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Bitcoin Prices Bear The Brunt Of Long Liquidations And Geopolitical Tensions

Bitcoin prices declined for the sixth day in a row Tuesday, falling about 12% from the same time last week.

BTC/USD fell to a low of $37,358.00 to begin the trading week after reaching a high of $39,394.44 on Sunday.

BTC fell to its lowest level since February 4 as it approached its long-term support of $37,200. The crypto’s price strength is now fully oversold, with the 14-day RSI tracking at 39, its lowest level in more than three weeks.

The most recent BTC drop on February 21 brought the world’s leading cryptoasset close to $37,000, but a surprise bounce in the late hours Monday saw BTC trade at $38,607.

Related Article | TA: Bitcoin Resumes Slide, Why BTC Bears Aim $35K

According to market statistics, Bitcoin is presently seeing a “tepid” demand, with the asset’s price fluctuating around $38,000, down 44.97% from its all-time high.

There were about 275K daily active entities on the Bitcoin network as Tuesday. This activity level was significantly lower than its bull market highs, indicating decreasing demand from new customers.

Sustained Liquidations Deal Heavy Blow On Bitcoin Prices

However, Bitcoin’s long liquidations continued, with more than $30 million drained in just one hour, the second-highest hourly amount in four days and the third-highest hourly amount in nearly a month.

The Bitcoin price drop appeared to shake up the market and market players; nevertheless, the coin seemed to make some attempts at recovery.

BTC is trading at $37,792.12, down 1.57% Tuesday. On the upside, the price could run across resistance near $37,800. The next significant resistance is near $38,200, above which the price might rise to $39,500.

BTC total market cap at $713.045 billion in the daily chart | Source: TradingView.com 

Related Article | Stifel says Three Macro Factors Could Drop Bitcoin Price To $10,000

Bearish Week For Ethereum

Similar to Bitcoin, Ethereum prices were down to start the week, with the world’s second-largest cryptocurrency trading over 9% lower than it was on Monday.

ETH/USD hit an intraday low of $2,585.95, its lowest level since February 3. The impending fall cross of the 10-day and 25-day moving averages, which only recently gave vital signs of more rising momentum, has been delayed by this minor bounce.

If a recovery wave occurs, the market may encounter resistance near $2,680. The following central resistance zone is at $2,750, above which the price might reach $2,880.

Fear Grips Crypto As Ukraine-Russia Tensions Escalate

Uncertainty and increasing tension between Russia and Ukraine sank the global crypto market to its lowest level this week, resulting in massive losses for investors.

Russian President Vladimir Putin has given the go-signal Tuesday for Russian forces to take two Ukraine regions reportedly held by the rebels, drawing the ire of the West.

Meanwhile, investors continued to avoid risky assets in the face of geopolitical tensions, putting downward pressure on Bitcoin and other cryptocurrencies.

The crypto community was prompted to unload their “risky” digital assets to safeguard their portfolios from additional price losses.

Featured image from Moneycontrol, chart from TradingView.com

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Bitcoin Plunges Below $40 As Russia Has Reportedly Given Its Forces Order To Attack Ukraine

Bitcoin plunges below $40,000 in the early hours of the weekend and proceeded to backpedal in the face of escalating tensions on the Ukraine-Russia border, not to mention ongoing inflationary unease.

At the time of writing, the world’s most popular cryptocurrency was trading near $38,700, down 3.4% in the previous 24 hours and at its lowest level since February 3.

Bitcoin had been holding solidly above $40,000 in recent days, however Friday’s decline was the first time since February 4 that it fell back into the $30,000 region.

Ether and nearly all other major cryptocurrencies were down as well.

A probable misuse of OpenSea, the leading NFT platform, may have shooed away investors even further away from cryptocurrency.

Related Article | Bitcoin Falls As Russia-Ukraine Tensions Escalate

Bitcoin Plunges: Lots Of Factors At Play

Bitcoin’s price has been slowing in recent weeks following Federal Reserve Chairman Jerome Powell’s announcement that the central bank will begin hiking rates at its March meeting in response to persistent inflationary pressures.

More broadly, January’s significant BTC decline occurred following the stock market’s worst month since March 2020 and the issuance of the Fed’s long-awaited research on the possibility of a government-issued digital currency.

