people bringing cryptocurrencies here because they know it will always stay safe no matter what side wins.

According to sources in the UAE, many Russians purchase real estate with cryptocurrency. They’re using digital forms of money both ways – bringing their resources into Dubai while getting them out from other regions.

Featured image from Pixabay, chart from Tradingview.com

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Bitcoin Falls Below $40,000 Trimming The Gains From US Crypto Order

On Thursday, the cryptocurrency market experienced another roller-coaster day, with some coins declining. One such example is Bitcoin which fell 5.9% to $39,432 when writing these words.

The bitcoin market is still bearish, with prices dipping below $40,000 today. This comes after a slew of positive news about US President Joe Biden’s executive order that will likely focus more on the crypto sector.

The crypto markets were not looking very promising today, with Bitcoin declining heavily and many other coins dropping as well. For example, Ether, the second-largest cryptocurrency, fell as much as 4.4% to $2,589. 

Related Reading | TA: Ethereum Trims Gains, What Could Spark A Fresh Increase

It’s still too early to tell if this will have any long-term effects on the industry, but the market has seen enough sell-offs already where people might want investments in other cryptocurrencies or even just gold until things calm down again.

Bitcoin rose as much as 11% on Wednesday following an executive order from Biden that appears to frame digital assets in a positive light. However, those gains proved fleeting, and traders soon realized the news didn’t live up to their expectations.

Bitcoin trading around $39,000 with 6.% decline | Source: BTC/USD Chart on Tradingview.com

As a result, Bitcoin is once again trading near its average price over the recent two months ($39,000).

The cryptocurrency markets were not immune to the bearish trend that has plagued US stocks over recent weeks. As a result, Bitcoin’s price took another leg lower, mirroring developments in traditional financial markets just as futures on both S&P 500 and Nasdaq 100 indexes turned negative sound the same time. This is not surprising, considering how closely correlated cryptocurrencies are with major indices like SP500 or NDX100.

Related Reading | TA: Bitcoin Corrects Gains, Why Dips Could be Attractive In Short-term

Bitcoin Performance Against Others

It’s been a rough year for cryptocurrencies thus far, with Bitcoin outperforming Ethereum and falling 17.6% while NASDAQ has dropped 17.1%. However, in 5 days, BTC has continued its strong performance against Ethereum but underperformed against NASDAQ.

On March 9th, Google searches for “Bitcoin” shot up dramatically, but in the last 24 hours, they’ve steadied and declined slightly. The trade volume, too, went down, resulting in a crash of BTC below $40,000 per coin.

According to a recent survey, most people think that Bitcoin will be worth more than $60,000 by the end of 2022. However, there is a lot of fear right now surrounding Bitcoin crashes and the possibility of regulations. Only 5% of people surveyed by JPMorgan believe that BTC will be worth more than $100,000 by the end of 2022.

Featured image from Pixabay, chart from Tradingview.com

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Market Update: All Major Cryptos On Rise, Commodities Prices Also Increasing

The crypto market is currently rallying after news that President Biden signed an executive order, the first step towards regulating cryptocurrency. It comes out of concerns for Russia’s potential use of digitally mined coins to bypass economic sanctions during times. 

One of Singapore’s most prominent bank executives has compared crypto to gold, noting that he sees it continuing “to grow as a meaningful store-of-value” in the same vein.

Related Reading | Bitcoin Breaks Above $40K Again, But When Will Consolidation End?

Crushing sanctions, the war in Ukraine, and record temperatures across much of Europe have sent prices for key commodities shooting up to levels unseen in recent times.

The US indices were down yesterday after President Biden announced boycotting Russian energy imports. 

Top Cryptocurrencies Performance

It is no surprise that Terra’s valuation has shot up, as it was recently listed on Wirex. However, the cryptocurrency added more than a fifth to its value today. And continues to push forward with aggressive momentum and could soon break $100.

With Avalanche in the lead, up 10%, it announced its Multiverse program to encourage subnets growth. The program was funded by 4 million AVAX worth around $290 million. The coin was also listed on Bitstamp two days ago.

Ethereum has been on an upward trend recently, climbing over 7%. Cardano and Solana also saw substantial gains, increasing 4% in the last day. Bitcoin was trading above $41,000, up 8%, alone during its previous 24 hours.

Bitcoin is trading above $41,000 with an 8% rise | Source: BTC/USD chart from Tradingview.com
Top Movers Of The Day

With its value increasing at a rapid rate, Monero has become one of the best-performing coins.

In terms of price growth over time, Monero has become the Terra of the top 100. All privacy coin rankings are rising but not as much compared with what’s seen with Monero. 

Analysts believe that sanctions against Russia are leading to an increase in cybercrime, which is likely why hackers want payments processed through cryptocurrencies like Monero. Furthermore, another privacy token, Secret, gained 15% over 24 hours, which points to increased demand for privacy tokens such as these two titles.

The live price for NEAR protocol is $11.12, with a 24-hour trading volume that exceeds $750 million. The 22nd biggest cryptocurrency by market cap has seen an increase of 12% in the last 24 hours. 

