Bitcoin’s Ultimate Test at $45k – Chung’s Weekly Digest (3/6)

$SOL is at an oversold territory and is still one of the leading networks for institutional investments. 

BTC Silver Lining

Bitcoin ($BTC) touched $45k on early Wednesday before a forceful rejection to the region of $37.5k in a 3-day slide. Bitcoin is still trying to find its path and narrative that fits its purpose in the wider ecosystem. 

Crypto assets are still struggling to find a narrative that best fits the asset class. If Bitcoin is digital gold, this period of political and financial uncertainty ought to have sent the Bitcoin price soaring. Instead, Bitcoin like any other tech stock, is seen as risk-on assets. The paradigm shift could be a result of the onboarding of more traditional institutional investors. 

If Bitcoin fails to bounce off $39.6k, it will likely drop to $36.3k, the level of support.  

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Weekly Recap

Binance Charity donates $10 million for the Ukraine crisis and launches a Relief Fund. 

PancakeSwap moves towards the reduction of $CAKE emission.

ChroneSwap becomes CyborgSwap after the recent merger. 

FTX launches Futures Fund to distribute $1 billion this year. 

Binance champions crypto freedom and maintains its apolitical stance. 

Thetan Arena releases a custom battle feature. 

AMC to accept $DOGE and $SHIB as payments. 

Hamstercoin recovers and promises legal action. 

Cronus surpasses 400k unique addresses. 

Global Charity DAO raises over $1 million in $SOL for Ukraine. 

BabyDogeCoin grows its discord community past 25k members. 

Electric Capital raises funds for web3 and blockchain businesses. 

Binance affirms its stand to be neutral. 

Binance moves into the Malaysian market through MX Global. 

Crypto.com leads Cosmic Guild’s private funding round. 

Axie Infinity appoints a new director for business development.

Yellen plans to reign in crypto users who avoid sanctions.

Crypto platform locks out users from sanctioned jurisdictions. 

Binance spearheads charity efforts for distressed Ukrainian communities. 

Market Sentiment

Bitcoin holding strong at $39k although indicator shows ‘Extreme Fear.’

The Federal Reserve’s rate hike will take place this month, but the crypto market has priced in this news.

Raising interest rates in times of crisis is always a risky move. The US is on the brink of recession and any misstep by the Fed will be disastrous. 

Putin’s nuclear threat is extremely unsettling and will likely put most investors and traders on hold.

The much-awaited executive order from the Biden administration will unlikely take place as the Ukraine-Russia conflict takes center stage. 

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Coins to Watch

Terra ($LUNA) – demand for $UST continues to rise as participants in the crypto space prefer a decentralized stablecoin. The clout surrounding $USDT will drive adoption for $UST. 

Terra’s ecosystem continues to grow and its native asset ($LUNA) will likely see very strong positive price action. 

Cosmos is a layer-1 solution and the projects on the Cosmos are seeing significant growth. The native asset on Cosmos is $ATOM. 

$SOL is at an oversold territory and is still one of the leading networks for institutional investments.  

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The World Does Not Need War

We live in fear today because we have foolishly placed power in man. This could not be a better testament as to why we deserve better governance. One that is incorruptible. We deserve peace and we deserve to not live in fear. 

To quote H.G. Wells, 

‘If we don’t end war, war will end us.’

Source : bsc.news