Bitcoin is currently stable around the $ 21k valuation as the cryptocurrency has been lifeless for most of the last 24 hours. The largest cryptocurrency measured by market value has been at a stable level in the last week or so after a major crash, causing it to lose about 30% of its value in a few days. Altcoins were also largely stable. More on that later.
In other news, the major cryptanalysis site Glassnode has concluded that according to some statistics, the bear market crash of 2022 will be the worst ever in BTC’s last 13 years. More on that later.
Several reports have stated that Russia has defaulted on its global loan payments. It is the first time since 1918 that the Eurasian country is reportedly unable to repay its loans. However, the Russian Ministry of Finance has rejected these reports, stating that the Russian state had paid the loan installments through the Euroclear system. The country cites the sanctions as the reason why it cannot handle loan repayment transactions through regular channels. Russia is currently involved in a three-month war with neighboring Ukraine and is under significant economic pressure. However, its significant power in the energy and food sectors has enabled it to maintain its economy despite crippling Western sanctions.
US Securities and Exchange Commission (SEC) President Gary Gensler has proposed a set of rules for all cryptocurrencies. His organization has come under fire for actively condemning and hindering the progress of the industry and his broad, overbearing way of regulating the industry.
The major investment bank Goldman Sachs has downgraded its rating of Coinbase shares to “sell” in its latest report. The bank has more than $ 2.5 trillion in Assets Under Management (AUM) and has been bullish on the crypto sector for some time, but lowered its expectations for COIN stocks after a major market collapse across the crypto sector. However, not all financial institutions have lowered their judgment. It has 20 buy recommendations, 6 keep recommendations and 5 sell. But the market crash may force other institutions to lower their judgment as well.
A recent report shows that around 1% of users have almost 90% of the voting rights in decentralized autonomous organizations (DAOs). This issue has been raised time and time again that DAOs are concentrating power. But on the other hand, DAOs are not made to have literal equality, but rather on the basis of equality.
A top executive of the Swiss National Bank believes regulators are likely to crack down on the private stablecoin sector after the significant Terra (LUNA) crisis. The LUNA crypto lost about 99.999% of its value within a few days, while the UST stablecoin lost about 90%. This could cause the authorities to crack down on private stack coins. Well-known proponent of cryptocurrency transparency and hacktivist Anonymous has vowed to expose and showcase crimes committed by Do Kwon, the co-founder of the Terra (LUNA) cryptocurrency project.
Bitcoin stable around $ 21k
Bitcoin has been stable at around $ 21,000 for the last 24 hours. The cryptocurrency is stable after the marked fall in prices in the middle of this month.
The last 24 hours started with the Bitcoin price around $ 21.3k. It traded sideways for a long time before it started falling at 3:30 p.m. It found a bottom around $ 20.6k and has since adjusted slightly to around $ 20.8k at the time of writing. Overall, volatility was very low.
Bitcoin is now stabilizing around the crucial support above $ 20k. It has moved sideways, but not much, indicating continued consolidation efforts. The Bears are still in the lead and they can bring it down again, but the buying wall below $ 20k keeps them in check for now.
Altcoins remain stable
Other cryptocurrencies, also known as altcoins, have been largely stable over the last 24 hours. Big losers were Polygon (MATIC, -7.5%), Uniswap (UNI, -4.5%) and Litecoin (LTC, -3%). Tron (TRC, 6%) was the sole winner.
In other news …..
2022 Bear Market worst yet?
Yes, if you believe in the analysis site Glassnode. Bitcoin fell below the 200-day moving average, and the total net losses mean that this bear market must be the worst in absolute numbers.
But relatively speaking, it may not be the worst. In 2018, BTC fell more than 85% from its record high of around $ 20k (currently around 72%). So assuming this was the bottom, the crypto sector is now maturing much more with less wild fluctuations.