All of these concerns may have prompted investors to “reduce their exposure to crypto,” according to Joe DiPasquale, chief executive officer of fund manager BitBull Capital.

Prior to Feb. 4, Bitcoin had been unable to break through the $40,000 barrier since January 20. On Jan. 24, Bitcoin fell below $34,000 for the first time since July of last year.

BTC total market cap at $736.97 billion in the daily chart | Source: TradingView.com
Russian Forces Given Green Light To Invade?

The price decline occurred as US intelligence revealed Russia is on the verge of attacking Ukraine.

On Sunday, US Secretary of State Antony Blinken stated that everything “appears to be taking place” in the run-up to the invasion.

Russian forces gathered near Ukraine’s border have received orders to invade, according to The Guardian on Monday, citing information from U.S. intelligence agencies.

Elsewhere, Yuan Shows Strength

As last week in Asia came to a conclusion, Chinese official media announced that the yuan, China’s currency, was comfortably flexing its muscles.

According to China’s media, the value of RMB payments climbed by nearly 11% in January, citing data from SWIFT, a Belgian cooperative society that acts as an intermediate and executor of financial transactions between banks from around the world.

Related Article | Bitcoin Slows Plunge Below $40K, What’s The Best Point For A Pullback?

As a result of the unexpectedly sluggish performance of the digital yuan during the Winter Olympics, RMB payments rose more than 10% versus December.

The RMB now accounts for 3.3% of all global transactions, up from 2% in November. On the other hand, the British pound accounts for 6.2% of global commerce.

… But The US Dollar Dominates

Interestingly, when it comes to digital currencies, the US dollar continues to reign supreme. Chainalysis stated in 2020 that $50 billion in cash went out of China in cryptocurrency, the most of it in dollar-pegged tether.

“Despite the United States’ declining share of global GDP, the dollar continues to dominate, most notably in the digital environment,” Bloomberg commodity strategist Mike McGlone stated in April last year.

Meanwhile, momentum indicators remain negative, showing that selling pressure has been constant over the last month for Bitcoin.

BTC failed to break above its 40-week moving average of $45,724, indicating a bearish bias.

Featured image from NewsXPres.com, chart from TradingView.com

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Cardano (ADA) Still In A Slump This Week – Can It Hit $1.45?

Cardano (ADA) is presently trading at USD1.077, according to market indicators Thursday, which shows the crypto may be nearing the conclusion of its slump.

The seventh-largest cryptocurrency by market cap is experiencing a bearish algorithm throughout February, leading up to its current market price.

As of Thursday’s trading, the psychological level of support at $1.00 continues to be crucial for ADA.

A daily near contact below this level would indicate the continuation of the recurrent downturn, with targets as low as $0.91 and $0.82 emerging from its systematic review.

Cardano (ADA): Shooting For $1.45

According to analysts, if the crypto can defy the trend and break over the $1.25 resistance level, it may climb to at least $1.45 before seeing a spike in bullish short interest.

ADA/USD trading indicators show a somewhat bearish curve, which underscores a lack of substantial positive market activity.

The so-called Daily Pivot Point intraday queries are at $1.10 and according to research, it will act as a support level and is highly likely to send prices down between $0.99 and $1.03.

ADA total market cap at $35.665 billion in the daily chart | Source: TradingView.com
Protests & Recent Price Slump

In an another development Monday, Canadian Prime Minister Justin Trudeau has put into effect the country’s first Emergencies Act.

The law allows the government to freeze bank accounts supporting the week-long protest against Canada’s vaccine mandate.

Dubbed “Freedom Convoy,” the movement is a series of continuous rallies and blockades in Canada opposing restrictions on vaccines.

The Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) is currently investigating the flow of crypto in the country.

The Canadian police have issued an order blacklisting several cryptocurrency wallets associated with the Freedom Convoy.

According to reports, the list has 34 bitcoin wallets with a combined value of nearly $1.4 million.

Related Reading | Cardano (ADA) Price Touches $1.20 Aims To Regain Previous Losses

The ongoing protests are considered illegal under the Emergencies Act.

The wallets under the prime minister’s prerogative contained Cardano with estimated transactions between $0 to 1.1 million dollars in cryptoassets.

Reports also disclose that 29 Bitcoin wallets, two Ethereum wallets, two Litecoin and 2 Monero wallets comprise the blacklist.

