Cryptic ball: the hike is out.
The crypto market is practically at the same point as of 24 hours ago, but there have been some noteworthy events. Let's follow them in a new format:
- Firstly, bitcoin bulls tried to overcome the $45k resistance again (which was the point where they were stopped short yesterday), but so far failed.
- Secondly, the rotation game is going on in alts, with most projects also flat or a couple percentage points up or down on the day. However, out of the top 30 coins, Terra's LUNA and Solana's SOL are up 5%, and Fantom's FTM climbed 10%. But that's it and it's not bad in times like these.
- Thirdly, European and US equities are pumping as the Fed's chairman recognised the high uncertainty associated with the Ukrainian war, and so the world's most powerful central bank "will proceed carefully as it learns more about the economic implications" of the conflict. Still, this March we will see a 0.25% hike (remember the market was already pricing in a 0.5% increase).
And here's what I'll be looking out for over the next few days:
- Powell also remarked this war also puts pressure on the US Congress to ensure sanctioned individuals don't use crypto, so let's see how the market reacts to that debate (did you read Chainalysis' mitigatory take yesterday?)
- Ukraine has confirmed it will airdrop a reward (maybe a token or an NFT) to all who donate to their verified addresses (shared here Sunday and available in the airdrop link) by tomorrow, Thursday, 4pm UTC. Donations peaked after the announcement - unfortunately incentives work. In any case, this will generate hype around the bright side of crypto and about NFTs, if that's the reward!
- If bitcoin fails to overcome $45k it will need to find support around $40k for the bullish case to remain convincing. If it overcomes $45k, expect the original cryptoasset to climb to $52k without much resistance. Alts follow both ways.
That's all folks! I'll be back Friday to prepare for the weekend! Oh, and today's title? Well, an Italian university tried to ban a course on the popular Russian author who inspired some of last week's titles. But it has now revoked the ban!
Visual block: the march is out.
Three things: the inflation is out.
- Arthur Hayes is back, and discusses the financial scenarios associated with wars in general and this one in particular. In short, it's unpredictable!
- Jake Chervinsky shares three reasons why "Russia can't & won't use crypto to evade sanctions". In short, there are no incentives for that to happen.
- Route2Fi explains "what Cosmos is, how you should play it, and all the staking opportunities & airdrops". Mandatory study.