Market Update February 16: Bitcoin $44,000 Value Still Unstable
The crypto market is showing mixed signals as events in Russia dominate. Prices pushed higher on optimism over the official recognition but then dropped back to reality when concerns about Ukraine arose again.
Elsewhere, the news of hot US inflation figures coming in at 7.5% and a seizure of $3 billion from hacked Bitcoin by the United States’ Justice Department sparked more volatility for traders around the world.
Related Reading | TA: Bitcoin Fails to Test $45K, Why Dips Could Be Attractive
The world’s largest asset management firm is preparing to offer cryptocurrency trading services for its clients. BlackRock has over $10 trillion worth of assets under management, including pension schemes and endowments and sovereign wealth funds. The company said they are working on a new project that will allow people in these groups to access various cryptocurrencies through an online platform without owning any digital currencies themselves.
“We see increasing institutional adoption of crypto assets and blockchain technology, which will continue to grow in future.” The big four accounting firm KPMG Canada has announced its purchase of Ethereum and Bitcoin for its corporate treasury. This is just the beginning as more companies start paying attention to cryptocurrencies.
With the rise of crypto assets, Tennessee has followed Arizona by drafting its Bitcoin bill to allow state and other municipalities to invest in this new currency.
Top Cryptocurrencies Performance
Bitcoin is still recovering from its peak, despite some positive news about regulations in Russia. The flagship cryptocurrency rallied to almost $46,000 early last week after local media reported that Russian authorities would create new legislation recognizing crypto assets as a form of currency. However, the price has since retreated to $43,600 per coin on Wednesday morning (February 16).
The Russian Central Bank has finally come out with an answer to Bitcoin. After previously proposing a blanket ban on cryptocurrency, they are now moving in favor of regulating it instead.
Bitcoin with the aim to break $45,000 support | Source: BTC/USD Chart on Tradingview.com
With the news that Russia could be accepting Bitcoin for natural gas, some analysts are now speculating about even bigger plans. They say this may mark an entrance into cryptocurrency trading and adoption in general.
Over the past 24 hours, all favorite cryptocurrencies were in high spirits, with Ethereum adding almost 4% while Cardano and Solana gained 2%.
The biggest gainer in the top 20 is back on track. After being listed as an asset by eToro, Avalanche’s price rise has continued. It gained around 8% today.
This is the perfect time for you to invest in Shiba Inu. Thanks to their latest mysterious new metaverse project announcement, the coin has finished seven days with 3% gains.
Top Gainers Of The Day
The leader of the top 100 is, without a doubt, Rally (RLY). This innovative social token-oriented protocol lets creators launch their own cryptocurrency and build up digital economies around works.
Rally flew into the top 100 today and is currently at #87. It has added 65% to its value in 24 h, making it one of the most successful cryptocurrency projects so far this year.
Today, the Neo ecosystem grew 11% as it continues to grow and builds upon its role in developing for tomorrow’s Internet. Additionally, Qtum also had an 11% increase, raising even more attention from investors worldwide.
The 26th biggest cryptocurrency by market capitalization, Algorand, will break $1. It has gained 7% in the last 24 hours. It’s also a good day for metaverse tokens like Decentraland (which rose 8%) or Axie Infinity, which added another 8%.
The exchange token, Bitfinex’s UNUS SED LEO, is down 7% today.
Related Reading | Bitcoin Sentiment Reaches Local High, But Can’t Shake Recent Fear
Top Trending Market Update
The most profitable coin of the day is Catcoin. A community-driven meme token created for cats by someone or some group with the tongue-in-cheek name Miaoshi Nekomoto.
Catcoin is a new cryptocurrency making waves in the crypto world. It was introduced with an aim to simplify things for investors and provide them with various tools, which it accomplished by gaining 838% over 24 hours.
The native token of My Neighbor Alice, a farm-themed play-to-earn game on Chromia, is ALICE. The ALICE is another trending token of the day.
Imagine a world where you can buy and own virtual islands. That’s the idea behind a game called ‘The Game Bills.’ It has added 11% onto its value today.
Featured image from Pixabay, Chart from TradingView.com