Related Reading | Monero And Zcash Take Off With 15% Gains, Here’s What May Have Spurred The Rally

The current market is seeing a lot of activity, with many coins reporting double-digit gains. Waves added another 12% today, and other notable ones include privacy coin Oasis, which has seen an increase in value by 16%, THORChain’s 11%. Arweave also had 18% growth, while Dash and Anchor saw 13%.

                Featured image from Pixabay Chart from Tradingview.com

 

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Why Fantom Fell 22% Following Key Personnel Exit

Fantom (FTM) price decreased 22% by reaching $1.32 per coin after key personnel associated with its project announced that they were leaving.

Fantom is in deep trouble following the departure of two high-profile employees, Anton Nell, a senior solutions architect, and Andre Cronje, a prolific developer, without providing any clues about why they left.

Related Reading | Crypto Markets Slightly Recover After Weekend Decline

The Fantom cryptocurrency has seen a sharp decline in value over the past week, dropping 22% to hit lows near $1.32 on Monday, according to Coinmarketcap data. This brings their total asset value down about 60% from its peak. 

FTM price at $1.32 after touching $1.38 today | Source: FTM/USD chart on Tradingview.com

The token’s peak came during January 16th, when it reached $3.3 per coin. Since then, there have been many decreases which eventually led up until now, where they’re currently sitting at just $1.32 each – a reduction of approximately 60%.

With the news, the price of dozens of tokens plunged. 

The price fluctuation of cryptocurrencies has been unpredictable lately, with some Gain Others Lose. But one thing that remains constant is the importance each individual holds regarding their cryptocurrency’s value- whether through trading or holding. 

Experts Reviews On The News

Raj A Kapoor, the founder of India Blockchain Alliance, said, “the price fluctuation is a response to the news reiterates just how critical an individual can be to a crypto’s value.” 

It was assumed that an announcement regarding this would be made soon, as Cronje deleted his Twitter account and Linkedin reflected a change in association with Fantom Foundation.

Edul Patel, CEO and Co-founder of Mudrex, believes that Cronje’s exit might influence DeFi space. “We’ll see sell-off initially, but it should be temporary,” he said with confidence.

Patel added developers continue building on the space, and one person’s exit will not cause turmoil because of their sudden change.

The analyst said Investors might press the panic button amidst recent volatility.

“The markets don’t like uncertainty,” said Pratik Gauri, founder, and CEO of 5ire. “Also, investors realized it may be overstretched in valuation,” he added.

Gauri said many people don’t know the reasons behind her sudden exit, but it will affect the price.

Fantom (FTM) Ecosystem

The Fantom ecosystem’s tokens followed suit and dropped down drastically. For example, SpookySwap (BOO), LiquidDriver(LQDR ), Geist Finance, Tomb; these four prominent chains saw their prices fall up to 20%.

The volume of Fantom tokens has skyrocketed, more than doubling over the last 24 hours.

Related Reading | Yearn Finance (YFI) Down 13% Following Andre Conje’s Exit

Patel from Mudrex said;

Tokens would likely bounce back because DeFi is meant to be a trustless system of finance. In which no one single person has the power to influence the system.

“A lot of other projects were dependent on Yearn and Fanton. It’s a DeFi network for all of your favorite blockchains,” said Gauri, “and it has over 80 DApps on there.”

The data suggests that 80% of Fantom’s total supply is available in the market, with its maximum cap at 3,175,000,000 tokens. Of this, 2,545,006,273 are currently circulating.

Raj A Kapoor advised hunting for better opportunities available by saying; 

One big problem with Fantom is gas pricing. The unpredictable volatility may pass, but in a crypto arena that’s getting crowded, Fantom may not be worth that wait.

                Featured image from Pixabay, chart from Tradingview.com

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Crypto Markets Slightly Recover After Weekend Decline

Cryptocurrencies are on the rise again, with some stability in sight. Over $1.7 trillion worth of cryptocurrency, the global market cap has increased by 0.51% today alone. 

It seems like the crypto markets are finally starting to recover. Bitcoin rose by 1.61%, while Ethereum also showed a slight uptrend in the recent 24 hours, going up 0.70%. The price of bitcoin is currently $38,900, and that for Ethereum stands at about USD 2570 per coin. 

Related Reading | TA: Ethereum Could Avoid a Major Downtrend if it Closes Above One Key Level

The dollar’s status as the world’s reserve currency has been challenged recently by economic uncertainty in Europe and weak growth forecasts for America. Still, it seems to be holding up well so far. Tether rose 0.02%, while Binance coin BNB showed significant gains with an increase of 4.57%.

The USDC stable coin has made a significant uptrend and is up by 0.09%. This move towards stability in the crypto world shows signs of hope for long-term success.

The price of Terra LUNA has crashed, but it’s still holding steady at around $81.52 with a 2.81% gain after recovering slightly from its Monday morning plunge, which saw the value go down 9%.

XRP, the cryptocurrency that powers Ripple’s payment system and currency exchange app, showed slight upward movement. XRP went up by 1.95 percent in the last 24 hours of trading.

The Cardano blockchain is often called an Ethereum killer, and it’s shown a slight 0.34% uptrend today.

The price of Solana went up by 2.39%. Avalanche also experienced a 3.73% rise.