ADA: Under Pressure

Cardano (ADA) is bearish in its stead, as a result of these developments,

Cardano has been under intense pressure since the beginning of the week, affecting both its assets and investors.

ADA/USD was trading in a descending pattern against both Bitcoin and USD, perhaps leading to another test of Cardano’s lows.

Analysts believe the crypto is retreating 2.5% from its previous price, and it has proven to be one of the most contentious cryptocurrencies in the market to date.

It has a large number of tenacious and patient supporters and investors who think it will break the $10 barrier in the next few years.

Related Reading | New Cardano Milestone Might Be The Push It Needs To Scale $1.50

Featured image from Chillur, chart from TradingView.com

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How Fears Of A Possible Russian Invasion Of Ukraine Is Impacting Bitcoin

Bitcoin price, in the face of a possible Russian invasion of Ukraine, is shedding 0.7% of its value and is currently trading at $43,352 on Coingecko charts Thursday, retreating from the $47,000 level it hit on January 1.

Ethereum (ETH), the second most popular cryptocurrency also, is also down 2.14% to $2,873.

The world’s most valuable cryptocurrencies are on the decline Thursday as news of a possible military action by Russia on Ukraine sends markets into a tailspin.

Russian Invasion Jitters Jolt Top Cryptos

Bitcoin is losing 3% of its value as Western jitters about Russian aggression on its neighbor Ukraine have grown higher, and worse than the Nasdaq Composite index’s 0.9% drop last December.

Even though Russia is amassing more than 100,000 troops near the Ukrainian border, some investors refer to the relative calmness of trading during this period of escalating geopolitical tensions.

Russia rejects western warnings of an invasion as “hypocrisy.”

According to BuyBitcoinWorldwide’s volatility index, Bitcoin’s current 30-day volatility is losing 3.35% of its value; it averages 4.56% back in 2021, although it still has not given up all of its gains from lows of $32,950 two weeks ago.

BTC total market cap at $817.952 billion in the daily chart | Source:  TradingView.com
Russia-Ukraine Frictions And Its Impact On Crypto

According to reports, United States President Joe Biden held an hour-long chat with Ukrainian President Volodymyr Zelensky on Monday to discuss the ongoing tensions.

For his part, US national security adviser Jake Sullivan reiterated his warning of a possible invasion.

Bitcoin and Ethereum fell over 9% to its lowest level in six months as fears of a Russian strike on Ukraine grew.

Globally, the market suffered a drop that extended sell-offs between many investors.

Related Reading | Russia Just Suggested A Blanket Ban On Bitcoin And Cryptocurrency

Crypto Industry Loses $200 Billion In A Day

Commotions in the cryptocurrency market were also in a roll as Russia considers banning Bitcoin within their respective grounds.

It’s possible that Russia is being swayed by skepticisms that seem to be sweeping the cryptocurrencies market.

Meanwhile, Russia is reportedly mulling a total ban on Bitcoin mining and trade, according to its central bank’s assessment.

Russia is an important processing hub for Bitcoin transactions because it accounts for around 10% of the world’s mining capacity.

Over the previous 24 hours, the cryptocurrency industry has lost $200 billion in market value. Bitcoin’s total market capitalization is now at $1.8 trillion.

In the current state of affairs, the vast majority of Bitcoin specialists feel that cryptocurrency and the future of the markets are interlinked at this time.

In the wake of recent events, the value of Bitcoin, Ethereum and Cardano have taken quite a beating.

Related Reading | Russia Plans To Impound Unlawfully Acquired Cryptocurrencies

Featured image from CoinMarketCap, chart from TradingView.com

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Tomorrow, The Community Will Buy $30 In BTC To Support El Salvador’s Bitcoin Law

The day is here. In a few hours, El Salvador’s Bitcoin Law goes into effect. We will have the first real-world example of a whole nation using the hardest money ever created as legal tender. And, how is the Bitcoin community celebrating? Stack sats, obviously. The order is for everyone to buy $30 worth of BTC to commemorate this glorious occasion. Will you participate?

Related Reading | The 411 On “Adopting Bitcoin,” A Lightning Network Conference in El Salvador

The intention is not to move the dial or pump the price. The amount is small enough to guarantee that, even if the event goes viral. Which it seems like it’s doing. The movement started humbly, with a Reddit post in the /r/Bitcoin community that asked a simple question. So… We all buying $30 worth of Bitcoin on Tuesday? At the time of writing, the idea has 8.9K upvotes and 2.2K commentaries. 

