February 2022

Cryptocurrency market

Why has the crypto market grown?

The cryptocurrency market has been showing quite volatile movements in recent days, led by bitcoins (BTC). The growth that began in the first days of February has lifted the market. During this period, many altcoins saw serious gains. After reaching a streak of $45,000, BTC, which began a correction, broke support at $40,000 last week. The outbreak of war between Russia and Ukraine came as a shock to the crypto market. BTC, which had been accumulating around $38,000 for a while, quickly fell to the $34,400 mark after the war began. In the evening it began to rise again, but sales were conducted from the area of $39,800. So what was the main reason for such volatility of Bitcoin in one day? It is known that the decline was caused by the Russian-Ukrainian war. So why was there a rise? According to some experts, the reason for the rise was the statements of U.S. President Joe Biden. Russia, which declared war on Ukraine, faced a weak reaction from Western states. US President Biden said that as the first of the sanctions, the assets of Russian billionaires in US banks were frozen and they would not be able to access this money. Russian billionaires invested in cryptocurrency market to protect their money The reason for U.S. President Joe Biden’s decision to adopt this sanction is said to be “the anticipation that billionaires who want to preserve their capital will put pressure on Putin to stop the war.” However, the billionaires allegedly went the other way, and Biden’s plan was thwarted. Billionaires who were not involved in something like pressuring Putin to stop the war invested in cryptocurrency to protect their money. It has been stated that these billionaires usually invest in Bitcoin. After the aforementioned investments, Bitcoin jumped from the $35,000 range to about $39,000 in a short time. It has been claimed that this is the reason why the market suddenly went up yesterday. The volatile nature of the crypto market has investors nervously standing by and watching the trend. Millions of small investors are currently in a bad position as they invest in coins at a high price. The large number of leveraged positions opened during this period is causing investors to lose money. Many investors wait until the market bottoms before trading. Some investors are waiting for bitcoins to hit the $29,000 streak again. Some users argue that Russian billionaires investing in bitcoin are the reason for the recent rise. Investors who argue that these rapid drops and rises are a “liquidity cleanup,” say leveraged positions have been closed and many investors are staying away. Referring to the fact that those who opened short trades were cleared with the latest rise, users noted that long leveraged trades could be cleared in the same way in the coming days.

bitcoin and cryptocurrencies

Bitcoin and cryptocurrencies are fundamentally necessary

Bitcoin and cryptocurrencies are fundamentally necessary for Western countries. This is the opinion of well-known cryptoskeptic David Heinemeyer Hansson, who admitted that his previous statements about the first cryptocurrency were wrong. The developer of Ruby on Rails web framework stated about…


Top 9 Cryptocurrencies for 2022

Cryptocurrencies market participants (and those who only plan to master this area of investment) are constantly faced with the question of which asset is less risky to invest in. After all, at the beginning of February 2022, there were over 17…

Bitcoin in Ukraine

Bitcoin will become legal in Ukraine

Owners of cryptocurrencies in Ukraine will be able to legally exchange bitcoin and altcoins, enter them in tax declarations, as well as start a blockchain business. Foreign cryptocurrency exchanges, in turn, for the first time will be able to work in…


Monero (XMR) is under threat

The Monero (XMR) cryptocurrency community, which is among the top 50 by capitalization, fears that the network could be under 51% attack. In such a case, members of one mining pool could receive all of the cryptocurrency from mining and cancel…


Bitcoin growth has been predicted

Nicholas Merten explained why the first cryptocurrency – bitcoin – will continue to grow in the short term. Experts’ opinions may not coincide with the position of the editorial board. We do not give investment advice, the material is published for…


Cardano (ADA) was named the most undervalued cryptocurrency

Cryptocurrency Cardano (ADA) is the most undervalued in the market. The oversold level of the asset exceeds the indicators of two years ago, due to which the majority of altcoin holders are in losses. This was reported by crypto analyst Ali Martinez in his Twitter. He came to this conclusion after analyzing MVRV indicator (Market Value to Realized Value) from analytical company Santiment, which shows the difference between profit or loss of investors who bought the asset last year. According to this indicator, holders of ADA are on average 26% loss. Such oversold value has not been seen even since the March 2020 coronavirus pandemic collapse in the financial markets. Cardano is trading at $1.16 According to the cryptocurrency exchange, Cardano is trading at $1.16 as of Feb. 11. During the week, the asset’s exchange rate rose 13%. At the same time, the capitalization of the altcoin is estimated at $38.4 billion. The company believes that the increase in trader activity on the asset can also be judged by the fall in the inflow of funds in the accounts of large investors. And they cite IntoTheBlock data: it has fallen by 94% in 3 months, while in the last 30 or 7 days it has fallen by 26.5% and 32%, respectively. At the same time, there is an outflow (i.e., outflow) of funds from such accounts in almost similar negative values. This may indicate a decline in institutional interest in the asset as a whole. ADA’s historical high was set in September 2021 at above $3. But since then, Cardano’s price has fallen 61%. According to WhaleStats, a service that tracks large moves in the virtual asset market, Cryptocurrency Whale bought 5 million Cardano (ADA) for $6 million on February 9. The transaction fee was $2. Meanwhile, millionaire investors control 24.87% of Cardano’s circulating supply (about 8.34 billion of the 33.57 billion ADA), according to analyst firm IntoTheBlock. In addition, since mid-December-2021, the number of addresses holding between $10,000 and $1 million in ADA has increased by 15,000%

Tesla holds BTC

Tesla spent $1.5 billion on bitcoin a year ago

$1.5 billion bitcoin investment in 2021 from Tesla resulted in a $101 million loss due to the first cryptocurrency’s devaluation. The value of the company’s bitcoin assets surged by over half a billion dollars at the same period. While owning BTC,…