Bitcoin Turned Against the Tide

Ethereum lost 1.3% over the past day, other leading altcoins from the top ten are moving in the range between +1% (BNB) to -4% (XRP). According to CoinMarketCap, the total capitalization of the crypto market decreased by 0.2% over the day, to $1.71 trillion.

The Bitcoin Dominance Index added 0.1% to 42.4%. The Fear and Greed Cryptocurrency Index lost 2 points to 21 in a day and remains in a state of “extreme fear”. Bitcoin has started this week with a drawdown along with a decline in all risky assets on reports of intensified hostilities in Ukraine. In the middle of the day, BTC managed to turn against the tide, winning back the initial failure, despite the decline in stock indices.

FxPro’s analyst team mentioned that over the weekend, the US discussed the possibility of a ban on Russian oil imports, which could lead to a jump in energy prices and slow economic growth. Big players are piling up USDT during the decline of bitcoin in order to probably buy the first cryptocurrency at a lower price, according to Santiment. Including, according to Whale Alert, a wallet with 407 BTC “woke up”, which has not been active since 2013. It may well expect big deals from him in the near future.

One of the founders of Apple, Steve Wozniak, said that most crypto assets are robbery and fraud. However, he has always admired bitcoin and called it in 2020 a “unique mathematical marvel”, but specified that he wasn’t planning to invest in BTC.

by Alex Kuptsikevich, the FxPro senior market analyst.