Top Gainers And Losers Of The Crypto Markets

The crypto-currency market saw significant changes over the past week, with Elon Musk’s favorite cryptocurrency, Dogecoin, becoming the 11th largest by value. It overtook Terra USD and took its place as one of the favorite coins on exchanges.

Bitcoin is 2.75% up along with the crypto market in green | Source: BTC/USD chart on Tradingview.com

Today, some of the biggest winners were tokens such as Kaizen Inu, which increased 552.75%, and ZUM token that saw a whopping 314%. They both experienced crashes over 75% on Monday, but they still managed to gain under 100x what was lost yesterday. Other high flyers include Magic Ethereum Money, with a 100 percent increase. In addition, metaverse PRO has added 100% to its value. 

Related Reading | TA: Bitcoin Faces Uphill Task, Why BTC Bears Are Still In Control

Tokens like the Fantasm SM, Spook Inu, Bastille De La Bouje, and Meta Doctor all fell by over 75 percent.

Since last week, donations to Ukraine have slowed down, but that doesn’t mean donations from cryptocurrencies are any less valuable. In fact, they’ve been more frequent than ever before, with $59 million worth of crypto donated so far.

The Russia-Ukraine conflict may be the first crypto war since Ukraine has amassed so much in digital aid and also due to concerns that Russia will use cryptocurrency to evade sanctions. According to Chainlysis, Ukraine ranks fourth worldwide when it comes down to crypto adoption. The country currently accept donations of Bitcoin Ethereum Tether or Dogecoin,

Featured image from Pixabay, chart from Tradingview.com

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Kiyosaki Says ‘Buy Bitcoin and Forget About It’

The price of Bitcoin fell 3.8% on Saturday and Sunday, reaching a low point in the day at $38,000. However, over 24 hours since then, it has increased to around 39,000 dollars while Ethereum’s value decrease was 4.5%. Other top ten cryptocurrencies like XRP and LUNA decreased by 2% and 6.8%, respectively. 

The total capitalization of the crypto market decreased by 3.8%, to $1.71 trillion, according to CoinMarketCap. Bitcoin’s dominance index sunk lower, from 42.9% to 42.3% over this past weekend. 

Related Reading | Bitcoin Drops Below $39,000 As Crypto Markets Tank Over The Weekend

Cryptocurrencies are not immune to politics and the increasingly tense situation between Russia, European Union (EU) & the US. The BTC.COM pool has banned registration by Russian users, which may trigger Bitcoin sales due to its association. This alternative financial system supports EU/US sanctions against Moscow while showing their initiative at times – Switzerland frozen assets if they fall under those restrictions.

Bitcoin failed to overcome the strong resistance of around $45,000 and slowly attracted buyers as stock indices declined. The fighting in Ukraine may continue for another two weeks, likely pressuring all risky assets, including bitcoin.

Bitcoin started the day with a downtrend and is trading below $38,000 | Source: chart from Tradingview.com
Kiyosaki Crypto Investment

The famous investor and writer Robert Kiyosaki have said that the US is “destroying” their dollar, calling for investing in gold. He also recommends bitcoin as a safe haven asset during times like these.

The founder of an investment company, SkyBridge Capital, is confident that bitcoin will reach $100,000 by 2024. He has invested about 1 billion USD in Bitcoins so far. There are even proposals to allow institutional traders to get in on this action through bills introduced by US senators from different parties.

The city of Lugano in Switzerland has recognized bitcoin and the leading stablecoin Tether (USDT) as legal tender. This means that people can use both cryptocurrencies to purchase goods or services from businesses within their borders.

Bitcoin Momentum

With all of the recent recoveries, it’s been relatively stagnant on a day-to-day basis. This could mean there isn’t any real momentum behind these movements at this point in time or that we might expect another leg down soon enough.

Related Reading | Bitcoin Fails To Establish Significant Demand, Why Price Could Fall To $20K

The bitcoin price is susceptible to any news that may affect the cryptocurrency market as a whole. This means anything from economic fluctuations, policy changes, international conflicts, or natural disasters can drastically change prices overnight.

The bears are still in control, but they may not have the strength to keep up their grip on bitcoin for much longer. Following this trend, BTC is gearing to backtest the monthly 21 EMA once again, says an analyst. Since this cannot hold forever, then a breakdown could happen that could see the digital asset price crumble to the $20K-$24K level.

Featured image from Pixabay, chart from Tradingview.com

 

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Bitcoin Drops Below $39,000 As Crypto Markets Tank Over The Weekend

Cryptocurrency markets were hit by a sudden fall over the weekend, with the global market cap dropping 3.80% in just 24 hours and now sitting at $1.73 trillion. 

Bitcoin fell by 3.44% in the last 24 hours to $38,168 per coin. The second-largest token by market cap after bitcoin, Ether also showed in red by 4.8% decline. 

It seems the USDC stable coin is doing better than its counterpart, as it only declined by 0.05 percent in value compared to last day’s movements while USDT saw no difference at all.

Related Reading | TA: Bitcoin Resumes Decline, Why BTC Could Revisit $35K

The two tokens are pegged to the US dollar, which means they’re incredibly stable.

