Daily news update: March 10th, 2022

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Crypto market update

After yesterda’s sudden jump to $42,000, Bitcoin sharply dropped back to $39,253 with altcoins following the lead once again. Total liquidations of positions on the market reached $60 million in 1 hour.

Bitcoin (BTC) is now trading at 39,181 USD down by 7.2% in 24h

Ethereum (ETH) is now for 2,602 USD down by 5.1% in 24h

PlatonCoin (PLTC) is now for 0,568 USD down by 0.1% in 24h

Total marketcap is currently at 1.826 trillion USD down by 5.1% in 24h

(all data valid at the time of publishing, from Coingecko.com)

Daily news update

Central banks and crypto markets: Bitcoin and altcoins slid again before Fed’s and ECB’s decision on the basic interest rates. Historically, the Federal Reserve (Fed) has had the biggest impact on crypto markets and ECB rate decisions have had little to no relevance. However, Thursday’s decision is different, according to one observer. At present, we already know that the Fed will raise interest rates, so no matter how the U.S. market changes, this thing will happen. The most considerable influence at the moment may be the hawkishness of the European Central Bank this week.

Whale and market dip: Bitcoin’s third-largest whale continues to accumulate the primary digital asset. According to data from BitInfoCharts, over the last two days, the whale has purchased over 750 BTC worth about $29 million, bringing the total stash to about 127k BTC worth $5 billion.

Hedge funds and crypto: Veteran traders including Alan Howard and Paul Tudor Jones are said to be increasing their trading in cryptocurrencies. According to Coinbase’s numbers, “institutional investors as a whole traded $1.14 trillion of cryptocurrencies in 2021, up from $120 billion the year before, and more than twice the $535 billion for individual investors.”

Justin Sun and insider trading: Justin Sun was accused of insider trading and gaming the crypto market system. Sun, who co-founded cryptocurrency Tron and also owns BitTorrent and Poloniex, has broken almost every rule in the book since he started his crypto journey. Sun has responded to claims in the article stating that most were fabricated.

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