Bitcoin reaches $41.7K as Ethereum closes $3K
Bitcoin ( BitcoinTC), saw an upbeat action during the Wall Street trading session of March 18, in line with predictions that higher levels would be retested.
BTC/USD 1-hour candle charts (Bitstamp). Source: TradingView
Placed bets on $46,000
Data from Cointelegraph Markets Pro, TradingView showed that BTC/USD rose $1650 from daily lows to almost matching the $41,700 high in March 16.
This move buoyed traders who started to strengthen their short-term view that levels near the top Bitcoin’s 2022 trading range were being challenged.
Pentoshi, a popular trader, said that such a result did not indicate that BTC/USD has ended its downtrend.
“Macro headwinds are still too strong, but midterm I think we rally before any shot at new or prev lows. He stated that he leans towards the up and down imo late Q2 to followers on Twitter.
Cold feet over micro conditions became a major concern this week, according to Cointelegraph. There were multiple predictions for a major drawdown in major assets, including BTC, this year.
Matthew Hyland, an analyst, noted that support was increasingly being offered by the $40,000 resistance.
It appears that #Bitcoin used previous resistance ($40.3k), as new support in the last few days
Lets see if continues to rally: pic.twitter.com/PkkVYZ1LCG
Matthew Hyland (@MatthewHyland_).
March 18, 2022
Crypto Ed had previously provided a near term forecast of $43,000 BTC/USD, before a potential new consolidation period and then an exit up or down.
He showed them breaking out of the “bull flag” formation they had been in for several days in a later update.
However, Ether ( ETH) was the more interesting focus of the day.
#BTC
Patience is a virtue, but finally breaking out of that bull flag pic.twitter.com/tCH9kVt7W6
— Ed_NL (@Crypto_Ed_NL)
March 18, 2022
Bitcoin was at $41,500 as of the writing. Volatility is still high.
All aboard for the summer “altseason?”
Altcoins: The top ten cryptocurrencies ranked by market capital saw varied movements in March 18.
Similar: Bitcoin could experience a $37.5K weekend drop before a ‘bigger movement’ next week — report
Avalanche ( AVAX), and ETH led the list. They each climbed over 5% within 24 hours. However, other tokens were generally flat.
The ETH/USD traded at $3,000, up 15% in the last week.
ETH/USD 1-day candle chart (Bitstamp). Source: TradingView
These moves rekindled talk about “altseason”, with many commentators calling for a new golden age for altcoins in coming months.
Popular Twitter account BTCFuel suggested that the Summer could be a peak in prices.
2/ I will be using charts of #Bitcoin, #Ethereum, and the dominance #altcoins from the various past altseasons to determine when the next #altseason peak will occur. By aligning them “correctly” structure-wise, I found this provisional target zone when the peak should happen pic.twitter.com/8H1MyPONiF
— BTCfuel (@BTCfuel)
March 17, 2022
Bitcoin (BTC) saw brisk upwards action during the Wall Street trading session on March 18, conforming...
The Musk-Saylor Inflation Debate: Crypto vs. Physical
Rising inflation is threatening to further eat up the purchasing power the global fiat ecosystem. This makes it imperative that we find the right hedge against a declining economy, especially for the general population around the globe.
Elon Musk , Tesla CEO, asked about the likely inflation rate in the next few years to gauge global investors’ perceptions. American billionaire and MicroStrategy CEO Michael J. Saylor shared his views on the subject. He stated that with rising inflation, the capital cash flow would shift away from traditional fiat to more scarce assets like Bitcoin ( TTC).
The rate of asset inflation and USD consumer inflation will be double that of the previous year. Weaker currencies are likely to collapse and capital will flow from cash, debt, and value stocks to rare property like #bitcoin.
Michael Saylor (@saylor).
March 14, 2022
The last six months have seen unprecedented inflationary pressure in major economies, including the United Kingdom and Turkey, Russia, and the United States. This is due to global uncertainties and disruptions caused by cross-border conflicts as well as the COVID-19 pandemic.
Musk responded to Saylor’s suggestion for investing in rare assets to combat rising inflation of the United States dollar.
The discussion was open to the public, who dismissed Saylor’s suggestion that BTC be used as an inflation hedge due to personal investments. Musk however acknowledged that investors can maintain their purchasing power by investing in physical property and company stock, which are both scarce assets.
For those seeking advice, this thread will generally advise that it is better to have physical items such as a home or stocks in companies that make quality products than to invest your dollars when inflation is high.
I don’t intend to sell my Bitcoin, Ethereum, or Doge fwiw.
Elon Musk (@elonmusk).
March 14, 2022
Musk also shared his intention to keep hodling Ether ( EETH) and BTC ( DOGE), amid rising inflation, “for what it’s value.”
Tesla will sell some merchandise with Doge. We’ll see how it goes.
Elon Musk (@elonmusk).
December 14, 2021
Musk announced in December 2021 that Tesla would accept DOGE as merchandise. This sparked the price of the meme token by 25%.
Doge/USD 1-hour candle chart (Bittrex), December 2021. Source: TradingView
Musk’s recent tweet supporting cryptocurrencies has not had any positive effect on the declining prices.
