Daily news update: March 15th, 2022

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Crypto market update

Bitcoin tried again to break psychological level of $40,000 but was did not succeed and fell below again. Alcoins followed the leader of the market once again and ended up mostly in red numbers, before the sentiment turned. Markets are still very turbulent and there are significant moves in both ways, investors are nervous about the situation in Ukraine and are waiting for the result of next round of talks about truce.

Bitcoin (BTC) is now trading at 39,184 USD up by 1.0% in 24h

Ethereum (ETH) is now for 2,588 USD up by 1.6% in 24h

PlatonCoin (PLTC) is now for 0,628 USD down by 0.3% in 24h

Total marketcap is currently at 1.819 trillion USD up by 0.6% in 24h

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

Daily news update

Cryptocurrencies and store of value: More institutional players are giving Bitcoin and other cryptocurrencies recognition. According to Piyush Gupta, the CEO of DBS Bank, cryptocurrencies like Bitcoin will continue to grow as a significant store of value, much like gold.

Consensys and valuation: In November, Ethereum infrastructure developer ConsenSys raised a $200 million round of funding at a $3.2 billion valuation. Today, the company is worth $7 billion after a $450 million Series D and C financing rounds.

Ethereum and transaction fees: Ethereum fees have been steadily dropping for the last couple of months. Some of this has to do with the recent bear trend that has seen momentum drop across the crypto market. Additionally, activity has begun to balance out on the network as more competitors have popped up, so the strain on the network leading to higher fees last year has been lessened.

Saudi Arabia and China on oil: Saudi Arabia is in discussions with Beijing about pricing some Saudi oil sales to China in yuan instead of dollars, according to a Wall Street Journal report, citing people familiar with the matter. China is a buyer of more than 25% of Saudi Arabia’s exported oil, according to the story.

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