Bitcoin (BTC) didn’t rise above $40,000 on Monday as more people tried to sell it. Russia’s attacks on Ukraine have also led to a drop in the value of stocks.
Over the last few days, there have been talks in the United States about putting a stop to Russian oil imports. This caused a big rise in the price of energy. Higher prices at the pump could slow down the economy and make stocks less valuable.
During the last 24 hours, BTC was down 3%, while ether dropped 5%. (ETH). Trading volume hasn’t changed, and analysts say there has been less short-term buying pressure, which could mean that prices won’t go very far.
Still, sentiment and technical indicators are still neutral, which usually means that there will be more volatility soon.
BTC Crypto Arrivals Soared Days Ago
Despite the fact that European funds withdrew money from crypto funds. The quantity of money flowing into crypto funds from new investors tripled last week. And they reaching the highest level in over three months.
There was $127 million in new money in digital-asset investment funds during the week ending March 4, a report from digital-asset manager CoinShares said on Monday. In the Americas, $151 million of money came in, and $24 million came out of Europe.
More than $95 million was added to BTC funds in this way last week for the first time since early December. The ether funds, on the other hand, received $25 million in new money, the most in 13 weeks.
Rally of Altcoin
DraftKings has become a validator for Polygon after the NFT marketplace made $44 million in sales. DraftKings (DKNG) is teaming up with Zero Hash, a startup that makes digital assets, to become a Polygon validator. CoinDesk’s Eli Tan says the plan to make DraftKings a big player on the Ethereum layer 2 has been in place since October.
A record number of whales own Cardano’s ADA token, which is used to buy and sell the programmable blockchain’s decentralized finance (DeFi) protocols. If you have an address with more than one million ADA coins, that number reached a record 12 billion ADA ($9.72 billion) last week, CoinDesk’s Omkar Godbole says. That’s a 41% increase since late January, according to data from the blockchain analytics firm IntoTheBlock.
Dozens of tokens fall as a well-known developer quits. Andre Cronje, a prolific developer, is leaving DeFi. The announcement has caused values for dozens of different tokens to collapse. Maybe for tokens that just have a shaky connection to the DeFi maven, this is true. On Sunday, Anton Nell, a longtime collaborator, said on Twitter that he and Cronje were ending their work in DeFi.
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