Bitcoin is currently trading around $ 30,000 at the time of writing, after a day of relative inactivity. The largest cryptocurrency by market value is currently traded at this pivotal level after absorbing significant downward pressure from the bears. Altcoins recovered a bit today before starting to dive down again during the day. More on that later.
Cryptocurrency LUNA is almost officially dead. The blockchain network has now been offline for some time after losing 99.999% of its value in 48 hours. This devastating incident has cast doubt on the entire altcoin and stablecoin sector. There are also many accusations around. More on that later.
A top economist believes that investing in Bitcoin in the long run can yield large profits. More profit than investing in stocks at the same time. However, he said that crypto also involves higher risks resulting in improved profitability.
Decentralized Ledger technology, also known as blockchain, is used to trace the supply chain of diamonds back to the source. The industry has for decades been plagued by child and forced labor, which has often led to them being called blood diamonds. With DLT-based systems, the industry is likely to become more transparent in the near future.
Crypto-donations help Ukraine’s military cause as recent efforts lead to financing of ATVs and gas masks in the war-torn region. Recently, the government has bought about five off-road vehicles to fight against Russian Ukraine solely from crypto donations. Cryptocurrency also buys gas masks. The country is trying to raise more and more money for the war effort as the bloody conflict continues.
Bitcoin ETFs and other ETF-like funds are witnessing some bullish dispositions as the Canadian ETF recently saw the addition of the entire 6900 BTC in a single day. Meanwhile, the Grayscale Bitcoin Trust (GBTC) has hit a record low discount level within the last 24 hours. The CEO has already indicated that confidence is waiting for things to fall into place. The current discount is around 31%. Although these signals often result in a bullish reversal, we are currently in a deep bearish situation, so an immediate recovery may not be in order.
A proposed ban on Bitcoin mining has been rejected in Norway. The ban was rejected by the Norwegian parliament by a majority, which at least so far poured cold water over the ban. The mining ban was proposed by left-wing parties, but never saw the light of day.
The major airline Emirates will start accepting Bitcoin payments in the middle of a step to also launch NFT collectibles. The move comes after the UAE, the airline’s home country, began to embrace the crypto sector wholeheartedly.
Around 168,000 BTC have left crypto exchanges in recent days, indicating that there are significant long-term efforts. This is happening despite the great pressure on the market.
Bitcoin price stable at $ 30k
The Bitcoin price is currently stable at around $ 30ki at the time of writing. The cryptocurrency faded to $ 28.5k at first, but rose rapidly again.
In the last 24 hours, Bitcoin started around $ 28.5k. It traded sideways for a while before it started gaining value at. 01.00. The price reached $ 30,000 and has since been around that valuation, except for a slight drop to $ 29.7k just before the publication of this article.
Bitcoin is facing a buying pressure below $ 30k and that may be the only positive thing for the crypto at the moment. However, it is still unclear how long this buying pressure can last. Analysts believe the cryptocurrency could move lower if the bears can regain enough momentum.
Bitcoin’s total market value was around $ 563 billion and its share of the crypto market was 44.2%.
Altcoins make a profit
Other cryptocurrencies made progress after several grueling days of heavy losses. Ethereum (ETH, 7%), Binance Coin (BNB, 8%), Ripple (XRP, 9.2%), Cardano (ADA, 11%), Solana (SOL, 12.5%), Polkadot (DOT, 23 %), Avalanche (AVAX, 8%), Shiba Inu (SHIB, 12%), Polygon (MATIC, 8%) and Litecoin (LTC, 7.6%) all recovered, but they are still deep in the minus compared with a few days ago and can possibly. record loss again.
In other news …..
LUNA is officially closed as cryptocurrency loses 99.9999%
Terra’s LUNA cryptocurrency and blockchain network officially shuts down after losing all its value and reduced to virtually nothing. The small chance of recovery is almost lost, and only the Terra group’s hope for compensation remains. They still possess hundreds of millions of dollars worth of Bitcoin and they need to be pressured to do so.
One of the reasons behind the mysterious fall in the LUNA price was that Crypto.com turned profitable trades on LUNA and mistaken prices in general. It caused the coin to suddenly lose much of its value and everyone panicked. Crypto.com must take responsibility for its mistake that ultimately led to market manipulation.