The cryptocurrency market was not immune to the recent slide inequities. For example, the Binance token dropped by 4%. XRP also fell roughly four percentage points over that time period too.

The token, Terra Luna, has experienced a whooping 9.60% decrease in value over the course of 24 hours, but it’s notable to mention that 7.3% were actually up compared with their Monday levels.

As the Crypto market tanked over the weekend, Bitcoin is below $39.000 | Source: BTC/USD chart on Tradingview.com

The Cardano and Solana tokens tumbled today, with the ADA token losing over 6% in value and SOL by 7.2%.

The prices for some of the most popular cryptocurrencies feel pressure as they remain heavily correlated. For example, the Avalanche token is currently ranked tenth in terms of volume and has fallen 6.9%.

Like many other cryptocurrencies, Dogecoin and Shiba Inu were also hit by the slump. They dropped 3.9% and 4.3%, respectively.

Market’s Top Gainers and Losers

With most cryptocurrency markets showing a decline, some coins have gained an enormous rise. The biggest risers of the day were Meta Speed Game which skyrocketed by 575%. Sakura Bloom Token rose 359%. Other notable gainers include Parody Memes like Alien Shiba Inu (upsize 200%) and Peace Doge, whose value increased by 203%.

The market was not kind to blockchain enthusiasts as prices for popular tokens like the ASIX and Doge Rise Up fell by over 80% last 24 hours. Other high flyer coins also took hits, with Megan Swap losing 75% of its value while TATA coin saw a more moderate decline at 50%. 

Crypto Donations To Ukraine

The Ukraine government recently added a little over $4.5 million to its coffers from crypto donations, but this is slower than usual and contrasts with last week.

Related Reading | Goodbye, Russia – A Number Of Goldman Sachs Employees Are Leaving Russia To UAE

Last weekend, Mykhailo Fedorov, Vice Prime Minister of Ukraine,  tweeted that they had collected $50 million in crypto donations. 

The Crypto Fund of Ukraine raised $50M in crypto in a week to support #Ukraine 👊🏻 An incredible unity before Putin’s encroachment on freedom and democracy. Aiming for $100M this week. We WILL win! 🇺🇦 #StandWithUkraine

 

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Terra Is Attracting Large Share Of DeFi Market

LUNA’s 50% increase in the last week has made it one of crypto’s most popular coins. With $34 billion worth, Terra (LUNA) currently occupies a seventh place on Coinmarketcap, and even more, headlines are making themselves known with this rise to fame. Not only did the token shoot up past Solana ($32B), but also Cardano ($31B), who sit eighth & ninth respectively now that their rankings have changed due to LUNA’s hipe.

LUNA is the token that fuels the DeFi ecosystem. However, the real product is stablecoins, like UST, which pegs its value to dollars. Also protects against volatility in cryptocurrency prices by keeping your wealth protected from fluctuations.

Related Reading | Terra (LUNA) Outperforms Popular Cryptos Ether, Dogecoin In The Past 24 Hours

The UST and LUNA markets are in a tug of war. The two stablecoins compete with one another for investors’ attention, but they also affect each other’s prices as well. When the USD-based Terra gains more traction than its crypto counterpart, there will likely be an increase on both sides due to their unique algorithmic mechanisms, which motivate market agents (arbitrage opportunities)

There are many stablecoins, but UST is the only one with decentralization. The market cap of $13 billion makes it the fourth-largest stablecoin. All other top hitters are centralized. Tether with a $79 billion market cap, followed by Circles’ USDC$53 billion and BUSD ($18 billion)

The latest data from DefiLlama shows that 11.2% of all funds locked up in DeFi space belong to Terra nodes alone. A rather impressive number considering its $23 billion worth compared well with other platforms like Solana or Fantom, which have less than half as much funding. Ethereum still rules supreme, though; they claim 55 percent dominance when they include their total invested.

Terra (LUNA) Price Update

LUNA has been one of the more exciting coins to watch over recent months. However, since January, its price action became divorced from what most investors would expect in a highly correlated market like cryptocurrency trading.

LUNA currently trading 0.6% down at $91.6 | Source: LUNA/USD Chart on Tradingview.com

LUNA is trading at $92.55, with 24-hour highs near $96.31 and lows of $89.21. With a $34.5 billion market cap, the coin holds 7th rank in the crypto market. However, if entirely diluted, the market value may reach $72 billion, which would be an incredible investment return for anyone who is currently investing. 

Related Reading | Market Update: Crypto Market Rebounds As Tech firms Boycott Russia

LUNA is one of the most resilient coins in this crypto bear market, and according to Matt Hougan from Bitwise Asset Management, it’s on an “absolutely spectacular run” so far. It fell less than others during recent volatility while recovering faster too.

The price of LUNA is skyrocketing. According to some analysts, it could hit $98 by the end of this month.

Featured image from Flickr Chart from Tradingview.com

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Bitcoin Value Remained Stable Around $43,000

Bitcoin gave up some of its gains on Thursday morning, but not before running for three days in a row.

Bitcoin has been on a tear over the past few days, with prices increasing by more than 17% in just three days. The coin gained a significant rise, so many people are calling Bitcoin a ‘safe haven’ again.

