Mooners and Shakers: Bitcoin rises on peace-plan progress in Ukraine; Fed decision lands
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It’s been a hopeful afternoon (Eastern Time) in Eastern Europe amid reasonably encouraging peace talks in Kyiv. And a hopium-filled one for Bitcoin and the crypto market to boot. All subject to swift change, but fingers are crossed.
— *Walter Bloomberg (@DeItaone) March 16, 2022
At the time of writing, Bitcoin is back sitting above the US$40k mark, having breached US$41k a bit earlier, too. But let’s not get too far ahead of ourselves (Kyiv peace talks included). As this is typed, US Federal Reserve chief Jerome Powell has just delivered his Federal Open Market Committee inflation-related speech.
And the verdict?
BREAKING: The Federal Reserve just announced they are increasing interest rates by 0.25%.
— Pomp 🌪 (@APompliano) March 16, 2022
Inflation is at 7.9% and aggressively going higher.
The FED responds… with a BOUNTIFUL 0.25% increase. 🤣
— Preston Pysh (@PrestonPysh) March 16, 2022
Market participants and keen observers in general had been expecting exactly that from the Fed – a 25 basis-points interest-rate hike in an attempt to combat inflation. Further details, and reactions (including price action) are yet to come, so stay tuned…
Markets dropping on the FED as first response. Gold as well. Indices too.
— Michaël van de Poppe (@CryptoMichNL) March 16, 2022
With the overall crypto market cap at about US$1.88 trillion, up about 3.5% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
The top two cryptos, Bitcoin and Ethereum, are showing the way among the market’s heavyweights today.
The only leading coin lagging on the daily timeframe is Terra’s LUNA, which may simply be experiencing a small amount of selling pressure after a solid run up lately. It’s still up close to 70 per cent on the month, making it easily the best-performing layer 1 so far this year in terms of price. Most others are in the red.
But back to the market-moving crypto-in-chief, let’s grab some quick expert analysis. Rekt Capital is usually one of the more bullish analysts and traders to be found on Twitter, and he’s been noting a series of higher lows for the OG crypto in March…
#BTC is setting itself for a green-circled Weekly Close at this time
A Weekly Close above the red ~$38000 area, just like in the mid-2021 green circle, could be the confirmation $BTC needs to finally attempt a break beyond $43100 (black)#Crypto #Bitcoin pic.twitter.com/ixpOYtn8Mf
— Rekt Capital (@rektcapital) March 16, 2022
Aside from the first two days of the month, investors have been Extremely Fearful towards #BTC for most of March
Meanwhile $BTC has been making Higher Lows
— Rekt Capital (@rektcapital) March 16, 2022
But let’s find a typically polar opposite, bearish trader – for balance. What’ve you got, “Roman”?
The difference between the May crash and Today’s crash is in July we had very clear selling exhaustion: (bullish PA, bullish divergences, etc).
— Roman (@Roman_Trading) March 16, 2022
Still if you believe in Bitcoin, you probably believe in a long-term, zoomed-out timeframe – and for the following reasons…
— Dan Held (@danheld) March 16, 2022
Sweeping a market-cap range of about US$19 billion to about US$864 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Juno (JUNO), (mc: US$1.7 billion) +9%
• Fantom (FTM), (mc: US$3 billion) +8%
• Waves (WAVES), (mc: US$2.8 billion) +8%
• The Sandbox (SAND), (mc: US$3.4 billion) +8%
• Maker (MKR), (mc: US$1.75 billion) +7%
Metaverse/blockchain gaming virtual world The Sandbox is riding higher today on the news that major global bank HSBC has purchased a plot of digital ‘LAND’ today. Full story here.
• THORChain (RUNE), (market cap: US$2.1 billion) -8%
• Zcash (ZEC), (mc: US$1.5b) -2%
• Frax Share (FXS), (mc: US$1.2b) -1%
• Quant (QNT), (mc: US$1.49b) -1%
• Dash (DASH), (mc: US$1b) -1%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Popsicle Finance (ICE), (market cap: US$29m) +85%
• Ambire AdEx (ADX), (mc: US$80m) +51%
• STEPN (GMT), (mc: US$407m) +45%
• Unibright (UBT), (mc: US$186m) +27%
• Klima DAO (KLIMA), (mc: US$58m) +22%
• PowerPool (CVP), (market cap: US$24 million) -21%
• Nest Protocol (NEST), (mc: US$28m) -16%
• Synapse (SYN), (mc: US$392m) -11%
• HiFi Finance (MFT), (mc: US$71m) -10%
• Mirror Protocol (MIR), (mc: US$243m) -9%
Ukraine has Russian tanks in their backyard and you are whining about what clothes he is wearing?
— Benjamin Cowen (@intocryptoverse) March 16, 2022
— RIZZO (@pete_rizzo_) March 15, 2022
Oh, and hang on… news just in (puts hand over one ear)… here’s something interesting…
💥BREAKING: Ukraine has officially legalised #Bitcoin after President Zelensky signed the virtual assets bill into law.
— Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) March 16, 2022