Crypto Market is at Max Pain – Chung’s Weekly Digest (2/20)

Bitcoin fails to maintain above the critical $40k mark and geopolitical uncertainties continue to spook the market.

Constitutional Right

Bitcoin ($BTC) represents a very fundamental right, one that should not be abridged by executive decisions, and the Canadian response to the trucker protest is the perfect example of how tyranny works. Bitcoin and other crypto-assets plummeted amidst news of a freezing order on 34 crypto addresses. 

On the weekend, Bitcoin took another tumble, but this dip should not be interpreted to mean much. On weekends, the market is illiquid, and dips or spikes are often corrected when the market resumes on Monday. 

The Trudeau administration cast a wide net by using the Canadian financial insituttions to freeze access to funds by using emergency orders. This is oppression because the due process of law ought to take place before any sanction can be meted out.  

Canadians from all divides may have differing views on the ‘Freedom Convoy’ protest, but the high-handed executive reaction is a cause for concern. It means fundamental rights can be denied by the executive and this can be carried out through ‘financial censorship’. 

Countries such as Canada often criticize China for their extreme measures in quelling dissidence but behaved no differently. In short, the narrative that Bitcoin has been riding all along is strengthened. Bitcoin means freedom to financial access, free from executive intervention. 

There can be many justifications to ‘legitimize’ state oppression. Financial censorship can be masked under the pretext of anti-money laundering measures, prevention of terrorism, or prevention of tax evasion. 

Whilst this is being carried out, the public sentiment is the actual barometer. People are waking up to realize that financial access is an inalienable right. Bitcoin preserves this right.  

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Weekly Recap

Binance Nigeria advances adoption and development in crypto through education. 

$1.4 million worth of $BNB is burned in a week through BEP-95. 

Decentral Games sells out 1,250 items in seconds. 

Binance Chain and Binance Smart Chain is now the new BNB Chain ecosystem. 

PancakeSwap prepares to launch its first IFO private sales. 

Safemoon unveils new partners and wallet improvements. 

Binance announces Blockchain Week in March to place in Dubai. 

Israel moves to attract blockchain-based solutions through regulation. 

Binance Labs opens its application for the fourth season of its incubation program. 

The SEC strengthen its grip on crypto trading platforms. 

Keystone hardware wallet seals partnership with PancakeSwap. 

Binance launches a high yield staking center that spans across various blockchain ecosystems. 

Market Sentiment

The jittery crypto market is yet again spooked by geopolitical uncertainties in Ukraine and the Canadian government’s move to freeze crypto addresses.  

The market is cautiously optimistic that Biden’s incoming executive order will bring some glimmer of hope to the crypto industry. 

The popular analyst TechDev thinks that a short time horizon should not be used to speculate on Bitcoin. 

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Bitcoin is an innovation. When innovation reaches critical mass it should coincide with the third wave in the Ellio Wave Theory. 

The market psychology has not changed. When the market is most fearful, the biggest gains are often made. 

Coins to Watch

$XRP is still one of the valuable tokens in the crypto market. It currently sits at the sixth spot in terms of market capitalization. 

$XRP has existed since 2012 alongside $BTC and $ETH. It has been badly affected by the lawsuit filed by the US Securities and Exchanges Commission (SEC) against Ripple Lab. 

The current lawsuit seems to favor Ripple, but whatever the outcome is, it is unlikely to present any further downside risk. However, if Ripple is victorious in the suit, the upswing will be significant. 

Thetan Arena ($THG) took a severe beating from the recent price dip. With the quality of the GameFi and the strength of its community, it certainly deserves a fraction of Axie Infinity’s market capitalization. 

Axie Infinity ($AXS) and PancakeSwap ($CAKE) are established platforms that are profitable. Coupled with strong community support these two picks are very low-risk long-term investments.  

Source : bsc.news