Among the comments, some went all-in. “I will buy $3000 tuesday to cover 99 others who arent able to pay.” Others explained away, “Its to show solidarity with our Bitcoin compatriots in El Salvador as they fully adopt Bitcoin as their currency.” And other rightfully criticized, “Sure. Lets just coordinate a 100 mil pump of BTC. Correct me if I’m wrong but this sounds greasy.”

And, sure enough, the idea to back El Salvador’s Bitcoin Law spread to other social networks.

Bitcoin Twitter Will Support El Salvador’s Bitcoin Law

The plebs work fast. As soon as the idea transcended Reddit and got to Bitcoin Twitter, the memes appeared. This piece of art mixes the classic comedy “Trading Places” with El Salvador’s Bitcoin Law, with gold bug Peter Schiff and Bitcoin hater Nouriel Roubini to achieve hilarious effects:

On the 7th of September #Bitcoin becomes legal tender in #ElSalvador.

Plebs and memers unite!! Like, retweet and buy #BTC on the 7th.#7SeptemberBuyBTC@Nayibbukele#LeyBitcoin#Memepool@MoscowMemetards@MemeFactoryTM#Memetards pic.twitter.com/u3rWWGbItr

— Sir William of Orange Pills (@OrangePillWilly) September 5, 2021

Even MicroStrategy’s CEO and notorious Bitcoin enthusiast joined the party. Michael Saylor did his part to support El Salvador’s Bitcoin Law and spread the word to the sizable audience that follows him.

This worries me more than anything. We are at major retracement levels for the price and Michael saylor is getting retail to buy. If the bear market starts this week I wouldn’t be surprised.

— Golde 🔜 EDCLV2021? (@all41and14alll) September 6, 2021

Of course, this raised suspicion. “Everyone needs to be aware that this could possibly be leading the sheep to their death.  Very nerve wracking these narratives are coming out before we hit the HUGE retracement levels,” said one commenter. “A hole. Letting retail buy exactly on the 70.2% retracement to dump on them huh,” said another. “If the bear market starts this week I wouldn’t be surprised,” predicted a third one. 

Are they on to something or are they missing something? Michael Saylor strongly stated that MicroStrategy is not looking to sell any of their BTC any time soon, but, people have lied before. Do you know what doesn’t lie, though? Bitcoin. If Michael Saylor and company sell on El Salvador’s Bitcoin Law’s day, people will know. The same thing will happen if they buy.

BTC price chart for 06/09/2021 on Oanda | Source: BTC/USD on TradingView.com
The International Community Will Also Buy $30 Worth Of BTC

Here, we can see a Korean bitcoiner translating the order to support El Salvador’s Bitcoin Law and the community from that side of the world responding below. 

[6월24일 엘살바도르는 국민 1인당 30$어치 비트코인을 지급하기로 했습니다.]

이것을 기념하기위하여 300만명의 브라질 커뮤니티에서 다같이 30$를 구매하자고 시작한 이벤트입니다.

이것은 엘살바도르의 지원을 의미합니다. #bitcoin#ElSalvador https://t.co/2I9zZkWPRA pic.twitter.com/QD1ntWevRd

— ATOMIC⚡️ BITCOIN (@atomicBTC) September 6, 2021

It’s curious that the translated tweet, one of the first ones in that social network, talks about a Brazilian Bitcoin Community and that they’re doing it “remembering that Sep 7th is Brazil’s independence Day.” As far as we can tell, they link to the same /r/Bitcoin post we identified as the origin and almost all of the posts there are in English. 

Related Reading | Michael Saylor Brings The Thunder To Venezuelan Bitcoin-Only Podcast

It’s also curious that the Satoshi Nakamoney character keeps adding up to the story as it progresses, and ends up declaring.“To be clear: massive #bitcoin buy will happen at 3pm of El Salvador time zone.”

Can you think of anything else in the world bringing people together as much as #Bitcoin is right now?Anything even at any time in your life?

Have you ever felt such benevolence to strangers from different nations, religions and other affiliations as you do toward bitcoiners?

