Mooners and Shakers: Bitcoin above $44k amid renewed market positivity, or is it hopium?
Link copied to
The crypto market was surging earlier today on the back of various positive news items, soundbites and rumours that Terra’s Luna Foundation Guard has been buying shedloads of Bitcoin.
Here’s one of those soundbites (see Michael Saylor tweet below), and it’s from one of the most influential American politicians – Secretary of the Treasury Janet Yellen.
Surprising? Maybe, although ever since US President Joe Biden’s recent “executive order“, there’s been a fraction more positivity emanating from Washington towards the crypto industry. Well, aside from fulltime crypto hater Senator Elizabeth Warren, that is.
“Crypto has grown by leaps and bounds, and is now playing a significant role in the investment decisions of lots of Americans. We would like to … create a regulatory environment in which healthy innovation can continue.” – @SecYellen on #Bitcoinpic.twitter.com/UHKqf6bvrV
— Michael Saylor⚡️ (@saylor) March 25, 2022
Meanwhile, the crypto market has also been riding further positive sentiment fuelled by rumours that Terra’s nonprofit Luna Foundation Guard (LFG) has been making good on its promise to buy large amounts of BTC as a reserve asset for the UST stablecoin.
Assuming you knew this:
1⃣ A large foundation had plans to buy billions of $ in #Bitcoin over the next few months
2⃣ A single purchase of over $100m has had significant impact on price
What does this tell you?#Terra
— Coin Bureau (guy.eth) (@coinbureau) March 25, 2022
It’s a plan Terra founder Do Kwon has been reiterating lately and escalating in terms of magnitude. Kwon recently revealed the foundation has plans to increase its reserves to US$3 billion worth of Bitcoin, with a longer-term goal of raising a US$10 billion BTC fund.
And, assuming the “orange” references are Bitcoin-related, here’s some more bullish Twittering from him on the matter today…
We have a message for the citizens of goblin town:
Your days are numbered.
Our orange battalions will overwhelm your defenses, and return your cities to the dirt
Your fields will be sown with salt, so that no future bearish thoughts will grow
The 🌕 is coming
— Do Kwon 🌕 (@stablekwon) March 25, 2022
What else? BlackRock CEO Larry Fink has also been fuelling the crypto-market hopium with a letter to his US$10 trillion AUM company’s shareholders, and Israel’s biggest bank, Leumi, is getting in on the crypto-trading act.
💥The biggest bank in Israel, Bank Leumi, has become the first in the country to allow #Bitcoin trading for its customers.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 25, 2022
But as for the market’s overall increasing positivity right now, you can take more than our word for it with a quick squiz at the Crypto Fear & Greed Index, the market’s leading sentiment indicator…
With the overall crypto market cap at about US$2.11 trillion, up roughly 4% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Cardano’s ADA has taken a breather in the past few hours after yesterday’s excitement, although it’s still the clear top 10 leader on the weekly timeframe.
Everything else in the crypto majors is in the green at the time of writing, but there’s still a bit of time left until Wall Street trading closes for the week.
Things have been ticking down today in the US stock market indices and, with the crypto market still quite correlated there, this may yet have a directional sway as we head into the weekend.
— Pentoshi 🐧 (@Pentosh1) March 25, 2022
Sweeping a market-cap range of about US$22.6 billion to about US$975 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Convex Finance (CVX), (mc: US$1.36 billion) +13%
• THORChain (RUNE), (mc: US$2.8 billion) +12%
• Chiliz (CHZ), (mc: US$1.29 billion) +11%
• Quant (QNT), (mc: US$1.86 billion) +9%
• Algorand (ALGO), (mc: US$6.24 billion) +8%
• JUNO (JUNO), (market cap: US$1.28 billion) -8%
• Humans.ai (HEART), (mc: US$1.39 billion) -5%
• ApeCoin (APE), (mc: US$2.18b) -4.5%
• Radix (XRD), (mc: US$1.47b) -4.5%
• Mina Protocol (MINA), (mc: US$1.1b) -4%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Crypterium (CRPT), (market cap: US$61 million) +104%
• Redacted Cartel (BTRFLY), (mc: US$154m) +53%
• Edgeware (EDG), (mc: US$60.5m) +45%
• Numeraire (NUM), (mc: US$48m) +38%
• SingularityNet (AGIX), (mc: US$149m) +36%
• DigitalBits (XDB), (market cap: US$384 million) -22%
• Creditcoin (CTC), (mc: US$333m) -20%
• Tethys Finance (TETHYS), (mc: US$19m) -20%
• KRYLL (KRL), (mc: US$42m) -15%
• Neutrino System Base Token (NSBT), (mc: US$79m) -14%
Blockchain Week 2022, put together by Blockchain Australia, has concluded five days of talks and panels featuring a large and impressive array of big-name local and international crypto-industry identities.
Stockhead‘s Derek Rose was able to cover a good amount of the event, which revealed insights from Synthetix founder Kain Warwick, Animoca Brands’ Yat Siu, and Galaxy Digital’s Mike Novogratz among others.
Recordings will be made available for viewing by Blockchain Australia next week.
All recordings of #BlockchainWeek2022 will be available next week.
They can be found on the portal you are viewing virtual sessions through this week and our YouTube channel.
We'll let you know when they're uploaded! https://t.co/b5ApSqAXPi
— Blockchain Australia (@BlockchainAUS) March 25, 2022
Huge congratulations to @BlockchainAUS on a stellar event (not a conference 😉). A bunch of rockstars who pulled off something that 5 days ago did not seem humanly possible! #BlockchainWeek2022 @stevevallas @rvchellecox @GregOakford @NFTFestAus @nonfungibleab @amydashrose pic.twitter.com/Vb1RH4zLQK
— Liya Dashkina (@liyadashkina) March 25, 2022
That’s it for another week, time for a good weekend. Here’s some memey stuff…
— naiive (@naiivememe) March 25, 2022
— naiive (@naiivememe) March 25, 2022
zoomer will hunting pic.twitter.com/l5MjVUHprq
— CMS intern (@cmsintern) March 25, 2022