Bitcoin price is currently trading around $47k and does not seem to be gaining much momentum with the continuation of the uptrend. The largest cryptocurrency by market capitalization closes the month with a high and is now looking to early April to light fireworks. Altcoins were also largely flat, with a few exceptions. More on that later.
In other news, the legacy of anti-apartheid South African icon Nelson Mandela has spilled over into the NFT sector. A museum called the LiliesLeaf Heritage Site recently raised more than $130,000 in a Mandela-related NFT auction. More on that later.
The Vietnamese government and its central bank are joining forces to develop a legal framework for cryptocurrencies in the country. Three ministries, including Finance, Justice and Information, have been instructed to collaborate with the central bank on this. About 5.9 million Vietnamese or about 6.1% of the total population now own crypto.
A parliamentarian from Kyrgyzstan turns pro-crypto, even claiming that nothing in the world is growing as fast as the cryptocurrency sector. He is also deeply interested in launching a national digital currency and made a speech calling for laws on the circulation of digital currencies in the country.
The British financial watchdog Financial Conduct Authority (FCA) has extended an earlier deadline for some crypto firms to register with the national regulatory authority. Many of these companies have already been granted temporary licenses and have now been given another grace period before the agency takes serious action against them.
The Chinese government is sending mixed signals when it comes to NFTs. While a vast majority of government statements and actions are directed against the industry, there are some hopeful signs. For example, the Chinese authorities have not completely banned the sector and all the rules imposed by cryptocurrency exchanges and similar platforms are largely self-regulatory in nature. There are signs that the Chinese Communist Party will try to ban the sector entirely for the foreseeable future, much like it banned cryptocurrencies in May of last year. However, some positive signs also remain.
High institutional demand for Cardano is increasing as it appears to be challenging other platforms for the best programmable network title. The blockchain network recently saw its large transactions on the native network increase 50-fold. This indicates a significant institutional investment in the network.
A Bitcoin wallet belonging to the Terra Network has purchased $139 million worth of Bitcoin according to recent activity on the chain. The wallet now holds a whopping 31,000 BTC ($1.5 billion).
Bitcoin price stable at $47k
Bitcoin spent most of the day around $47k earlier today. The cryptocurrency is now stabilizing for a possible new bull run early next month.
In the last 24 hours, BTC started at around $47,500. It stayed within $800 of this level for the rest of the day, with low volatility. Barring a move below $47k by 3:30am this morning, the price has held above the $47k level without a major price break.
Bitcoin is now taking some time before moving on to the next step. A challenge at the $50k level is expected in the near future.
The total market capitalization of Bitcoin was approximately $892 billion and its share of the entire crypto market was 42.40%.
Altcoins remain largely stable
Other cryptocurrencies, also known as altcoins, were mostly flat for most of the day, with a few exceptions. Solana (SOL, 7%), Avalanche (AVAX, 3%) and Near Protocol (NEAR, 3.8%) posted some gains.
In other news….
Nelson Mandela NFT sells for $130k
A Nelson Mandela NFT recently sold for $130,000. The NFT in question is an arrest warrant issued against the iconic leader just prior to his 26-year long imprisonment by the apartheid government.
The owner of the document is the LiliesLeaf Heritage Museum, which received the document as a donation in 2004. The arrest warrant was issued in 1962 and accused Mandela of conspiring to overthrow the government.
This is an interesting approach because it allowed a museum to raise funds without neglecting the physical document itself. This model may be adopted by other similar organizations in the near future.