Bitcoin has been on quite the rollercoaster this year! It was up six of seven days but remains down more than 5% year to date.

Related Reading | Bitcoin Touches Above $40K For Third Time In 2022, Where Does It Go From Here?

According to French Finance Minister Bruno le Maire, the European Union has announced that it will include cryptocurrencies in its sanctions against Russia. The decision is expected to impact the crypto markets significantly and may lead countries like France or Britain. They are currently considering cryptocurrency legislation towards recognizing them as legal tender soon enough.

Reuters reports that the move is meant to make Russia’s aggression against Ukraine as expensive as possible.

According to Bruno le Maire, deterrents against Russia have been very effective and left the country’s financial system in ruins. The Russian central bank cannot protect its currency, which many people believe will lead it towards another economic downfall like during the 90s ‘ disintegration period’.

European Union To Freeze Russian Central Bank Assets

The European Union has punished Moscow for its aggression against Ukraine. The 27-nation bloc imposed three packages containing dozens of sanctions against Russia’s leadership and citizens connected with separatists in Eastern Ukraine. Who are fighting government troops loyal to Kyiv; these measures target individuals and businesses such as oil companies that support President Putin’s war effort there.

Bitcoin is steady around $43,000 | Source: BTC/USD Chart on Tradingview.com

Russia suffers significant financial losses as Western countries punish them for interference in democratic processes. The European Union has announced they will be freezing Russian central bank assets and disconnecting seven banks from the SWIFT financial-messaging system.

Related Reading | Russia Can’t Rely On Crypto As Shield From Crippling Sanctions, Analysts Say

UN General Assembly Rebuked Russia

The UN General Assembly rebuked Russia for invading Ukraine and demanded that it stop fighting to withdraw its military forces from the country. The vote is an action to diplomatically isolate them at this global body. Leading more nations to follow suit as diplomatic isolation continues against Moscow’s policies in Europe.

The U.N.’s Security Council held an emergency session on Wednesday to pass a resolution on Ukraine after Russia stepped up their airstrikes and bombarded civilians in the attempt to take control of Kherson port from government forces. The U.N Council achieved the 141 out of 193 vote majority, with support coming primarily from Western countries.

The text passed a resolution deploring Russia’s aggression against Ukraine. The last time the Security Council met at an emergency session of the General Assembly was in 1982. 

Featured image from Pixabay Chart from Tradingview.com

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Market Update: Crypto Market Rebounds As Tech firms Boycott Russia

This morning, the crypto market registered gains, with most top 10 cryptocurrencies registering positive numbers over the past 24 hours.

In a move to support Ukraine Apple has joined other major tech firms in Boycotting Russia. As a result, customers living there can no longer buy any of their products or make purchases via app store– including iPhones.

The markets were in turmoil yesterday as fighting between Russia and Ukraine continued.

Related Reading | Bitcoin Closes 1st Green Month After 3 Reds, What History Says May Happen

The markets will be watching closely today as Chairperson of the Federal Reserve Jerome Powell gives his bi-annual monetary policy update to Congress. The future trajectory for interest rates has been uncertain following recent events. Still, investor expectations may change soon enough, thanks in large part due to an upcoming report from ADP Non-Farm Employment Change.

Top Cryptocurrencies Performance

Bitcoin is up 1%, trading at $44,000. Ethereum’s value has also improved slightly – it was trading around 2% higher than before mid-day hours today. Cardano ranks ninth in terms of market cap right now but may fall outside the top 10 by tomorrow if its performance continues like recent days have shown us will happen.

The leading cryptocurrency, Terra, continues its surge towards success. It has now climbed to #7 by market cap and is displaying impressive gains of 63%. Over the past week, a price spike in LUNA tokens made it the second-largest staked asset among all currencies passing Ethereum.

Bitcoin is trading 1% down after touching its $45,000 support | Source: BTC/USD chart on Tradingview.com
Top Movers Of The Day

The value of the NEAR token has rebounded sharply in recent days as demand for altcoins increases. At $11.43 per coin, it is trading about 56% higher than its lowest point this year and 22nd on Coinmarketcap rankings. Today’s rise brought its price up 9%, which ranked them inside the top 20.

Today, there are some other gainers, including Fantom with 12% and THORChain at 17%. In addition, convex Finance has been on an impressive rise lately – it’s up 45 percent. The Anchor Protocol shows signs of stability, gaining 13% in just 24 hours.

Related Reading | A Wonder Entry, Gal Gadot Invests On This Cardano Protocol

The Render Network is a new, decentralized GPU rendering system built on the Ethereum Blockchain that links artists and mining partners who need high-powered graphics cards (GPUs) with those willing to rent them out. This has led it to appreciate by 16% today.

Top Trending Market Update

The crypto community reacts positively to the news that the Dog-themed meme coin Floki Inu will be available on HUOBI. 19.40% in 24 hours.

Huobi’s new listing of FET has caused the price to surge. The crypto is also accepting donations for Ukraine, adding a quarter worth of value since it happened.

The price of Frontier’s token, FRONT, has increased by almost 40% today. The company recently closed a $100K sweepstakes contest and accomplished some high-profile partnerships that led to this success.

