The pandemic and geopolitical uncertainty is driving Bitcoin’s adoption on a global scale.
Market Cap Breaks $2 Trillion
Crypto assets staged a rally pushing the total crypto market cap past $2 trillion with leading altcoins such as Ethereum ($ETH), Solana ($SOL), and Cardano ($ADA) gaining more than 10% from its weekly lows.
Historically, spot market purchases are an indication of a price rally.
Another major driver that sparked the price rally is Russia’s move to integrate Bitcoin and other crypto-assets into its economy. The Russian Prime Minister, Mikhail Mishustin said that such integration is only possible with the cooperation of Russia’s central bank.
The US cannot continue to run the same rhetoric on cryptocurrencies. The sentiment towards crypto assets are changing. Investor protection is better served with an establish regulatory crypto framework.
Many countries, including Russia are starting to turn to Bitcoin and other crypto-assets as an alternative to revive their economy.
Bitcoin’s total hash rate is at an all-time high.
Weekly Recap
CryptoBlades overtakes Axie Infinity in daily users.
Ontario Securities Commission orders Binance to halt its services to Ontario users.
First ever $APE perpetual futures market launches on 01 Exchange.
FTX establishes itself in Australia.
Tennis sensation, Naomi Osaka becomes an ambassador to FTX.
Coinbase faces legal, financial, and political problems.
Crypto.com secures sponsorship for FIFA World Cup.
Kuna Exchange’s founder makes strong allegations against Binance.
Founders of NeoNexus faces scrutiny as the project ceases operations.
Several Colombian users geo-blocked, takes Binance to court.
Malaysia is not prepared to accept Bitcoin as legal tender.
Crypto.com launches campaign to support Ukrainians at the Oscars.
Binance looks at acquiring Brazillian securities firm.
Axie Infinity updates its governance roadmap.
Australia introduces ‘Badge of Approval’ for Australian crypto exchanges.
Malaysia grants licenses to two IEO Platform operators.
Binance lists Biswap.
David Beckham enters the metaverse as ambassador for DigitalBits.
BNB Chain introduces BEP-131.
Latin American moves to Decentraland’s metaverse.
CZ meets Bukele in El Salvador.
Binance launches learn and earn program.
Market Sentiment
Investors are starting to return to the market after a long hiatus.
Shift in public perception of crypto assets are forcing regulators and governments around the world to look into this emerging asset class seriously.
Nation states with ailing economy are turning to Bitcoin as a lifeline.
Companies in Argentina are starting to pay their workers in cryptocurrencies.
Janet Yellen, Secretary of the Treasury to the Biden administration admits that cryptos are playing a significant in investment decisions of many Americans.
Yellen, formerly a staunch critic of Bitcoin has soften her stance and appears to be more constructive in her comments on cryptos in her latest interview with CNBC.
Coins to Watch
Axie Infinity ($AXS) – Axie Infinity is a major play-to-earn platform with a huge ecosystem.
$AXS reached and all-time high of $164.90 five months ago and will likely stage a strong recovery as the overall crypto market recovers.
$AXS is now trading at a 60% discount from its all-time high and the huge gaming community backing this project, it should still be one of the top few crypto gaming platform.
Ethereum ($ETH) – Ethereum is still the leading layer-1 solutions. The much anticipated merge will make Ethereum more competitive.
Investors are still backing Ethereum to be the leading smart contract platform.
Ethereum has the first mover’s advantage over its rivals such as Solana ($SOL), Cardano ($ADA), Avalanche ($AVAX), and Cosmos ($ATOM).
Vitalik Buterin, the founder of Ethereum remains instrumental in charting the direction of the second largest crypto asset by market cap.
Vitalik has his vision set on changing the world for the better, something that he aims to do with the Ethereum network.
“Ultimately, the goal of crypto is not to play games with million-dollar pictures of monkeys, it’s to do things that accomplish meaningful effects in the real world.” – Vitalik Buterin
$ETH’s price movement might mimic $BTC in the previous cycle.
Solana ($SOL) – The Solana network is one of the strongest layer-1 competitor to Ethereum.
$SOL has recently reclaimed its eight position in the coin market cap after being temporarily replaced by $LUNA
Solana despite the criticism it face, continues to attract institutional demand. It is one of the fastest and cheapest smart contract platform in the crypto ecosystem.
$SOL has also recovered strongly and is now trading at above $100.
Source : bsc.news
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