Bitcoin price has risen above $30k at the time of writing after experiencing another day of price inactivity yesterday. The largest cryptocurrency by market cap seemed poised for a further price drop after dipping below $29k for a short while, but has since risen steadily above $29k and even topped $30k overnight. . Altcoins were also largely flat yesterday, but also showed good price gains last night. More on that later.
In other news, Max Verstappen’s Red Bull Racing team will partner with ByBit to launch their first NFT tokens and they will also be announced at the upcoming Monaco Grand Prix. First NFT Collection of the team will be released on the Tezos blockchain. The limited edition auction will take place in the near future and will bring to market a part of the glorious history of the Red Bull Racing Team.
Belarus’ lead investigator has revealed that the government has seized millions in cryptocurrency. The move came after authorities launched a new crackdown on the cryptocurrency sector, citing threats to the local security and economy. Belarus remains Russia’s only European ally in its invasion of Ukraine and has also been heavily sanctioned by Western powers for taking part in the war. This move shows that all governments, including those diametrically opposed to the West, are and will likely continue to be suspicious of the cryptocurrency sector.
The Central Bank of Russia is giving mixed signals about launching its own stablecoin. The institution has rapidly accelerated its CBDC program as the government wants to create a system that avoids sanctions for the country. Once again, real cryptocurrencies were ignored in favor of a state-issued stablecoin. This comes at a time when state-level crypto mining is booming in the country, with mining now taking up around 2% of total electricity consumption.
The popular video game Ni No Kuni will fully adopt blockchain technology. The move comes as more and more games move to the Play-to-Earn (P2E) model to attract more players to the system.
FTX Exchange, one of the major players in the crypto exchange market, is ready to spend a lot of money on new acquisition deals. FTX CEO Sam Bankman-Fried made these comments in a recent interview with Bloomberg. FTX and its parent company have raised more than $2 billion in total from investors for these expenses, the CEO claims.
The Korean government is considering imposing uniform listing rules for tokens on cryptocurrency exchanges, according to the Korea Times. More on that later.
US senators have introduced a bill to restrict the use of China’s new national digital currency, the e-Yuan or Digital Yuan. The move comes after the Asian country accelerated such plans. The senators claim that the Chinese government will use it to spy on other nations and entities.
SpaceX will track Tesla by accepting Dogecoin payments for its merchandise. The dog-themed meme coin is known to be a favorite of Elon Musk, the CEO of both companies.
Bitcoin price rises above $30,000
Bitcoin surged above $30,000 last night, after hovering around $29,000 for a long time yesterday.
Yesterday the price of BTC started around $28.8k. It stayed there for a while until around noon when the price climbed back out of its comfort zone above $29k. It hit a high of $29.4k and stayed there for about the rest of the day. So last night, as mentioned, Bitcoin broke above $30k. At the time of writing, $30,619 needs to be deposited for one Bitcoin.
The question is how this will continue. The move above $30,000 gives the bulls some relief, but the danger is certainly not over. More gains and consolidation above $30k will be needed for the bulls to gain some confidence and look higher.
The total market capitalization of Bitcoin was approximately $583 billion and its share of the crypto market was 45.78%.
Altcoins remain stable
Other cryptocurrencies were largely flat yesterday as the market held steady. Today, however, they showed good gains, including Ethereum (ETH, 6.75%), Polkadot (DOT, 10.49%), Cardano (ADA, 12.1%), Avalanche (AVAX, 11.63%) and Shiba Inu (SHIB, 13.38%). .
In other news….
South Korea wants to impose regulations after the LUNA fiasco
The South Korean government wants to impose new listing rules for new tokens on crypto exchanges. The rules are expected to be quite strict.
This development comes after the incredible Terra (LUNA) fiasco that removed approximately $34 billion from the market in 48 hours. However, that is easier said than done. The Terra fiasco was not due to too quick and/or careless listing on the exchanges.
LUNA wants to revive a bit with the latest version of LUNA 2.0. But he has a long and hard road ahead of him and there are no easy solutions.