The Bitcoin rally slowed, but BTC whales are becoming hyper
The Bitcoin rise has finally slowed after a strong start to the week, with the BTC price now resting at $43,500 with 24 percent increase on the weekly charts. The Bitcoin and cryptocurrency market rallies are taking place against the backdrop of the huge geopolitical issue unfolding with the Russia-Ukraine conflict. According to reports, as the Russian Ruble falls in value, Russians are pouring money into Bitcoin and cryptocurrency in large amounts. The recent drop in the crypto market comes as the EU considers increasing sanctions and investigating if Russia is using crypto to circumvent Western restrictions. German Finance Minister Christian Lindner said on March 2 that EU and G7 members are cooperating to prevent Russians from avoiding monetary penalties. According to Bloomberg , James Butterfill, head of research at CoinShares, recent Bitcoin growth has been largely connected with political instability. The Russian Ruble is trading at its highest level since May of last year. Crypto exchanges have also been asked by MPs from Ukraine and the United States to prohibit regular Russian residents from dealing in cryptocurrency. However, some exchanges, like Binance and Kraken, have flatly refused the request. Bitcoin Whales Are Getting hyperactive Whales, on the other hand, have been expanding their Bitcoin trading activities amid the recent price surge. Santiment, an on-chain data supplier, reported: While #Bitcoin hovers between $43k and $45k and traders await the next big swing, whales are becoming increasingly active in making massive transactions. In the last three days, there have been 13,400 $BTC transactions exceeding $1M in value. While reports of increased Russian ruble-to-BTC trading volumes emerge, Ukrainians are also purchasing Bitcoin in greater numbers. After the early-week pump, the broader cryptocurrency market, like Bitcoin, appears to be taking a breather. Terra’s LUNA, which was the best performer last week, is still trading at $93.
Just in: A cryptocurrency exchange removes fee charges for Ukrainian customers.
As crypto market participants have expressed support for Ukraine, more goodwill continues to flood in. LocalBitcoins, a renowned global peer-to-peer Bitcoin marketplace, has shown its support for Ukraine during this difficult time. LocalBitcoins, a cryptocurrency exchange, is a supporter of Ukraine. LocalBitcoins is waiving trading costs for Ukrainians using the exchange, both inside and outside the nation, until further notice as a gesture of support. LocalBitcoins’ Chief Marketing Officer, Jukka Blomberg, stated in a press release: LocalBitcoins’ core value is freedom. We understand that at the moment Ukraine is facing extremely challenging times. For this reason, LocalBitcoins has removed all fees from its Ukrainian users. The exchange said on Twitter that the move implies that all registered Ukrainians now have access to a free Bitcoin wallet. Ukraine will also be able to convert contributed Bitcoins into Hryvnia, their local currency. In the roughly seven days that the war has lasted, cryptocurrency transactions have witnessed a significant increase in both Ukraine and Russia. According to Coin Metrics , crypto exchanges in Ukraine, including Binance, LocalBitcoins, and Kuna, have experienced substantial growth. According to the article, Hryvnia trading pairings with Bitcoin (BTC), Ether (ETH), and stablecoins like Tether (USDT) have reached some of their greatest levels ever. Meanwhile, the crypto community continues to mobilize massively in favor of Ukraine. According to SlowMist’s dashboard monitoring the various crypto wallets, crypto donations to the Ukrainian government, as well as other entities and NGOs supporting the country, have topped $50.9 million. Ukraine’s government has also been increasing the number of cryptocurrencies it accepts as donations. It has introduced an official Dogecoin (DOGE) wallet today, after adding a Polkadot (DOT) wallet yesterday. Ukraine has also declared that it will do a cryptocurrency airdrop. The price of bitcoin continues to rise. Bitcoin’s price has been steadily rising in recent days, reaching an intraday high of $44,634 today. Bitcoin, however, is currently trading at roughly $43,700, down 1.8 percent in the last 24 hours. As governments try to isolate Russia’s economy, the market has defied predictions that sanctions may be imposed on cryptocurrency. Analysts, on the other hand, have downplayed the concerns, claiming that crypto, particularly Bitcoin, which is a public ledger, would not be viable for Russia to utilize to escape sanctions.
In the last 24 hours, Bitcoin bulls have wiped off $68 million in short positions.
According to Coinglass statistics, Bitcoin’s rise to $44,000 unwound an increasing number of short positions. Because of the increased use of the token as a result of the Russia-Ukraine crisis, the crypto market has risen.
Nomura, a Japanese financial conglomerate, is establishing a crypto-focused unit.
Nomura Holdings, one of Japan’s leading wealth managers, has announced the formation of a new team to investigate digital assets such as cryptocurrencies and NFTs, noting the sector’s expanding potential. In a news release, the firm announced that it would be transforming its Future Innovation Company into a newly formed Digital Company beginning next month. […]
Ukraine Announces Airdrop As Crypto Aid Exceeds $50 Million
The Ukrainian government said on Tuesday that gifts totaling more than $50 million would be airdropped to the country’s official checkbook. According to the country’s official Twitter account, an airdrop has been confirmed, and a photo will be taken on March 3 at 6 p.m. Kyiv time (4 pm GMT). An airdrop is a promotional event in which a developing blockchain project distributes free tokens to members of its community. The move is intended to increase user engagement with the site. Since last year, airdrops have acquired popularity in the NFT community. A free Ethereum-based coin called $SOS was recently distributed to members of the OpenSea NFT marketplace. It was not immediately obvious what assets will be allocated, given that the Ukrainian government has been receiving bitcoin, ethereum, and tether donations since the beginning of the Russian invasion. Ukraine has received more than $50 million in cryptocurrencies. According to data aggregator Slowmist, the community has donated more than $50 million […]