Crypto Market Week In Review: March 2, 2023
This week is very quiet in the cryptocurrency market. True, on February 24, Bitcoin and Ethereum prices recorded significant red candlesticks, but it was a rapid advance, and Bitcoin still remains above $23,000. Let's see what happened in cryptocurrency this week. View bitcoin and ethereum charts and analyze the most important news.
What happened to cryptocurrency this week?
As every week, we start the week with a quick look at Bitcoin and Ethereum charts.
Bitcoin price in USD this week
Bitcoin price was quiet this week. A long red candle appeared on the chart today. The price of BTC fell over $1,200 in USD from $24,000 to $23,000.
A recovery followed, and since then Bitcoin has traded in a narrow range of $23,000-$23,500, touching the $24,000 level only once on March 1.
So what is the price of bitcoin today? The current price of BTC is $23,453 and the market cap is around $452 billion. According to Coingeco, BTC has a 7-day high of $23,846.37 and a 7-day low of $23,400.96. The dominance of the main cryptocurrency is decreasing and currently stands at 40.48%.
In terms of investor sentiment, fear and greed indicators are showing neutral levels. Currently, compared to last week, it has decreased by 5 points and settled at 51 points.
Ethereum price this week in USD
The situation with Ethereum is similar to Bitcoin. On February 24, ETH recorded a long red candle, but soon recovered. The price of ETH today is $1,647 and the market cap is less than $200 billion. ETH has a 7 day high of $1670.69 and a 7 day low of $1639.59. As we can see, Ethereum is trading in a very tight range. The lead of the second largest cryptocurrency easily increased to 17.7%.
This week's biggest cryptocurrency!
While Bitcoin and Ethereum traded in a narrow range, some altcoins outperformed the leaders. Among the top 100 cryptocurrencies according to Coingecko, the following are the fastest growing.
- SingularityNET (AGIX) - 30% - Tokens surged after Elon Musk's tweet about ChatGPT.
- Stack (STX) - 26.1%
- Manufacturer (MKR) - 18.2%.
- dYdX (DYDX) - 17.9%
- Synthetix Network (SNX) - 15.2%
Frax Share (FXS) and Bitget Token (BGB) have gained more than 10% in the last seven days. The largest composition of crypto-profits is very diverse. This includes AI, DEX and even centralized exchange tokens.
Cryptocurrency news of the week
Now that we've analyzed Bitcoin and Ethereum prices and found out which projects gained the most for the week, let's take a look at the top cryptocurrency news of the week.
New macroeconomic data from the United States
This week we examine new macroeconomic data from the US Bureau of Economic Analysis (BEA). US inflation is not slowing as fast as investors would like.
The so-called PCE deflator (a measure of price changes for goods and services purchased by consumers - the Fed's preferred measure of price increases) was 5.4 percent year-on-year in January 2023, the agency said. A month ago: It was 5.3 percent annually. At the same time, these are the latest data, preliminary estimates show 5 percent. So the data is more than expected in December.
But what do these numbers mean? They show us that inflation is still high in the US economy. Therefore, we expect the move away from US rate hikes to be sooner than we think.
While the average consumer may not be too concerned, investors should be concerned. Ultimately, if inflation continues to rise, the Fed will have to raise interest rates further. This process drives profits in the stock or cryptocurrency market.
But not all are so black. First of all, the market has already increased the interest rate by 2-3 more. As long as they remain below 25 basis points, the market should not react with a large and significant decline. There can only be healthy adjustments on the surface. The question is, do we have the risk of a higher hike, say 50 basis points.
Coinbase is developing its own layer 2 blockchain.
Coinbase, America's largest blockchain, has announced the launch of Base. It aims to be a secure, low-cost and developer-friendly Layer 2 platform.
Base provides a reliable, inexpensive, and developer-friendly way to build decentralized applications. The network will be the "core" for the Coinbase network product and an open ecosystem for those who want to develop the blockchain market. All of this will be based on Optimism, an extensible layer 2 protocol built to improve Ethereum's performance.
