Crypto roundup: Ukraine legalises; Bitcoin stabilises; Solana ecosystem thrives
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It’s a green day so far in the cryptoverse, with Bitcoin trading above its 200-day moving average, Solana ecosystem coins topping the gainers and big news coming out of Ukraine.
At the time of writing, the entire market cap is well up from this time yesterday (+3.6%) and looking solid at US$2.245 trillion. And that’s reflected in this particularly verdant-looking overview of the top coins.
Meanwhile, the Fear and Greed Index might have flipped fearful for the moment, but unless another regulatory FUD storm blows through like it did yesterday, the dial might well be pushing the other way again by this time tomorrow.
In fact, the dial will almost certainly be pointing to the right if the Bitcoin “Golden Cross” keeps shaping to play out. Some analysts are predicting that particular bullish technical move could occur within the next week…
What I'm watching:
An impending #bitcoin Golden Cross in the coming days.
That is, the bullish crossing of the 50-day moving average with the 200-day MA.
Among TA proponents, this is a bullish sign.
Consider front-running the headlines…
— Dr. Jeff Ross (@VailshireCap) September 9, 2021
News out of Ukraine today might be contributing to the more positive price action across the market.
The Eastern European nation’s parliament has now passed the “Virtual Assets Bill” it had been considering, effectively legalising Bitcoin and crypto businesses everywhere in the country.
The law will permit citizens to open and use bank accounts for transactions with crypto assets including Bitcoin and Ethereum… and the rest.
Ukraine 🇺🇦 just announced they have legalized #Bitcoin
Which country will be orange pilled next?
— Charlie Shrem (@CharlieShrem) September 8, 2021
It’s not quite the same as the El Salvadoran law, however, as Bitcoin won’t be considered “legal tender” in Ukraine. But still, it’s another hugely affirming step for cryptocurrency on the global stage.
Blockchain analytics firm Chainalysis ranks Ukraine fourth on its Global Crypto Adoption Index list.
Commenting on the new law, Oleksandr Bornyakov, deputy minister of Digital Transformation of Ukraine, said:
“It will become a powerful incentive for the further development of the crypto-sphere in Ukraine… I am sure that society, business and the state will benefit from the legalization of the new sector of the economy.”
So Ukraine made Bitcoin legal today. I've told you, this is a domino game. One by one all countries will have to follow.
You can't deny #Bitcoin anymore.
— The Moon (@TheMoonCarl) September 9, 2021
High-performance “layer 1” blockchain Solana (SOL) has slipped back a bit from this time yesterday, just creeping under US$200 as we write this. But some high-profile coins within its ecosystem are among the day’s top gainers so far.
These include: Serum (SRM) +46.15%; Raydium (RAY) 41.27% and Mango Markets (MNGO) +31.44%. And you can throw Sam Bankman-Fried’s FTX exchange token FTT (+19%) in with that list, too.
As reported by Stockhead this week, Fantom (FTM) is another layer 1 platform having a good run, too, and it’s continuing that form today, up 35.86%.
Keep an eye on Elrond (EGLD) +32.51%; and Algorand (ALGO) +19.7%, as well. Is this the start of a “layer 1, smart-contract platform season”? It’s possible. Crypto loves its mini-narratives.
If that’s the case, how’s Cardano (ADA) doing, we hear you ask? It’s regained some of the ground it lost this week, and is currently changing hands for US$2.60, up 8.5%.
ADA has turned into one of those coins that just seems particularly divisive – a bit like XRP (+1.2%). People seems to either go nuts about it, or pour scorn on it, with not much in between.
This comment regarding it caught our eye today. Grain of salt, though – it comes from an analyst (a respected one) who does mostly keep his eyes trained on Bitcoin…
Ada is known as the first developer. Specifically she wrote programs that were essentially academic exercises as actual compute engine never got delivered and as such the algos she wrote never were used for anything productive.
I find it an interesting choice to label a coin.
— Willy Woo (@woonomic) September 9, 2021
Last but not least, let’s not forget the granddaddy of smart-contract platforms, Ethereum (ETH). It’s looking solid at press time, up 4.2% in the past 24 hours, and sitting pretty comfortably, for now, at US$3,534.
We’ll let Mike Tyson (yep, that Mike Tyson) leave you with the philosophical question of the day to ponder…
Solana or Ethereum?
— Mike Tyson (@MikeTyson) September 9, 2021