- Ukraine can now receive donations made in Dogecoin (DOGE)
- Public release of MyDoge wallet for iOS users
- Bitcoin price returns to support at $38,000
The last week has been a very crazy one, even by crypto market standards. Prices of major projects rose sharply on Monday, however buyers failed to break above major resistance levels on Wednesday and pullback occurred. Mood deteriorated further over the weekend in the shadow of a deepening geopolitical nightmare unfolding in Ukraine. Russian forces pounded major Ukraine cities with artillery and rocket fire during which many civilians were killed, according to multiple reports. Putin rejected all overtures for a ceasefire, even to a targeted truce that would allow citizens of Mariupol, a besieged port of roughly 500,000 people, to flee. The ongoing war causes an increase in the prices of commodities and aversion to risky assets such as stocks and cryptocurrencies. In response to Russian aggression, more companies are imposing sanctions on Putin's regime. Three largest credit card companies, American Express, Visa and Mastercard announced over the weekend that they would be suspending operations in Russia. Also the US will take a serious look at banning Russian oil imports. As the situation remains dynamic, crypto investors should prepare for a choppy ride in the coming days. According to CoinMarketCap, the total capitalization of the crypto market fell by 3.8%, to $1.71 trillion. The bitcoin dominance index dropped from 42.9% on Friday to 42.3% due to the sale of bitcoin over the weekend.
Bitcoin:
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Open account Try demo Download mobile app Download mobile app- Mining pool BTC.com suspended the registration of new users from Russia on Saturday and also restricted access to the service for persons from this region coinciding with the war in Ukraine.
- Also news appeared that Switzerland would freeze the crypto assets of the Russians who fall under the sanctions.
- Last week Central Bank of China reaffirmed its stance on the cryptocurrency ban. In a video conference, the People’s Bank of China said that the crackdown on virtual currency transactions would continue, going ahead in 2022.
- Bitcoin traded at a 40% premium in Russia at the beginning of March as citizens looked for a way to preserve value amid sanctions, according to crypto research firm Delphi Digital.
The amount of bitcoin moving between addresses in a 24 hour period, soared to around 565,000 bitcoin. Source: Glassnode/ Delphi Digital.
- Crypto Fear & Greed Index returned into the “extreme fear” zone after a sharp upward move a t the beginning of March. Some analysts expect more downward action, as local market bottoms tend to be accompanied by a score of around 10/100.
Index returned to “extreme fear” territory — from 52/100 on March 2nd to 23/100 today. Source: alternative.me
- Reserve Risk compares sentiment against price and provides hints when to invest in order to achieve “outsized” returns, according to on-chain analytics site LookIntoBitcoin.
BTC/USD is moving towards the green “buy” zone, which may provide an interesting entry point for long-term investors. Source: LookIntoBitcoin
BITCOIN price pulled back sharply after buyers failed to break above major resistance at $45,000 which coincides with 61.8% Fibonacci retracement of the upward wave launched in July 2021. Buyers managed to halt declines around support at $38,000 and price is currently testing a downward trendline. Source: xStation5
Dogecoin:
- MyDoge wallet, which supports transfers from any cryptocurrency exchange exclusively made for Dogecoin, was recently released publicly for iOS users. Proponents expected the launch of MyDoge wallet to facilitate further Dogecoin adoption.
- Meanwhile, the Vice Prime Minister of Ukraine announced that the war-torn nation has started accepting donations in Dogecoin.
- Recent data shows that crypto-assets donated to Ukraine equal to more than $64 million, according to web service Slowmist.com
Dogecoin price struggled to recover from recent drop despite rising utility and adoption. Coin failed to break above the upper limit of the descending channel and is currently testing support at $1.20. Source: xStation5
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