- Potential Russian invasion weighs on market moods
- Bitcoin hashrate surged to all-time highs
- Ethereum transaction fees fall to multi-month lows
Cryptocurrencies launched today’s session slightly lower today after trading sideways over the weekend. Bitcoin trades above $42,000 while Ethereum approaches $2,950. In the first part of the previous week cryptocurrencies moved sharply higher, following news that the Russian government decided to regulate cryptocurrencies instead of ban them and rumors that BlackRock may soon offer crypto trading services to its institutional clients. Also two major banks spoke positively about cryptocurrencies. Wells Fargo said it sees potential in the cryptocurrency market and compared the existing crypto adoption to the World wide web in the late ’90s, while analysts at JP Morgan believe that capital inflow in Bitcoin could exceed private sector investment in gold, estimated at $2.7 trillion and predicted price of the first cryptocurrency could hit $150,000 in the long term.
However, prices of major coins fell over the weekend on reports saying that Russian may invade Ukraine as soon as this week, even before Winter Olympics end. Nevertheless, moods improved slightly in the afternoon following comments from Russian Foreign Minister Lavrov, who said there is always a chance to find the agreement. Lavrov has suggested to President Putin that Moscow continue along the diplomatic path in its efforts to extract security guarantees from the west.
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- The chief executive of rideshare company Uber has said the firm "absolutely" will accept crypto in the future, but prefaced those remarks by saying such a move would only happen under particular conditions. Also the company is still concerned over transaction costs and environmental impact.
- On Friday U.S. Treasury indicated that it plans to exempt crypto miners, stakers and other market participants from rules that would require crypto brokers to share data on their clients’ transactions with the Internal Revenue Service.
- According to Glassnode lead analyst Checkmate, "open interest leverage has been disappearing from futures markets — and with it the risk of getting deleveraged or "liquidated." However, this time reduction is not caused by the rapid price swings which knocked out positions in the past. Instead, investors themselves are choosing to change their strategy.

Bitcoin futures leverage dropped sharply in recent days. Source: Glassnode
- Bitcoin hashrate, which is a measure of the computing power required to mine blocks on the network, jumped to fresh all-time high of 48.11 million terahashes per second (TH/s) on Saturday.
Bitcoin hash rate surged to all-time highs over the weekend. Source:YCharts
Bitcoin failed to stay above the major resistance zone at $45000, which is marked with 61.8% Fibonacci retracement of the upward wave launched in July 2021 and price pulled back to 50 SMA (green line). Should break lower occur, the next target for sellers is located at $40500 and is marked with previous price reactions. Source: xStation5
Ethereum:
- Ethereum transaction fees have dropped to multi-month lows, which could be a sign the token could see a reversal in its price. The figure represents a decline of over 75% of the average fee price since November 2021.

Ethereum transaction fees have reached its lowest level since July 28, 2021, as ETH price dropped below $3,000 which usually correlates with a bounce in the asset’s price. Source: Santiment

Ethereum pulled below psychological resistance at $3000 on Friday and downward move accelerated over the weekend. Price broke below the lower limit of the ascending channel and both 200 SMA (red line) and EMA 100 (purple line). If current sentiment prevails, next target for buyers is locates at $2800 and is marked with 23.6% Fibonacci retracement of the last downward correction. Source: xStation5
Polkadot:
- Polkadot is leading the way in the Web3 ecosystem, laying down the groundwork for a truly open internet. Polkadot’s parchhain auction has connected several blockchains in the DOT ecosystem, powering the connection of decentralized projects.
- Gavin Wood, a co-founder of Ethereum and the creator of Polkadot, believes the altcoin allows people to interact without the need to trust each other.

Polkadot has posted 17% losses over the past week after the price bounced off the major resistance at $23.50, which is marked with previous price reactions, upper limit for the 1:1 structure and 50 SMA (green line). On Friday price broke below psychological support at $20.00, which coincides with 78.6% Fibonacci retracement of the last upward wave. Next support lies at $16.00 level where January lows are located. Source: xStation5
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