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What has happened since Wednesday?

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cryptonotes
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As a result of the environment, the market capitalization decreased, the share of bitcoin increased. Altcoins suffered the greatest losses.

  • Crypto market capitalization: $1.236 trillion

  • Dominance: BTC: 44.7%, ETH: 19.0%
  • Index of fear and greed - 8 (Extreme fear) against 14 the day before.

Dynamics of coins from the TOP - 10:

  • Bitcoin (BTC): $29046 (-3.16%);
  • Ethereum (ETH): $1944 (-4.88%);
  • Binance Coin (BNB): $295 (-1.55%);
  • Cardano (ADA): $0.5073 (-10.30%); Solana (SOL): $50.43 (-9.55%);
  • Dogecoin (DOGE): $0.08404 (-5.91%).

Crypto world news:

  • The Brazilian B3 Stock Exchange will launch bitcoin futures within six months.

  • The MimbleWimble update will start on the Litecoin blockchain, after which users will be able to hide the wallet and the amount of the transfer.

  • CEO of Binance Changpeng Zhao, during a speech at the FWD conference in Hamburg, said that the exchange is negotiating a license in Germany.

  • Ledger adds a browser extension to Safari called Ledger Connect.

  • Regulation of crypto assets will be raised during the G7 Finance Chiefs Meeting to be held this week in Germany.

  • South Korean authorities have begun emergency inspections of local cryptocurrency exchanges. The purpose of the checks is to protect investors from repeating what happened with the stablecoin TerraUSD (UST) and the LUNA token.

  • One of the leading law firms in South Korea, LKB & Partners, is preparing to sue Terraform Labs CEO Do Kwon on behalf of ordinary investors.

  • An American court has issued the first ruling on the use of cryptocurrencies to circumvent sanctions.

  • Deputy Governor of the Bank of England John Cunliffa said that rising interest rates would put pressure on risky assets and recommended exiting cryptocurrencies.

  • The head of the SEC, Gary Gensler, said that due to the speculative nature of cryptocurrencies, investors need a lot of protection. Hints at tightening regulation.

Bitcoin: by the end of the day, the price fell by 5.68% to 28715. Active sales of cryptocurrency were observed in the American session during a sharp fall in the S&P500 and Nasdaq stock indices. All 11 major sectors of the S&P500 were in the red. Investors are scared by stagflation. US Treasury Secretary Janet Yellen has warned that it is accelerating.

At the auctions in Europe, futures for US indices are traded in a slight plus. Bitcoin has clung to the indices and is not going to unhook. Risks of falling to a new low remain. If the upward correction in the dollar index slows down or stops, then Bitcoin will have another chance to recover.

Ethereum: at the end of the day, the price fell by 8.40%, to $1915. Sellers are set to test the level of 1700 and use all the negative news for this. If the American markets do not fall strongly, then it is quite possible to count on the continuation of the lateral movement in the range of $1900 - 2000.

Many may have noticed a characteristic mirror change in the market capitalization of USDT and USDC stablecoins, indicating a flow of capital in favor of USDC

A very interesting situation is developing in the NFT markets

Ethereum lost over 60% but still 5x better than Solana and Tezos alone rises against the market

According to Elon Musk, a recession is good because it puts everything in its place. The “rain of money for fools” ends and the story of the misallocation of capital comes to an end. Products that are of value to society continue to be created and exist, and what society does not really need dies.

What can be said. Despite the rather bad situation in the world, the crypto market is trying to resist. And if you analyze what happened earlier. I mean halving the reward of bitcoin. Even the worst option will force them to last only two years.

Halving - halving the premium of miners every 210,000 blocks

Where was bitcoin at the "365 days BEFORE" and "365 days AFTER" halvings

The next halving is ~700 days away...

It is also worth noting that Bitcoin has again significantly weakened compared to the NASDAQ-100 index and the IGV passive technology ETF.

Exactly the same pattern was observed at the end of January, after which bitcoin was able to win back all losses

Posted Using LeoFinance Beta