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World Eyes Bitcoin as Safe Haven while Global Tensions Continue

The Week in Crypto

Regulators woke up to crypto’s value proposition amid Russia’s continued aggression while crypto markets saw heavy demand with BTC. ETH, DOT and USDT donations pouring into Ukraine.

Crypto Market Summary




  • Cryptocurrency donations flow to Ukraine
  • Global regulators turn attention to crypto
  • Bitcoin shines as safe haven
  • Exchanges push back on blanket bans


Primary market trends:

  • EU Committee on Economic and Monetary Affairs removed the language about banning Bitcoin in the upcoming MICA legislation that is up for vote in March.
  • China's Supreme Court criminalized crypto fundraising, legalizing a 10-year sentence for raising $8 million in crypto.
  • The US Treasury published a money laundering Risk Assessment report confirming that crypto’s use in illegal activities is minimal compared with fiat’s.
  • Major Crypto Exchanges pushed back against pressure to ban Russian users, citing ethics.

Technical Summary

Bitcoin
Bitcoin (BTC) rose 5.22% this week and came close to breaking through the 200-week moving average. While it didn’t quite make it, other indicators told a different story.

BTC_USD_200_Week_Moving_AverageBTC/USD 200-Week-Moving Average

  • Bloomberg announced that trading volume in BTC/RUB (Russian Ruble) soared to the highest level since May of 2021 as relations between Russia and the West continue to deteriorate.
  • Bitcoin decoupled from the S&P 500 this week gaining 11.5% as the S&P 500 dipped by 1.5%.
  • Bitcoin is likely to retrace to the weekly support level of $42,748 in the short term and if BTC price can close above $52k, its long term outlook is bullish.

Altcoins
Most crypto majors saw a significant positive bounce this week as worldwide attention zoomed in on crypto markets as a viable safe haven.

  • Terra (LUNA) token took flight for the second week in a row, jumping over 36% and overtaking Ethereum in staking value at $31 billion in total value locked (TVL).
  • Ethereum (ETH) had a healthy bounce this week breaching the 50-day Simple Moving Average to signal a bullish trend.
  • Privacy coin ZCash (ZEC) spiked over 15% this week, possibly on the news that Grayscale Trust’s Board authorized a $10 million repurchase of Grayscale® Zcash Trust shares.
ZEC_USD_5_Day_ChartZEC/USD 5-Day Chart

Newsworthy:

  • FED Chair Jerome Powell said Bitcoin was like gold and floated the idea that more than one reserve asset may be plausible. Read more.
  • The world's biggest derivatives firm, CME Group, announced it plans to offer micro crypto options trading in March 2022, pending regulatory approval. Read more.
  • UkraineDAO was established to raise funds for Eastern Europe’s growing humanitarian crisis, collecting over $6.5 million in ETH for an NFT of the Ukrainian flag. Read more.

Focus on: WAVES

Waves (WAVES) is a blockchain platform that launched in 2016 to support DApps and smart contracts with a high speed, high-utility network. It’s popular founder, Ukrainian-born Sasha Ivanov, has long been building in the space and was an early stablecoin developer.

  • WAVES price jumped by 94.31% in the last 7 days
  • Has reclaimed the $12.50 horizontal area
  • Resistance line is currently at $24.50
  • Now trading at $19.14
WAVES_7_Day_ChartWAVES 7-Day Chart

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Grid-Trader_Bot_ExplainerQuadency's Grid Trader Strategy

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Quadency is a cryptocurrency portfolio management platform that aggregates digital asset exchanges into one easy-to-use interface for traders and investors of all skill levels. Users access simplified automated bot strategies and a 360 portfolio view with a free account.

Disclaimer: The content of this article is for general market education and commentary and is not intended to serve as financial, investment, or any other type of advice.