Mooners and Shakers: Bitcoin recovers some lost ground after a day of panic selling
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Much like the US stock markets, over the past 24 hours Bitcoin and crypto dumped on the news of the escalating conflict in Ukraine. Annnd then bounced back a bit.
Is the panic selling over for now? Maybe. Dutch trader Michaël van de Poppe seems to think so…
Honest view; panic is over for a few days/maybe weeks.
Potentially runs of 20-45% on #altcoins to happen.
— Michaël van de Poppe (@CryptoMichNL) February 24, 2022
And according to “Pentoshi” – a crypto trader and head of partnerships at prominent gaming guild Merit Circle – the zone Bitcoin’s in right now will eventually prove to “have been a great buy area”.
— Pentoshi 🐧 (@Pentosh1) February 24, 2022
With the overall crypto market cap sitting at about US$1.79 trillion and almost breaking even over the past day, here’s the state of play in the top 10 tokens right now – according to CoinGecko.
Although it took a big dip like everything else in the top 10, Terra (LUNA) has also bounced back the hardest in the past 24 hours. News of the protocol’s US$1 billion raise this week is still fresh.
LUNA is the obvious choice for which L1 will bounce first and the hardest once the dust settles… Don't underestimate the magnitude of the $1B raise. That is immense, and $UST is now, very making a name for itself.
BTC <> DeFi pic.twitter.com/wVIVa9zJFy
— Stacking (@StackingUSD) February 24, 2022
Sweeping a market-cap range of about US$18.5 billion to about US$828 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Maker (MAKER), (market cap: US$1.7 billion) +8%
• NEO (NEO), (mc: US$1.46b) +6%
• Arweave (AR), (mc: US$1.37b) +5%
• Zcash (ZEC), (mc: US$1.25b) +4.5%
• Gala Games (GALA), (mc: US$1.7b) +4%
• Ecomi (OMI), (market cap: US$2.2 billion) -15%
• Humans.ai (HEART), (mc: US$1.2b) -12%
• BitDAO (BIT), (market cap: US$1.1 billion) -9%
• Elrond (EGLD), (market cap: US$3 billion) -8%
• PancakeSwap (CAKE), (market cap: US$1.7 billion) -8%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Unifty (NIF), (market cap: US$39m) +110%
• SpiritSwap (SPIRIT), (mc: US$33m) +29%
• Bao Finance (BAO), (mc: US$11.7m) +22%
• Smooth Love Potion (SLP), (mc: US$90m) +21%
• API3 (API3), (mc: US$355m) +17%
• Geist Finance (GEIST), (market cap: US$45 million) -36%
• Plex (PLEX), (mc: US$226m) -25%
• Grin (GRIN), (mc: US$10m) -20%
• Gains Network (GNS), (mc: US$42m) -20%
• Alpine F1 Team Fan Token (ALPINE), (mc: US$45m) -18%
It looks like some market observers are hitting the hopium pipe again. This time regarding the US Federal Reserve’s proposed inflation-combatting rate hikes.
Could the crisis in Eastern Europe end up swaying the Fed to implement a less “hawkish” plan with lower rates? Could the European Central Bank follow suit? Guess it’s possible. In fact, it feels like nothing’s off the table right now, both good and bad…
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 24, 2022
ECB Meets As Invasion Of Ukraine Complicates Path To Higher Rates – RTRS https://t.co/BMeojXOPVm
— LiveSquawk (@LiveSquawk) February 24, 2022
aaaaaand here it is
printer will go brrrrr dw https://t.co/VXNfOPLt5o
— George Harrap ☀️ (@George_harrap) February 24, 2022