Crypto market update
Bitcoin neutralized today the bearish candlestick pattern from March 10th, but has failed to initiate any type of significant and sustained rebound so far. Altcoins follow the lead. It seems that all the markets are now waiting for the result of Ukraine – Russia negotiations, which started in Turkey.
Bitcoin (BTC) is now trading at 38,985 USD down by 0.5% in 24h
Ethereum (ETH) is now for 2,601 USD down by 0.1% in 24h
PlatonCoin (PLTC) is now for 0,568 USD no change in 24h
Total marketcap is currently at 1.825 trillion USD down by 0.1% in 24h
(all data valid at the time of publishing, from Coingecko.com)
Daily news update
Goldman Sachs and cryptocurrencies: The Goldman Sachs Group is reportedly looking into expanding its crypto-related services by offering clients bilateral crypto options, according to people familiar with the matter. Goldman’s global head of crypto trading Andrei Kazantsev said in December that there was a lot of demand for derivative-type hedging and developing an options market would be the next step for it.
Binance and sanctions: Crypto exchange Binance has blocked transactions with Mastercard and Visa cards issued in the Russian Federation. The trading platform announced the move after the American payment giants decided to halt operations in Russia over its military invasion of Ukraine.
Inflation and U.S.: Following the record 7.5% high for January, the U.S. Labor Department’s Consumer Price Index (CPI) data shows February’s CPI metrics rose to 7.9%. The CPI data published on Thursday is a new 40-year high and month over month, inflation jumped by 0.8%. President Joe Biden is blaming the inflation spike on Russia’s invasion, as he previously warned “there will be costs at home.”
South Korea and pro-crypto president: South Korea, where more than 10% of the population holds crypto, elected its first crypto-friendly president Yoon Suk-yeol, who has made promises to institutionalize and advance the local industry. Both president-elect Yoon of the right-wing People’s Power Party’s and his main election rival, ruling Democratic Party’s Lee Jae-myung, made pro-crypto promises to win over the votes of a younger, crypto-savvy generation, during their respective election campaigns in what local experts coined Asia’s first crypto election.
U.S. Senate and chinese CBDC: Nine U.S. senators are backing a bill that aims to crack down on China’s central bank digital currency (CBDC), the e-CNY or digital yuan, which they claim could allow Russia to bypass financial sanctions imposed on its banks and entities. However, according to analysts, international users for the digital yuan will most likely be within China’s Belt and Road Initiative or the RCEP, and the bill would have little meaningful impact.