The company announced that it will not immediately issue a token for the new network. Reason. Maybe the SEC is crazy. The agency recently attacked cryptocurrency companies for creating "unregistered securities" (ie, real tokens, according to officials).
But why did the stock market decide to take such a step? As he admits, we are talking about expanding the application of blockchain technology to "attract billions of users to cryptocurrencies, dApps." Currently, the problem with this process is that blockchain solutions are difficult to use. The future "must be simple, cheap and reliable".
Ukraine spent 70 million dollars on cryptocurrency in one year.
February 24 marks the end of one year of Ukraine's struggle for independence. During this period, more than 70 million dollars of cryptocurrency entered the country. The money was spent on military equipment and humanitarian aid.
The above figures are taken from the February 24 Chinalysis report. Donors donated $28.9 million in ETH, $22.8 million in BTC, and $11.6 million in USDT stablecoins to Ukraine.
It's not just money that goes directly to organizations that help Ukraine. NFT auctions also play an important role. This includes the sale of NFTs depicting the Ukrainian flag. The total amount of the operation was 6.1 million dollars.
Most of the 70 million dollars given to Ukraine was collected in the first months of the war.
Binance illegally transfers $2 billion. Opinions were exchanged regarding the news published in the mass media
Binance, the world's largest cryptocurrency exchange, has claimed in a Forbes report that the company transferred $1.8 billion without the consent of its users.
What exactly is the problem? According to Forbes, between August 17, 2022 and early December 2022, Binance pledged $1.8 billion in stablecoins to its customers. We're talking about the B-peg USDC token, a "digital copy of USDC, a dollar-peg stablecoin."
Funds were reportedly transferred to Alameda Research and the Cumberland/DRW Foundation. This is a similar policy to the hacked FTX platform that allows its users to use their assets. At worst, this means that the stablecoin is not safe for a certain period of time - it is "empty" money.
Spotify is testing playlists for NFT holders.
Spotify, one of the world's largest streaming platforms, is testing playlist functionality with NFT integration in its latest pilot project. This is an attempt to use NFTs outside of the art world, where tokens are a form of digital art collection and have reached a significant milestone in the history of cryptocurrency and the sector.
The functionality allows you to create playlists that are only available to users with the corresponding NFT tokens. To use it, users need to link wallets like MetaMask or TrustWallet to the Spotify Premium feature (this is a paid subscription option for accounts on these platforms). This makes the curated playlist available only to a narrow and popular audience who have previously decided to buy a certain NFT (for example, a member of a certain artist or group of artists).
Among the projects participating in the pilot program are groups such as FLUF World (whose avatar is a very different animated rabbit), Moonbirds (a project of the famous Silicon Valley startup founder Kevin Rose), Kingship (a group belonging to Bored Monkeys). ). ). cruise clubs) and controller.
However, the idea of the streaming giant using NFTs in its business model has generated a lot of skepticism among the cryptocurrency community. After the turmoil in the cryptocurrency market in recent months, these tokens have spiraled out of control, mainly due to rapid depreciation (in both crypto and fiat currencies). Many believe that the monetization of NFT tokens has taken absurd forms, where the largest tokens have artificially become bubbles with no fundamental value.
News and updates from StealthEX partners
Along with news from the vast cryptocurrency world, we also want to bring you the latest news from our partner Coinpaprika.
StealthEX integration with CoinPaprika COINS wallet
Cryptocurrency data aggregator CoinPaprika has integrated our services into the COINS wallet. What do you mean? You can then buy and sell various digital assets without KYC and easily and securely with COINS directly on StealthEX.
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Remember to do your own research before buying any cryptocurrency. The views and opinions expressed in this article are those of the author.
Bitcoin crypto news Ethereum crypto world newsCrypto Market Week in Review. March 2, 2023 First appeared on StealthEX.