Cryptos Today: Bitcoin Holds $21K As Investors Ignoring Three Arrows Default; ApeCoin shoots up 11%

Bitcoin (BTC) dawns this Tuesday (28) traded again close to $21,000, marking the 12th consecutive day that the cryptocurrency is trading below the $22,500 range. According to several analysts, the level has become a resistance, which means that it has become a more difficult barrier to overcome in the short term.

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Despite this, the maintenance of US$ 21,000 is seen with some optimism by those who expected a stronger drop after the news of the default of the hedge fund Three Arrows Capital, which did not pay a multimillion debt contracted with the Voyager Digital platform.

For Simon Peters, cryptocurrency analyst at EToro, Bitcoin suffers from the same disadvantageous combination of underwhelming corporate earnings, inflation and interest rate hikes affecting exchanges this year.

Cryptocurrencies maintain a high correlation with stock indices, particularly those with a heavier technology component. According to Oanda senior market analyst Craig Erlam, Bitcoin’s rallies reflect a general pessimistic sentiment about riskier assets.

The market, however, seems to leave behind the moment of heightened panic surrounding the crises in the Celsius Network lending platform and the Three Arrows Capital crypto hedge fund. Howard Greenberg, president and co-founder of the Prosper Trading Academy, told CoinDesk that the Bitcoin Fear and Greed Index, an indicator that measures market sentiment, is showing a decrease in pessimism.

Experts have begun to welcome the way in which some DeFi projects are weathering the downturn in the crypto market. Arca Research chief investment officer Jeff Dorman highlighted the 20% to 30% increase in some tokens over the past week, in a move led by DeFi assets, NFTs and gaming.

“The unbeliever in me would dismiss these gains as a ‘bear market rally’ or just shorts compensation, but the point is that DeFi protocols and apps have done their job, while centralized swap platforms and not loans,” Dorman wrote. “That’s what led to the leap in DeFi, which spilled over to the rest of the market.

For Dorman, “the carnage over the past six weeks has been very real, but all companies that are currently facing solvency problems are centralized and have a CEO, board of directors or human decision makers.” According to the director of Arca, “lines of code from DeFi or smart contracts are not capable of making the difficult decisions that these companies are making”.

Today, however, investors take profits on these tokens, which trade down as much as 11.9%, in the case of Synthetix (SNX). Uniswap (UNI) fell by 8.9% in the last 24 hours.

  • Watch: What Happened to El Salvador After Bitcoin Crash?

On Bitcoin, Prosper Trading Academy’s Greenberg stated that he is “looking at the 200-week simple moving average at $22,650 as the key price we need to recover and hold to see a return to higher trading ranges across the board.” cryptocurrency sector”.

The assessment is similar to that of the expert in technical analysis of cryptocurrencies Vinícius Terranova. The chart analyst, however, adopts a more pessimistic tone. Speaking yesterday on Crypto+, he pointed out that the $22,500 level should act as a resistance.

If BTC recovers the price to this level, in his assessment, it will be a selling opportunity for investors who aim at the short term – whether those who bought below that level or who have been holding BTC for a longer time and waiting for a window to liquidate their assets. . For now, Terranova said, the expectation is that there will be more casualties ahead.

Bilal Hafeez, CEO and head of research at Macro Hive, thinks similarly. “We are in a bear market, and it is a bear that will likely continue to growl,” the expert wrote in a note, referring to the bear market (bear market), expression of the financial market for a prolonged period of low prices.

Check out the performance of the main cryptocurrencies at 7:10 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 21,422.69 +0.02%
Ethereum (ETH) US$ 1,231.10 -0.74%
Binance Coin (BNB) US$ 239.71 +0.29%
XRP (XRP) US$ 0.3643 -0.63%
Cardano (ADA) US$ 0.5062 -1.78%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
ApeCoin (APE) $5.41 +11%
BitTorrent (BTT) $0.000000968851 +11%
TitanSwap (TITAN) $5.11 +7.9%
Tezos (XTZ) $1.66 +6.8%
Evmos (EVMOS) $2.06 +6.4%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Stacks (STX) US$ 0.452437 -13.8%
Synthetic (SNX) $2.45 -11.8%
Uniswap (UNI) $5.36 -8.9%
Polygon (MATIC) US$ 0.543796 -8.1%
Dogecoin (DOGE) US$ 0.072269 -7.5%

Check out how cryptocurrency ETFs closed on the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 18.32 -2.02%
Hashdex BTCN (BITH11) BRL 26.11 +1.2%
Hashdex Ethereum (ETHE11) BRL 18.86 -0.42%
Hashdex DeFi (DEFI11) BRL 18.90 -0.26%
Hashdex Smart Contract Platform FI (WEB311) BRL 19.35 +2.87%
QR Bitcoin (QBTC11) BRL 6.90 -1.42%
QR Ether (QETH11) BRL 4.61 +0.43%
QR DeFi (QDFI11) BRL 3.63 -5.46%

See the main crypto market news for this Tuesday (28):

Hacker moves part of $100 million stolen from cryptocurrency project Harmony

The hacker behind last week’s $100 million attack on the Harmony network began moving some of the project’s embezzled funds last night, public data visualized on the blockchain shows.

“We are aware that the hacker started moving funds through Tornado Cash. Our team is working with two highly reputable blockchain tracking and analytics partners and collaborating with the FBI as part of an investigation into this criminal act.”

On Monday (27), the explorer moved more than 18,000 ETH, totaling more than US$ 22 million, for three wallets. The coins were then sent to Tornado Cash, a tool that obfuscates crypto transactions, with the three wallets storing only a few ETH.

In the early hours of Tuesday, the explorer moved another 18,000 ETH to a different wallet. Afterwards, around 6,000 ETH were moved to a separate wallet

Exhange Huobi may cut 30% of employees

Cryptocurrency exchange Huobi Global could cut more than 30% of its staff after the departure of Chinese users led to a sharp drop in the company’s revenue, Chinese journalist Colin Wu said today via Twitter.

Huobi is expected to make at least 300 layoffs among the more than 1,000 employees. The company began to gradually stop serving customers in China in September 2021, and completely stopped accessing customers in the country on December 31 after China banned digital currency trading.

Seychelles-based Huobi Global is one of the most important exchanges in the world, with daily trading volume in excess of $1.2 billion, according to CoinGecko.

Central Bank is dissatisfied with changes in the PL of cryptocurrencies

The Central Bank is not satisfied with the excerpts that would have been taken from the text of the Bill to regulate the crypto-assets market, which is being processed in the Chamber of Deputies.

According to the Folha de S.Paulo newspaper, people familiar with the matter claim that the BC expected the rules of asset segregation and mandatory reporting of transactions above R$10,000 to COAF to be kept in the PL, but would have been withdrawn by the rapporteur. , federal deputy Expedito Netto (PSD/RO).

Still according to the newspaper, despite this, according to companies consulted anonymously, the final text can still bring surprises.

The PL vote is again scheduled for this week in the Chamber.

Mercado Pago starts releasing cryptocurrency deposits

Yesterday, Mercado Pago started releasing the function of depositing cryptocurrencies into the service’s wallet from external addresses. Until then, the application only allowed the storage of cryptocurrencies acquired on the platform itself.

According to the company, from now on it will be possible to receive Bitcoin, Ethereum and Pax Dollar from external wallets. The novelty comes a week after Mercado Pago enabled internal transfers between users of the service.

The new functionality of crypto deposits will be made available to users gradually.

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