Mooners and Shakers: Crypto market on edge ahead of Biden’s executive order
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With the market already anxious about knock-on effects from war in Ukraine and Federal Reserve rate hikes, US president Joe Biden is set to sign a crypto executive order. Pencil-snapping stuff.
The order will direct federal agencies to consider potential regulatory changes, in addition to the US national security and economic implications of cryptocurrencies, reported Bloomberg.
There are prominent Democrats who are no fans of crypto, such as Treasury Secretary Janet Yellen and Senator Elizabeth Warren, so the chances of this being another headwind for Bitcoin and crypto is certainly reasonably high at this point.
It sounds like we really are getting an executive order on crypto from President Biden this week.
We’ve been waiting on this for a while. No matter what it says, it’ll be nice to finally know & not have it hanging over our heads anymore.https://t.co/wOtI1ir3KM
— Jake Chervinsky (@jchervinsky) March 8, 2022
Crypto and crypto exchanges have also been copping a fair bit of criticism from Hillary Clinton recently. The former presidential candidate has been calling out the lack of regulations on the asset class as a potential enabler for Putin and pals to evade crippling financial sanctions from the West.
One thing, though – one of Joe Biden’s biggest election campaign donors was Sam Bankman-Fried’s FTX crypto exchange… so maybe there’s still hope yet for some reasonably positive regulatory decisions from the US.
But speaking of Sam Bankman-Fried, he’s sounding as unsure about the market movements as anyone right now.
I also would have thought BTC would do better.
My guess is that partially this is media related. Headlines have been largely negative independent of actual content the last month in a reaction to statements from the industry, which I think has posed significant headwinds. https://t.co/DoNnIcGZBE
— SBF (@SBF_FTX) March 8, 2022
It’s definitely a dicey time to be aggressively trading Bitcoin and other assets, unless you really know what you’re doing. And even then…
With the overall crypto market cap at about US$1.79 trillion, down 2% from this time yesterday, here’s the current state of play among top 10 tokens – according to CoinGecko.
Cardano (ADA) is the worst-performing top 10 coin on the 24-hour timeframe, although everything’s in a pretty similar leaky boat right now, to be fair.
Most eyes are on the market leader and market mover Bitcoin (BTC), though, as usual. Analyst Rekt Capital isn’t overly bearish…
#BTC has been moving sideways between the $38000 & $43100 price levels over the past few weeks
— Rekt Capital (@rektcapital) March 8, 2022
Can’t say the same for his fellow trader “Roman”, however…
I’m sorry but #bitcoin is not a hedge when things look bad. Especially when stocks flip upside down. I fully expect harsher downside as crypto has never seen an economic recession.#cryptocurrency #cryptotrading #cryptonews pic.twitter.com/vBXHuKpIzR
— Roman (@Roman_Trading) March 8, 2022
Sweeping a market-cap range of about US$18.5 billion to about US$816 million in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.
• Zcash (ZEC), (market cap: US$1.55 billion) +14%
• Monero (XMR), (mc: US$3.1b) +8%
• Waves (WAVES), (mc: US$2.3b) +6%
• Arweave (AR), (mc: US$1.6b) +5%
• Synthetix (SNX), (mc: US$816 million) +3%
• Anchor Protocol (ANC), (market cap: US$956 million) -13%
• Frax Share (FXS), (mc: US$1b) -8%
• THORChain (RUNE), (mc: US$1.25b) -8%
• Radix (XRD), (mc: US$1.2b) -8%
• Juno (JUNO), (mc: US$1.8b) -6%
Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…
• Deus Finance (DEUS), (market cap: US$15m) +140%
• DeFi Land (DFL), (mc: US$18m) +75%
• Alpine F1 Team Fan Token (ALPINE), (mc: US$40m) +48%
• AIOZ Network (AIOZ), (mc: US$78m) +26%
• Kyber Network Crystal (KNC), (mc: US$188m) +21%
• Rich Quack (QUACK), (market cap: US$65 million) -17%
• Universe.XYZ (XYZ), (mc: US$49.5m) -14%
• Geist Finance (GEIST), (mc: US$43m) -12%
• Vader Protocol (VADER), (mc: US$97m) -11%
• Avalaunch (XAVA), (mc: US$87m) -11%
First it was the environment, now it’s Russia.
Despite federal agencies overwhelmingly stating that crypto would be ineffective for Russia in evading sanctions.
Warren will take any issue people are enraged at, and make crypto the scapegoat. https://t.co/k15BQZf1Ob
— Adam Cochran (adamscochran.eth) (@adamscochran) March 8, 2022
I spend so much time on weekends listening to @BanklessHQ podcast and video content. It is very cool that they will be doing a ETH Down Under episode as part of Blockchain Week.
A global audience for Australian founders.
— Steve Vallas (@stevevallas) March 8, 2022