Bitcoin is currently retesting the key support level of $40k as the market went on the defensive again. The largest cryptocurrency by market cap generally had a bearish day, after other markets around the world reacted to disturbing news from Ukraine in which a nuclear reactor caught fire amid a Russian attack and is now in the hands of the invading forces. Altcoins also pulled back during the day. More on that later.
In other news: Russians are challenging the government’s brutal tactics to stifle their outspoken anti-war views. More on that later.
The two Manchester-based football clubs, City and United, have moved their rivalry to the NFT/crypto sector and are partnering with companies in this sector. After Man United announced a deal with Tezos, Man City immediately followed suit with their own partnership with OKx. This healthy rivalry is creating a new space for sports partnerships with blockchain companies from around the world.
Google trend data in 2022 shows that the popularity of the NFT and metaverse sectors has been declining since the beginning of the year. Both of these sectors were major trends in the top search engine in the second half of 2021 and were expected to continue well into the future. However, the opposite has happened and the trends are actually slowing down. However, investment and startups are still being sought in the sector and it shows no major signs of slowing down.
The Sandbox metaverse concept has reached 2 million users and is now looking for the next step. He recently announced a massive K-Pop partnership and is now looking at other avenues.
A bill in New York is gaining support in the state that will curb Bitcoin mining there for three years. Two more MPs have backed the measure and it is likely to pass if support increases. The state environmental agency plans to audit the energy-intensive process once a moratorium is signed for the next few years.
A survey shows that more than 75% of emerging market investors around the world want to invest in cryptocurrencies. Users are mainly from the Asia-Pacific and Latin America regions.
Leading NFT platform OpenSea has updated its list of banned countries, sparking another debate about its decentralization. The NFT market failed to make decentralized governance effective and now penalizes people and extensively and unilaterally addresses what are serious questions around decentralization claims.
The Dogecoin Foundation finally has brands and logos have in the European Union. This move could boost the meme coin, but then again, the entire industry is going through a general bear market, so it could be difficult to profit from it.
Bitcoin is testing $40k support
Bitcoin was once again on the defensive today. The cryptocurrency is facing a backlash from investors pulling out due to market fears over the nuclear crisis brewing in Ukraine.
The last 24 hours started with the Bitcoin price around $42k. It traded sideways for a while before starting to decline around midnight. It continued slow bearish momentum for the past 24 hours before bearish forces picked up momentum and took it below $40k by 7:50pm. Bitcoin is now trading below major support at the time of writing.
The late-February Bitcoin price rally appears to be short-lived as the bears are back in the game. The market had deteriorated on the Ukraine news and the bulls will need to rally hard to resist a further move lower, perhaps as high as $35k.
The total market capitalization of Bitcoin was approximately $750 billion and its share of the crypto market was 43.4%.
Losing Altcoin Books
Other cryptocurrencies also posted losses. Ethereum (ETH, -6.5%), Solana (SOL, -6.5%), Polkadot (DOT, -7%), Chronos (CRO, -6%) and Cosmos (ATOM, -7.5%) recorded losses greater than those of Bitcoin.
In other news…..
The Russians continue to resist the motherland.
A Russian citizen recently burned her passport and made an NFT of the video. The NFT is now auctioned live and the proceeds will go to funds earmarked for military and humanitarian aid to Ukraine. While it is safer for her to protest because she lives in the US, reports are coming in from Russia of thousands of civilians being detained by the government for protests against the invasion of Ukraine. Sadly, many of them face a brutal future as Putin drives the last vestiges of freedom and democracy out of the country.