Featured image from Pixabay Chart from Tradingview.com

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Crypto Market Cap Rebounds, Reaches $2 Trillion

The crypto market has experienced a sudden surge in value, with Bitcoin’s price climbing near $45K to bring market capitalization back over two trillion dollars.

It’s been a fantastic week for cryptocurrency. Over the past week, Bitcoin’s price has risen 14%, while Ethereum (ETH) gained 12%. 

The cryptocurrency market continues its recent notice by raking in more than $2 trillion. One of the most popular and successful coins has been Terra’s LUNA, which climbed nearly 70% over the last week.

Related Reading | Bitcoin’s Price Up $10K As Crypto Is Predicted To Breach $100K In 5 Years

Solana’s SOL has appreciated in value this week, gaining 18.5%. Other tokens such as Avalanche’s AVAX and Polkadot’s DOT are also seeing increased appreciation, with Avax rising 16% while the latter growing nearly 13%.

Bitcoin is now the most valuable currency in terms of market capitalization, surpassing Russia’s rapidly deteriorating ruble. The price for one bitcoin has increased to $45,000 and reached the market capital at around 835 billion U.S., while its Moscow-based competitor only commands 625B USD today.

Bitcoin is 1.5% down today | Source: BTC/USD chart on Tradingview.com
Analyst Reviews On Crypto Market

According to Marcus Sotiriou, an analyst at UK-based digital asset broker GlobalBlock, with Bitcoin’s big move, it seems that the cryptocurrency has decoupled from stock markets.

The markets have been on an incredible tear this week! And it looks like they could be heading for a potential decoupling from stocks. This would mean that in the short term, at least–with long-term implications still up in the air.

The current crypto market outlook is eerily reminiscent of March 2020. However, it feels like we’re in for another significant uptick, with Real Vision CEO Raoul Pal predicting “a lot more collaboration” from within the industry soon enough.

Raoul Pal tweeted when Bitcoin broke above $44,000;

Back then, we threw the worse possible news at it (a pandemic and a global shut down), and it fell very sharply but failed to make a new low.

Related Reading | Bitcoin Taker Buy/Sell Volume Shows “Buy” Signal As BTC Gears Up For Rally

The Ukraine war, higher rates, and surging oil have created a perfect storm for cryptocurrencies. While the future may be bright with new opportunities emerging from this time of chaos in investors’ eyes – Pal thinks Bitcoin failed to make another low suggests “macro might get more positive.”

However, he also urged caution, noting that the end of this tech sell-off could ignite a fresh collapse in crypto.

Power Of Borderless Currencies

This week, the power of borderless assets like Bitcoin and Ethereum was on display. When people fleeing Ukraine turned to digital currency for financial support. As a reminder, DeFi solutions such as non-custodial wallets can be crucial in times like these. They allow those without formal funds access regardless of where they are located or what government may rule them out from receiving traditional help altogether.

With Ukraine’s move to ask for crypto donations, the process of adopting this new and exciting asset class is set into motion. So naturally, you could say that its price has been growing steadily ever since.

Featured image from Pixabay, Chart from TradingView.com

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Bitcoin Soared 20% In Two Session With Crypto Demand As Haven

With the price of Bitcoin climbing again, it’s not surprising that other cryptocurrencies are jumping too. As an investment vehicle and possible way around sanctions in Russia or elsewhere-this could be very interesting.

This week, the cryptocurrency has been on an unstoppable rise, with prices climbing 8% in NY trading hours and over 20% in just two sessions. At one point, it overtook Bitcoin’s market value at $44,964 per coin, bringing its total capitalization above $840 billion.

Related Reading | Bitcoin Breaks Above 50-Day SMA, Will BTC Ride It Out To $50,000?

The cryptocurrency market continues to see significant growth, with Ether crossing $3,000 and several other coins improving. For example, the value of terra’s LUNA is up 76% over the last week, according to CoinMarketCap– nearing an all-time high set in early December. Finally, there was Avalanche which advanced during this time period too.

In a world where the news is constantly changing, and governments seem to be everywhere, some people have turned away in favor of cryptocurrencies. However, the idea that these funds are detached from any government control makes them attractive because they can’t be influenced by anything besides supply-and-demand factors–not even warring conflicts overseas.

FRNT Financial Inc.chief executive, Stéphane Ouellette said;

Bitcoin has gold-like properties in that if you hold it, you directly control the assets as opposed to governments and banks being in between. So when banking is destabilized in a region, which is happening in Europe right now. It would make sense to see some flows into BTC as people diversify away from the banking system.

Bitcoin Plunge As Russia-Ukraine War Intensified

The price of cryptos is currently being driven higher by investors looking to get in on the action. However, he said that Speculators could take advantage and drive prices even higher. This will make their investments pay off exponentially faster than if they waited for more traditional markets like stocks or bonds where there’s always someone else who has already bought low before you do so yourself.

Bitcoin added 8% to its value today | Source: BTC/USD Chart on Tradingview.com

Global markets took a plunge on Tuesday as the war in Ukraine intensified. Russia continued its offensive despite mounting penalties. Russian troops are shelling military facilities civilian areas alike. President Volodymyr Zelenskiy accused them of committing acts of terror. 

