The cryptocurrency market went through some massive volatility throughout the past week. This was largely induced by President Joe Biden’s executive order on digital assets, US inflation numbers coming up, and the ongoing war between Russia and Ukraine. Let’s unpack.
Bitcoin’s price was trading around $41,000 at this time last week, but quickly headed south and fell towards $39,000 on Saturday. What followed was a few days of choppy sideways action, and BTC even fell to $37,300 on Monday. On Wednesday, there was a leak of the executive order that US President Joe Biden was expected to sign, and it was very well received by the market.
BTC skyrocketed above $42K in hours as the order itself was more positive than expected, especially amid the ongoing geopolitical tension. However, on the following day, the cryptocurrency crashed to where it was before the pump, printing a classic Bart chart and erasing all gains. During that day, the CPI numbers came out at 7.9% – the highest in decades. The CPI is an index that’s used to gauge inflation, though many believe the actual numbers to be much higher. This caused another storm of volatility where the price went up and then decreased by about $1.3K.
The market was also quite turbulent today as reports emerged that Russian President Vladimir Putin reportedly said negotiations with Ukraine were progressing. This was once again short-lived as the markets retreated.
Altcoins followed Bitcoin’s price for the most part, but ultimately, most of them ended up losing value in the past seven days. BTC is down about 8%, ETH – about 9%, BNB – 7.5%, SOL – 14.6%, and so forth. Luna is the only exception from the top 10, and it’s up 3%.
Overall, there was no shortage of volatility, which also led to the liquidation of many leveraged positions. It is important to remain vigilant as general market uncertainty continues to loom.
Market Data
Market Cap: $1,823B | 24H Vol: 86B | BTC Dominance: 40.7%
BTC: $39,106 (-8%) | ETH: $2,580 (-9%) | ADA: $0.79 (-11.7%)
This week’s crypto stocks you can’t miss
President Biden’s Executive Order on Digital Assets: Here’s What You Need to Know. The White House released a statement of the executive order President Joe Biden must sign on digital assets. The document outlined some key areas where national regulators should work to bring more legislative clarity to the industry.
Here’s Why Polygon (MATIC) Network Was Down for 11 Hours. Polygon’s network was not operational for about 11 hours starting March 10th. The reason for this was a planned upgrade. The team released a temporary hotfix, although a longer-term solution is still in the works.
OnlyFans donates $1.3 million worth of ETH to UkraineDAO. Popular video subscription platform OnlyFans has donated 500 ETH to a decentralized autonomous organization to support Ukraine. As of this writing, the cryptocurrency is worth around $1.3 million in total.
Major Milestone: Over 10 Million ETH Staked in Ethereum 2.0 Deposit Contract. Ethereum 2.0’s depositor contract now contains over 10 million ETH – a major milestone for the network. This is currently worth somewhere around $26 billion, and it leads up to the chain’s full upgrade.
Goldman Sachs plans to offer crypto options to institutional holders. The multinational investment bank – Goldman Sachs – is said to be exploring providing bilateral cryptocurrency options for some of its clients. This will further its involvement in crypto-related derivatives trading options for institutions.
SEC’s Gary Gensler Expects a Regulated US Crypto Market After Biden’s Executive Order. The current Chairman of the United States Securities and Exchange Commission – Gary Gensler – said that the agency will be collaborating with other government organizations to deliver “important public policy goals” in the field of cryptocurrencies, following the President’s executive order.
