Mooners and Shakers: Crypto market climbs as Russia hints at partial military pullback
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The crypto market has managed to rally back up above US$44k at the time of writing, in step with a strong Tuesday opening in the US stock markets.
Those looking for fundamental reasons for the positive price action have been eyeing a couple of possible things… One being some subsiding fears today of a Russian invasion of Ukraine (although that’s obviously an ongoing, fluid and highly volatile situation).
And another being responses to Canada’s plan to include crypto transactions in tighter surveillance measures amid alternative funding efforts for the Freedom Convoy protests.
According to a Cointelegraph article, as well as various Twitter posts we’ve seen on the topic (including one from El Salvador’s president), the Trudeau government stance seems to be inadvertently fuelling the idea of Bitcoin and crypto being “unstoppable money”.
If you're building a blockchain-based protocol with a compliance feature that allows a single nation-state to say "remove all truckers from this liquidity pool" & you're still calling it "DeFi" then you & I have a serious problem.
— Jake Chervinsky (@jchervinsky) February 15, 2022
Meanwhile, fundamentals aside, here’s the bullish take from some full-time crypto chart watchers, including Rekt Capital and Wall Street trader turned Bitcoin analyst Eric Crown…
#BTC got rejected by the blue 50-week EMA resistance
But BTC is right back at the EMA, challenging it once more
— Rekt Capital (@rektcapital) February 15, 2022
— Eric Crown (@KrownCryptoCave) February 15, 2022
Even the recently bearish-leaning “Roman Trading” is looking at a bullish scenario right now for Bitcoin, albeit with a pretty strong caveat about weak volume, which might yet throw a spanner in the works…
$BTC inverted H&S update:
Looking good. Longs got placed and filled last night. Looking to double the position if we break 45.7k (neckline).
— Roman (@Roman_Trading) February 15, 2022
With the overall crypto market cap up about 5% over the past 24 hours, here’s the state of play in the top 10 by market cap right now – according to CoinGecko data.
So, sure, Bitcoin’s travelling reasonably well today but it’s also a “layer 1” altcoin kinda day, with Avalanche (AVAX), Binance Coin (BNB), Ethereum (ETH), Solana (SOL) and Cardano (ADA) all stealing the show somewhat among the top 10 coins.
Sweeping a market-cap range of about US$21.5 billion to about US$1 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• The Graph (GRT), (market cap: US$2.95 billion) +18%
• Kadena (KDA), (mc: US$1.4b) +15%
• Gala Games (GALA), (mc: US$2.55b) +14.5%
• Secret (SCRT), (mc: US$1b) +12%
• Juno (JUNO), (mc: US$1.2b) +11.5%
Got a big bag of nothing for you here at the time of writing. Every coin in the top 100 worth mentioning is in the green just now.
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Retreeb (TREEB), (market cap: US$88m) +36%
• Fancy Games (FNC), (mc: US$29m) +33%
• Platypus Finance (PTP), (mc: US$66.5m) +32%
• Quantstamp (QSP), (mc: US$55m) +22%
• DeRace (DERC), (mc: US$63.5m) +22%
• Feg Token (FEG), (market cap: US$263 million) -9%
• Luna Rush (LUS), (mc: US$26m) -7%
• SuperRare (RARE), (mc: US$97m) -5%
• Pegaxy (PGX), (mc: US$31.6m) -5%
• Unifty (NIF), (mc: US$21m) -4%
Some keen observations here from full-time, US-based crypto analyst and trader Justin Bennett, who is pointing to a potential “macro shift” for both Bitcoin and the US dollar…
An even better view…
This is the first time in Bitcoin's history that it isn't carving lower macro highs/lows in the face of DXY strength.
What does that tell you?… pic.twitter.com/tnzjNi0LQq
— Justin Bennett 🇺🇦 (@JustinBennettFX) February 15, 2022
“Remember, Bitcoin has never existed during a long-term USD downtrend,” continues Bennett. “Things are about to get interesting.”