Related Reading | Bitcoin Dominates Altcoins During War-Torn Month Of February

European stocks and US equities continued their decline along with the fear gauge in Wall Street, VIX.

The belief that Bitcoin can be a valuable asset during geopolitical turmoil is not new. Some analysts have long posited this. However, its outperformance amidst the volatility has some bulls pointing to an end for the narrative. Which explains that crypto will just turn out like all other risky assets.  But there’s still more work left before we’ll know how things ultimately play themselves out.

Analysts Review On Crypto Rise

Adam Farthing, chief risk officer for Japan at B2C2, said;

Bitcoin could “de-link from risk” and start trading more like a hedge to geopolitical instability and inflation.

Walid Koudmani, an analyst at XTB Market, explains;

Bitcoin saw a significant upward move today as it appears to have slightly regained its safe-haven status while the Russia-Ukraine conflict continues to intensify.

There are other factors at play. The rally is about “the utility of these assets to serve as a potential workaround for Russia sanctions and also point that virtual currencies can be an alternative in times when people need them most,” said Nicholas Colas, co-founder DataTrek Research.

Featured image from Pixabay, Chart from TradingView.com

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Bitcoin Volumes Surge As Ruble Plummets

The cryptocurrency craze has spread to countries across Europe as people search for ways to protect their money from war-torn nations.

Data from the crypto tracking site Kaiko shows that ruble and Ukrainian hryvnia-to-crypto volumes have shot up in recent days, reaching multi-month highs.

Related Reading | Bitcoin Staggers After Putin’s Nuclear Deterrence Alert Warning

The data show that trading volumes in the ruble-bitcoin (BTC-RUB) pair are at historic high levels. Last time we saw the same level was in May 2021.

The increase in Ruble-denominated Bitcoin (BTC) trade volumes is thanks largely to the recent strengthening of Russia’s currency.

On February 24th, just days before tougher economic sanctions were set to go into effect and effectively cut off Russian banks from SWIFT system payments processing capabilities. As a result, BTC traded on local exchanges skyrocketed by 1.5 billion RUB.

Investors in Ukraine were equally nervous. The bitcoin-Ukrainian hryvnia (BTC-UAH) pair spikes over the week, even though still low according to Kaiko’s Medalie, who said that traders have been coming into buying cryptocurrency as a hedge against potential economic chaos caused by Western sanctions.

It seems that the markets are taking notice of what’s going on in Eastern Europe. Tether-ruble and tether hryvnia trading volumes had also increased relative to an invasion.

Bitcoin added almost 10% to its value today | Source: BTC/USD chart on  Tradingview.com

Recently, the cryptocurrency world has been experiencing a massive increase in BTC-RUB and BTC-UAH pairs trading volume. Some of the biggest exchanges where this can be seen include Binance and LocalBitcoins, which allow for peer-to-peer Bitcoin exchange.

Fiat Failing Against Bitcoin

Investors are running from Russia in droves, looking for safety wherever they can find it. The rising volumes reflect a major rush of people seeking protection as fears about the country’s economy grow along with worries over sanctions and what could happen if things get worse – including echoes across Eastern Europe caused by these international issues.

Related Reading | TA: Why Bitcoin Must Close Above $40K For Trend Reversal

The buy-side pressure has been coming for a few days now. It seems like gold, US Treasuries, USD, or Swiss Francs are among the assets people want. Bitcoin also saw high prices near $40,000 but continues to fall alongside stocks. There’s no telling what will happen next in this crazy cryptocurrency world.

With the falling value of their currency, Russian citizens have been pushing for protection. As a result, the Central Bank has moved to adopt measures meant in defense against further depreciation and inflation hits.

The country has taken unusual steps in an effort to tighten its monetary policy and increase investor confidence. They’ve raised key interest rates from 9% all the way up 20%. Additionally, they ordered local brokers not to provide services for foreigners seeking to sell securities as well banned any advertisements related to cryptocurrency trading.

Featured image from Pixabay, Chart from TradingView.com

 

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Binance Donates $10M To Ukraine And Launches Emergency Relief Fund

It is no surprise that international support for Ukraine continues to grow following the invasion by Russia.

After Russia invaded Ukraine, experts from every sector started getting worried about worse cases. For example, cybersecurity experts started answering if a global cyberwar is about to unfold. The crypto money industry did not remain idle either.

Binance, the world’s largest crypto exchange by volume, has announced a $10 million donation to Ukraine. Also launching an emergency fund for the affected country. On his Twitter account, CEO CZ noted, “Our focus is providing on-the-ground support. We care about the people.”

#Binance is donating $10M to help the humanitarian crisis in Ukraine & @BinanceBCF launched the crypto-first crowdfunding Ukraine Emergency Relief Fund. 🇺🇦

Our focus is providing on-the-ground support. We just care about the people.

➡ https://t.co/2vLFFbf5ac pic.twitter.com/vNSo9F3x7i

— CZ 🔶 Binance (@cz_binance) February 27, 2022

Related Reading | Help For Ukraine

Binance’s official statement about charity fund launched;

In response to the Russia-Ukraine crisis, we are donating US$10 million to major Intergovernmental Organizations and NGOs to provide emergency assistance to refugees and children and to provide logistical support for refugees, such as food, fuel, and supplies.

