Arslan Butt
Bitcoin’s losing streak persists, with the digital asset poised to end the week on a bearish note. Investors are opting for safer investments amidst growing macroeconomic uncertainty, fueled by higher-than-anticipated inflation figures. The drop in Bitcoin‘s value followed the release of Personal Consumption Expenditures (PCE) data, which indicated a more significant price increase than anticipated.
Furthermore, Bitcoin options contracts worth approximately $1.8 billion will expire today, which may trigger short-term volatility in BTC’s price movement.
Let’s take a closer look at the market’s fundamental and technical aspects.
60% of Ukraine’s Weapons and Equipment Suppliers Accept Cryptocurrency as Payment
While the usage of cryptocurrencies for donations and purchases is not new, the continuing crisis between Ukraine and Russia has highlighted the advantages of digital currency for military aid. When Russia launched its invasion of Ukraine in February 2022, the Ukrainian government took to social media to solicit donations in bitcoin, Ethereum, stablecoin, and other types of cryptocurrency. Almost 100,000 people contributed to the Ukrainian military endeavor, which was met with tremendous support.
According to Alex Bornyakov, Ukraine’s Deputy Digital Minister, cryptocurrency has been utilized not just for donations but also for the purchase of military equipment such as helmets, bulletproof vests, and optical sights. Bornyakov added that around 60% of military gear suppliers were capable of receiving cryptocurrency payments, giving the government a considerable edge as the fight continued.
Billionaire Ray Dalio Slams Cryptocurrencies as Ineffective Stores of Wealth
Billionaire hedge fund manager and co-chief investment officer of Bridgewater Associates, Ray Dalio, has criticized Bitcoin and other cryptocurrencies, calling them ineffective stores of value that “don’t replicate anything.” In an interview with We Study Billionaires, Dalio, who has a net worth of over $19 billion, highlighted the importance of distinguishing between blockchain technology and digital currencies, stating that the former is “great.”
$BTC NEW ARTICLE : Billionaire Investor Ray Dalio Slams Bitcoin, Other Cryptos as ‘Not an Effective Storehold of Wealth' https://t.co/6zsq6cI4De pic.twitter.com/EOM9IszPtQ
— STCK.PRO (@StckPro) February 25, 2023
Dalio also noted that despite its relatively small market capitalization of just over $1 trillion, the cryptocurrency sector receives an excessive amount of attention. For perspective, he compared this to Microsoft’s current market capitalization of $1.8 trillion. At present, the largest company by market capitalization is Apple, with a market cap of $2.3 trillion, followed by Saudi Arabia’s oil giant, Saudi Aramco, with a market cap of $1.86 trillion.
Dalio’s criticism of Bitcoin and other cryptocurrencies may have some impact on the price of Bitcoin, as his statements could influence investor sentiment.
As a prominent and influential billionaire in the financial world, his remarks may be taken seriously by some investors and could result in a decrease in demand for Bitcoin and other digital assets. However, it’s important to note that the cryptocurrency market is complex and influenced by many factors beyond the opinions of any one individual.
Bitcoin Price Analysis: Technical Perspective
At present, Bitcoin is being traded near $23,000, with a 24-hour trading volume of $18 billion and a 0.50% increase in the past 24 hours. On the lower side, Bitcoin’s immediate support prevails at the $22,800 level. On the lower side, the BTC/USD pair’s breakout below the $22,800 mark can expose the BTC price toward the next support area of the $22,150 level.
Bitcoin Price Chart – Source: Tradingview
While the resistance level holds around $23,500 level. Since the BTC/USD pair has entered the oversold zone, BTC may bounce off and slice through the resistance level of $23,500 level and lead to a $24,250 level.
Ethereum Price Analysis: Technical Perspective
The live Ethereum price today is $1,598 with a 24-hour trading volume of $5.8 billion. Ethereum is up nearly 0.50% in the last 24 hours. The current CoinMarketCap ranking is #2, with a live market cap of $195 billion.
The technical outlook for the ETH/USD pair indicates a significant resistance level at $1,620, which is reinforced by the 50-day EMA. If the pair closes below this level, it could trigger a selling trend for Ethereum.
In terms of support, the immediate level for Ethereum is at $1,570, and a break below this level could expose it to the next support level of $1,515.
Ethereum Price Chart – Source: Tradingview
On the other hand, if the Ethereum price breaks above the $1,625 resistance level, it could move toward the next resistance level at $1,674. Above this, the subsequent resistance level is at $1,740.
Top Crypto Alternatives to Bitcoin for Today’s Investments
In addition to BTC and ETH, there are several altcoins in the market that show significant potential. The B2C team has conducted a thorough analysis and compiled a list of the top cryptocurrencies to watch for in 2023.
See Best Crypto to Invest in 2023
Related
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This article was written for Business 2 Community by Arslan Butt.
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