Bitcoin drops slightly to $41k and Chinese ISPs are blocking access to NFT platforms

Bitcoin is currently trading around $41k after another lackluster weekend and Monday. The largest cryptocurrency by market cap has had a relatively stable month overall as the price did not show a significant uptrend or downtrend and this pattern continued over the past week. Altcoins were also largely flat, with a few appreciating exceptions. More on that later.

In other news, Chinese ISPs have begun banning access to major NFT platforms, fearing a government crackdown. The Chinese government has been cracking down on the cryptocurrency sector for the past year over fears of systemic undermining. More on that later.

American football legend and icon Tom Brady has tweeted who loves Vitalik Buterin and his work in the blockchain sector. He called him “Buterin the GOAT (greatest of all time),” a term often used for players who achieved larger-than-life numbers in professional sports. Brady’s own crypto project, called Autograph, has raised more than $170 million in recent funding rounds and is now actively involved in the industry.

In other sports news, tennis star Naomi Osaka has been selected as a brand ambassador for cryptocurrency exchange FTX. The Japanese athlete joins Tom Brady, NBA star Stephen Curry and other public figures who have promoted the trade.

The Salvadoran government postponed the launch of its Volcano bonds. It was confirmed that the issue was delayed, despite the fact that the Minister of Finance, Alejandro Zelaya, had assured on several occasions that the project would begin on March 20. According to Zelaya, the project faced further delays due to the unstable financial situation in the world. These bonds were announced by the Salvadoran government to finance the ambitious project of the new Bitcoin city. However, due to the risks associated with these bonds, it will be difficult for the government to act on them.

In a more recent update, a new Indian government approach to crypto legislation will ensure that every digital asset is treated differently. Each crypto trading pair will be regulated differently and according to the requirements. The suggestion came up in a recent government discussion. However, there are still genuine concerns that new legislation will be made to discourage cryptocurrency trading and cryptocurrency ownership in the country.

A new report shows that the number of cryptocurrency users increased by up to 2,500% last year in Africa alone. This 25x increase was one of the highest in history and shows the extraordinary potential of the sector on the continent. The research was conducted by KuCoin.

Bitcoin price drops slightly to $41k

Bitcoin is currently trading around the $41k level. The cryptocurrency is once again feeling slight bearish pressure that aims to push it below the key $40k support.

The last 48 hours started with the Bitcoin price around $42k. Most of the time it slid down with a few big and small bumps in between. It reached a low of around $40,600 at one point in the morning before recovering to $41,000 and staying there for the rest of the day.

Bitcoin moved above the $40k level last week and the price has largely held above this key support ever since. However, further progress has stalled again and bulls should fear that this could be another fictitious move above $40k that will be interrupted by a move back below the $40k level. So the long-term target for the crypto is roughly $45k and until we get there and break above it, any move higher below it will just be a sneak peek.

The total market capitalization of Bitcoin was approximately $778 billion and its share of the crypto market was 42.61%.

Bitcoin price chart

Altcoins remain stable

Other cryptocurrencies were largely flat apart from a few coins that made some gains. They include Terra (LUNA, 6.5%), Cardano (ADA, 5%), Ethereum (ETH, 3%), and Litecoin (LTC, 3%), all of which saw notable price gains.

ADA price chart

In other news…..

Chinese internet companies stop access to NFT websites

In an expected move, major Chinese internet companies have restricted access to NFT platforms, including OpenSea. They have even started to restrict and report users who engage in NFT messaging.

The move was expected due to the latest Chinese government statements showing a completely anti-NFT stance. The platforms then decided to anticipate the next regulations so as not to face heavy fines for not following the government’s line.

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