Related: Dogecoin Foundation trademarks logos and name within the EU
Dogecoin Foundation registered the trademarks “Doge,” Dogecoin, and the associated logos in order to increase the legitimacy of the ecosystem.
We were forced to register the logos created by Christine Ricks for Dogecoin because of the increasing number of attempts made in bad faith to register trademarks for “Doge”, Dogecoin, and other names. This was to ensure that all good shibs are protected within the @Dogecoin community. 2/2
Dogecoin Foundation (@DogecoinFdn).
March 2, 2022
Cointelegraph reported that Jens Wiechers, a member of the Dogecoin executive committee, stated that the move was to stop unaffiliated individuals attempting to register the names and to use trademarks to commit extortion.
As rising inflation threatens to eat up further the purchasing power of the global fiat ecosystem,...
During ongoing war, Ukraine accepts Bitcoin, Ethereum and USDT donations
The Ukrainian government reached out to the cryptocurrency community via Twitter in the first week after the Russia-Ukraine conflict to raise funds for its troops and civilians. Ukraine now accepts donations in Bitcoin ( TTC), Ether( ETH), and Tether ( USDT).
Ukraine sought international assistance amid military threats in the country. But, time is critical and the official Twitter account for Ukraine has extended its request for assistance to Crypto Twitter.
Support the Ukrainian people. Accepting cryptocurrency donations Bitcoin, Ethereum, and USDT.
BTC – 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH and USDT (ERC-20) – 0x165CD37b4C644C2921454429E7F9358d18A45e14
Ukraine / Ukrayina, (@Ukraine).
February 26, 2022
Mykhailo Fedorov (vice prime minister of Ukraine) also shared three wallet addresses. He urged the crypto community for donations to help Ukraine defeat Russian troops. The BTC and ETH addresses are the same. However, the USDT wallet address was TRC-20-based. It is different from the address shared on Ukraine’s official Twitter account.
Support the Ukrainian people
Accepting cryptocurrency donations Ethereum. Bitcoin and Tether (USDTtrc20).
BTC — 357a3So9CbsNfBBgFYACGvxxS6tMaDoa1P
ETH — 0x165CD37b4C644C2921454429E7F9358d18A45e14
USDT (trc20) — TEFccmfQ38cZS1DTZVhsxKVDckA8Y6VfCy
— Mykhailo Fedorov (@FedorovMykhailo)
February 26, 2022
Vitalik Buterin (prominent crypto entrepreneur), initially believed that accounts asking for crypto donations had been hacked. American diplomat Tomicah Tillemann confirmed that the accounts were legitimate with Olexander Scherba, the Ukrainian Ambassador.
It’s been confirmed by a few sources. For now, I am deleting my warning. Keep alert and be careful when sending irreversible cryptocurrency transactions. https://t.co/Odv5pxf3mp
— vitalik.eth (@VitalikButerin)
February 26, 2022
Ukrainian civilians-turned-refugees have reported the loss of access to their fiat savings and credit cards. As of Saturday, more than 150,000 people had been forced from Ukraine by the United Nations.
My Ukrainian credit cards are no longer valid. Although I am physically safe in Kazakhstan, all of my savings have disappeared.
Crypto is my only source of money, and I can confidently say that $BTC and $ETH will save my life, even if I’m unable to return home.
— ARTYOM FKsDOSOV, @usleepwalker
February 25, 2022
Although there has been confusion about the intended uses of crypto donations, Buterin shared another initiative. This is a decentralized autonomous organisation that focuses exclusively on Ukrainian citizens.
Here’s your chance to help the Ukrainians! Proceeds will go to civilian efforts to help Ukrainians affected by the war. https://t.co/GD7Qlw61nT
— vitalik.eth (@VitalikButerin)
February 26, 2022
UkraineDAO was launched by Nadya Tolokonnikova of Pussy Riot. It started with the release a one-of-1 nonfungible token (NFT), of the Ukrainian flag in order to raise funds for Ukrainian civil organizations that help victims of war.
Cointelegraph reported on Thursday that the Ministry of Defence of Ukraine had received many requests from asking for crypto donations.
Crypto donations can be very helpful. It’s fast, secure, and easy.
Also, consider this method
— timo (@tymo_tt)
February 24, 2022
Unconfirmed but believed to be true, donations to addresses shared by Ukraine may be used directly by government officials, while DAO proceedings will be directed towards citizens’ welfare via NGO.
Related to The reaction of the Crypto community to Russia’s war on Ukraine
Prominent crypto entrepreneurs have made proactive efforts to help the Ukrainians since Thursday. Sam Bankman-Fried, CEO of FTX, was the first to offer monetary support for FTX traders in Ukraine.
We just donated $25 to each Ukrainian on the FTX
Do what you have to do
— SBF (@SBF_FTX).
February 24, 2022
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To invest effectively means putting money into the expectation of a return in future. Simply put, to invest in shares means buying an entity or an asset with the intention of generating profit from the investment over a specified period of time or the return of your initial investment.