— Tomerrrr Strolight – Slayer of Lies (@TomerStrolight) September 6, 2021

Will this collective action pump the price as El Salvador’s Bitcoin Law goes into effect? Maybe the plebs can’t do it by themselves, but what about doing it with Michael Saylor’s help? Another fascinating activity to monitor tomorrow. Legal Tender day is here.

Featured Image: Bitcoin Day Flyer | Charts by TradingView/a>

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What Elon Musk’s Vision Of The Dogecoin Moon Could Look Like

Is this what Elon Musk wanted? To constantly be present on every type of news outlet? The bastion of quality journalism known as Page Six reports that the billionaire, his rockstar girlfriend, and musical guest Miley Cirrus went to a Dogecoin-themed party. This was after Musk’s infamous Saturday Night Live hosting gig, a night that created all kinds of disasters. 

The party was at a hotel called Public, which opened just for the celebrities for the first time in 14 months. Page Six describes it as:

“It was a cryptocurrency-themed bash for Elon,” a spy told Page Six. “Ian opened it just for Elon and his guests. Girls were dressed as aliens, walking around with trays of Dogecoin cookies and cupcakes, and there were Dogecoin ice sculptures.”

To make things worse, a handler brought a Shiba Inu dog, a live Dogecoin logo. Other celebrities in attendance were actual comedian Chris Rock, SNL’s creator Lorne Michaels, Weekend Update’s Colin Jost, and South Park’s creator Matt Stone.

Related Reading | Dave Portnoy Buys SafeMoon, Says He Doesn’t Know Why

Panic Attack for Princess Peach

Apart from that, Page Six reports that Grimes was hospitalized the day after. She informed the public herself through her Instagram page. 

“Forgot to post these cuz I somehow caused myself to have a panic attack and went to the hospital yesterday which tbh was quite scary and I suppose it’s a good time to start therapy.” Grimes captioned the pics of her dressed as Princess Peach alongside musical guest Miley Cyrus.

Yes. That was Grimes as Mario Bro’s Princess Peach in a much-mocked sketch that made the rounds on social media after Elon Musk’s disastrous performance. It’s worth noting that the billionaire was one of the very few people that has been invited to host SNL without being an actor, comedian, musician, or performer of any kind.

Dogecoin price chart for 05/18/2021 - TradingView

DOGE price chart on Bitfinex | Source: DOGE/USD on TradingView.com

Financial victims of Elon’s Performance

Grimes wasn’t the only one affected that night. As NewsBTC reported, Dogecoin took a 30% dip after Musk’s performance:

In the run-up to last weekend’s SNL show, Musk was expected to mention Dogecoin, which he did during his opening monologue, and again during a Q&A describing it as a “hustle.” But markets reacted by selling off, tanking the price by as much as 30% at one point.

At the time, the tanking went down to $0.49 per coin. Nowadays, it’s even lower. Dogecoin trades at $0.47 at the time of writing. Of course, the coin is still affected by Elon’s takedown of the whole cryptomarket by announcing that Tesla wasn’t accepting Bitcoin anymore because of bogus concerns about its environmental impact. For more information about this matter, head over to Bitcoinist.

Related Reading | Coinbase Banks On Dogecoin Listing To Revive Stuttering Fortunes

Last but not least, Musk’s fortune also took a dive after people realized how unfunny he was. According to Forbes estimations:

The fortune of Tesla’s billionaire cofounder and CEO, Elon Musk, has plunged by more than $20 billion since Musk made his controversial appearance on Saturday Night Live last weekend.

Is this what Elon Musk wanted?

 Featured Image by Ganapathy Kumar on Unsplash - Charts by TradingView
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Advising the Advisers: ‘On Purpose’ Podcast Live Taping Party

As a financial adviser, you might feel pressured to know every answer to your clients’ portfolio needs. But you’ve got some burning questions about digital assets like bitcoin. Now’s your chance to ask: On Purpose podcast host and Onramp Invest CEO Tyrone Ross invites the public to CoinDesk’s first podcast live taping party and AMA […]

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CoinDesk Joins IMF, CFTC, Swiss FINMA at DC Fintech Week

The virtual event, which runs Oct. 19-22, brings together marquee names from Switzerland’s FINMA, Sweden’s Riksbank, Bank for International Settlements, the Commodity Futures Trading Commission and the International Monetary Fund to discuss stablecoin regulation, central bank digital currencies, the future of money and more.