Crypto Industry To Support Ukraine

The Ukraine Emergency Fund, started by Binance, has raised over $6 million in donations already. The fund is dedicated to helping those affected by recent natural disasters and violence in the Eastern European country of Ukraine.

FTX’s founder, Sam Bankman Fried, announced that he had donated 25 dollars worth of cryptocurrency to each user in Ukraine following the Russian war crisis.

Bitcoin is trying to break its $40,000 support | Source: BTC/USD Chart on Tradingview.com

FTX  (Bahamian cryptocurrency exchange) offers advanced trading options like margin & futures trading. Unfortunately, U.S. residents can’t access them due to US-based laws that prevent them from operating within their home turf. However, another rival called FTX.US offers fewer crypto options than what you’ll find at regular FX platforms worldwide.

Related Reading | Cryptocurrency Prices Soar On Possibility Of Russia-Ukraine Talks

The CEO of Chain.com, Deepak Thapliyal, has donated 100ETH (approximately $278,000) to help fund the cause.

White commenting to BuzzFeed News, Deepak Thapliyal said;

When I realized the Ukrainian government had requested donations in the form of crypto, I felt compelled to do my part to help. Crypto donations are borderless and near-instant, so I hope that the government there can tap into it as soon as possible to help the people in need.

Vitalik Buterin, founder and inventor of Ethereum, expressed his support for Ukraine. He used the words “Victory For Ukraine” in a recent post on Twitter.

Ukraine And Donations

Ukraine is a hotbed of blockchain innovation. The country’s embrace of cryptocurrencies has made it one of the few places where you can legally trade Bitcoin or other digital currencies without fear from taxes and with their low-cost currency exchange rates combined with an abundance of talented engineers specializing in security protocols relating to this technology; today’s developments will be built here first.

Just days after Russia occupations Ukraine, the country’s official tweeter account asked for donations through cryptocurrency.

Vice Prime Minister of Ukraine, Mykhailo Fedorov, has confirmed that the call for donations was real. He asked people to “Stand with Ukraine.”

As the crisis in Ukraine continues to grow, it is becoming clear that Russia has invaded to install a puppet government. The Russian troops have already entered Kyiv, which put the democratically elected government at risk. This could result in less freedom for its citizens than ever before.

Featured image from Pixabay, Chart from TradingView.com

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LUNA Spikes: Is It A Good Time To Buy?

LUNA is a blockchain used for launching algorithmic stable coins and is now among the top DeFi platforms when it comes to total value locked up in circulation.

LUNA has been trending higher over the last few days, but it gained even more momentum over the previous 48 hours. By closing 40% greater, LUNA was among this past week’s biggest gainers.

Related Reading | Bitcoin Surges to $40,000 After Breaking Key Resistance

The news that Luna Foundation Guard (LFG) created a Bitcoin-denominated reserve has caused markets to react positively. This will act as an extra layer of stability and security for Terra USD, which is currently struggling with sharp fluctuations in prices due to its low liquidity status on exchanges.

LFG has announced that it will be investing $1 billion towards building up its Bitcoin reserves. The best part about this news? All of LFs’ coins are locked for 4-years, which means they won’t be able to trade until after those periods. This increases investor confidence across multiple platforms, including LUNA, with demand rising accordingly. Because investors look for safe-haven assets during these uncertain times.

The recent move by the US Treasury to create a Bitcoin reserve is being met with rave reviews from analysts and experts. As a result, this new development should lower price fluctuations for UST.

The Mechanism 

UST is a stablecoin fixed to the US dollar via an algorithm. Unlike other centralized cryptocurrencies, it isn’t backed by anything but Luuna (the company behind them). If prices fall off their peg and go lower than $1 per token, UST can be swapped for LUNA (which is minted). And can be sold for $1, providing arbitrage gains for investors. The opposite happens when demand increases; burning more luna means higher prices because there’ll be less overall supply coming into circulation.

Luna trying to break its $77.17 break | Source: LUNA/USD Chart on Tradingview.com

Terra’s introduction of a Bitcoin reserve could be seen as the next important step in reducing volatility within its ecosystem. This is because it reduces the correlation between UST and bitcoin.  This means that if traders want to swap out their coins for different assets, they will have plenty available with this new addition.

Is It Worth Buying LUNA Now?

LUNA’s price has been on an upward trend recently, and it was trading at $74.34 on February 26th, 2022. The coin increased13% in 24 hours.

Related Reading | Cryptocurrency Prices Soar On Possibility Of Russia-Ukraine Talks

LUNA is currently trading just below the $77.17 weekly support level, with a strong uptrend since February 24th. So keep an eye on this one – it might be time to buy more shares before they climb higher in future updates.

If you’re looking to invest in crypto, buying volumes increase, and Luuna is a good bet. The altcoin has been pushing through recent resistance levels with ease. In fact, it could test prices above $90 before the end of February.

With LUNA currently trading in a strong uptrend, the crypto is not too late to turn bearish. If this happens, investors should look out below $65 as support, which could signal an upcoming downtrend may be near.

Featured image from Flickr, Chart from TradingView.com