Crypto market update
The crypto market capitalization is up by almost $400 billion in several days while reports indicate that Russians have turned to Bitcoin. As of now, BTC stands at around $43,500, and its market capitalization has soared well above $800 billion. Bitcoin surged during the last two days by more than $6,000 and broke back above $40,000. Most altcoins marked substantial gains as well, with Ethereum nearing $3,000.
Bitcoin (BTC) is now trading at 43,251 USD up by 12.6% in 24h
Ethereum (ETH) is now for 2,819 USD up by 12.3% in 24h
PlatonCoin (PLTC) is now for 0,563 USD up by 4.1% in 24h
Total marketcap is currently at 1.988 trillion USD up by 9.6% in 24h
(all data valid at the time of publishing, from Coingecko.com)
Daily news update
Bitcoin and ATMs: Bitcoin ATM installations in the first two months of the year have historically increased year-over-year, as evidenced by data from Coin ATM Radar. The trend, however, breaks this year. Considering only January and February 2022, a total of 1,817 crypto ATMs have been installed worldwide. In the same timeframe last year, 2,435 crypto ATMs were installed, which is 618 ATMs more when compared to this year.
Bitcoin and whales: The number of blockchain wallet addresses with hoards of more than 1,000 bitcoin — around $43 million — surged on Monday as Western nations stepped up sanctions on Russia’s government and wealthy elite. The figure increased by nearly 5% to a total of 2,226 on February 28, it has not been that high since June 2021.The number of addresses with more than 100 bitcoin stored has also risen, but more modestly, with a 1.3% bump taking the total to 15,953, per Coin Metrics. Based on the data, it is the very largest wallets that are proliferating at the fastest rate.
Bitcoin and Rouble: Bitcoin has overtaken the Russian Ruble after a set of geopolitical events marked by a big price recovery and a major crash of the russian fiat currency. A simultaneous recovery of almost 15% in Bitcoin’s price over the last 24 hours subsequently pushed it above the capitalization of the Mexican peso and the Thai baht later on. The entire crypto market would rank #5 on the list with a combined worth of $1.9 trillion. Gold is the undisputed king with $12.1 trillion in capitalization.
United States and inflation: US Inflation hit a 40-year high this month and the Fed is still buying bonds. Their balance sheet hit another record high this week at $8.93 trillion, more than doubling over the past 2 years. Inflation is likely going to be worse than initially feared this year, Goldman Sachs explained in a report published on Sunday. Moreover, in terms of inflation coupled with the Ukraine invasion, an economics professor at American International College (AIC) stressed there’s “a perfect storm brewing.”