BitcoinBites: 5 BTC stories you should know – March 2nd, 2022
$4.1 million in cryptocurrency funneled to Ukrainian military since Russia invaded
Research shows that $4.1 million in crypto has been raised by nongovernmental organizations and volunteer groups in Ukraine since the invasion began, including a single $3 million donation early Friday.
On Thursday alone, one NGO received over $675,000 in bitcoin, and by Friday morning, that number had ballooned to more than $3.4 million thanks to that one-off $3 million donation.
BTC price now has support above $40K as data shows Bitcoin ‘redistribution event’
Strong hands have now bought up practically all the supply from those who bought BTC at November’s all-time highs and since capitulated.
Bitcoin (BTC) is “looking pretty good” as the week progresses as bulls line up challenges for several significant resistance levels.
In an update to Telegram subscribers on March 2, Filbfilb, an analyst at trading suite Decentrader, joined increasingly bullish sentiment around the outlook for BTC/USD.
Trader focuses on levels above $40,000. After surprising the market with a breakout Monday, Bitcoin has risen to challenge February highs. While so far not beating them, investors and traders have reacted extremely positively to the news, and sentiment gauges show a swift transformation taking place on the market.
For Filbfilb, the prognosis is just as rosy after BTC/USD passed both the 50-day moving average (MA) and a “massive” weekly level, both of which could now function as support.
Demand for Bitcoin ETFs in Canada increases
In Canada, the Purpose Bitcoin ETF (BTCC) hit an all-time high in demand yesterday.
The spot ETF was the first of its kind in Canada and has 32,329 BTC and continues to expand.
The case of the Bitcoin ETF approved in Canada
Since Putin’s first statements to the world, the ongoing war in Ukraine has intensified the volatility of Bitcoin’s price.
Yesterday, the cryptocurrency lost further ground against the backdrop of demand and the value of related ETFs.
In Canada, relative to the previous year, the Purpose Bitcoin ETF jumped 31% and holdings reached US$1.3 billion, a truly remarkable achievement.
Bitcoin decouples from traditional markets amid Russia-Ukraine conflict
The leading cryptocurrency, Bitcoin, has enjoyed a 15% rise over the past week. Conversely, traditional markets in the S&P 500 and the Nasdaq have not fared nearly as well.
The split in price performance has also led several crypto enthusiasts to revisit the narrative that the orange coin is the best safe-haven asset in the world. That's because these assets cannot be seized, censored, or inflated by governments and private enterprises, making them particularly attractive in times of conflict.
Data from CoinMetrics now suggest that this trend may very well have legs.
When comparing the S&P 500 and Bitcoin, the two hit their highest correlation on February 22 before taking a steep tumble through the week.
Most Bitcoin investors who bought at all-time high have sold
It's been almost four months since Bitcoin nearly touched $69,000—an all-time high—and, according to a new report, it now appears that most top-of-the-market buyers have since unloaded their coins.
According to on-chain analytics provider Glassnode, more than half of the coins once bought for about $60,000 have since been resold for about $35,000 to $38,000. Meanwhile, multiple indicators showed remarkably strong hands from long-term holders, even in the face of geopolitical conflict.
Bonus: Lawmakers have removed the 'Bitcoin ban' from latest version of EU's crypto legislation
Legislative language that appeared poised to bar proof-of-work tokens from the EU is gone from a bill that is set for votes in coming weeks.
In news that BTC-Echo broke and European MP Stefan Berger confirmed on March 1, the latest version of the EU's "Markets in Crypto-Assets" or MiCA directive has been stripped of a passage that many feared would lead to a ban on cryptocurrencies that use proof-of-work — namely, Bitcoin.
The rapporteur for the legislation as the head of the ECON Committee, Berger last week delayed votes that he had scheduled for February 28 in response to outcry over the offending language. Today, in announcing that the paragraph in question had been removed, he also said that the committee still needed to vote on the provision.
For the latest Bitcoin prices, check out NDAX's BTC Price page