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Daily Analysis Report 04 Apr '2022

Daily Analysis Report 04 Apr '2022

The Cryptocurrency market began the previous week with an attempt to increase but subsequently fell into a bear market, losing all of its gains. BTC is currently trading at $4450.00 (–3.4%), ETH is around 3200.00 (+0.9%), USDT is around 1.0003 (–0.01%), BNB is around 420.00 (–2.5%), and USDC is around 0.9998 (+0.02%). The total market capitalization has fallen to 2.066 trillion dollars, with Bitcoin accounting for 41.3 percent of that total. 

 

The market is still torn between two trends: aspirations for further investment in the industry as a result of global financial instability and fears of greater regulation of the Cryptocurrency market by the US and EU. The rise in the sector at the start of the week is linked to investors’ retreat from digital assets in the face of rising inflation and the depreciation of fiat currency. After Russian officials hinted that items produced in Russia, including energy, may be sold for Cryptocurrency, the market was looking for big investments. At the moment, such a mechanism is being developed at the highest levels. Turkey could be the first country in which cryptocurrencies are used to conduct business. Several experts feel that the Luna Foundation Guard’s (LFG) 1.1 billion dollar purchase of BTC to maintain the UST stablecoin’s stability also provides short-term assistance to the market. 

Despite investor exuberance, the market began to decline by the middle of the week, and it continues to this day. The EU and US governments are still concerned about the further adoption of cryptocurrencies in society, and they are continually reminded of this, urging the implementation of clear regulations for the digital asset market. The European Systemic Risk Board (ESRB) issued a statement this week warning that cryptocurrencies in general and stablecoins in particular, pose a threat to European financial stability that must be addressed through regulatory action. Earlier this year, US Treasury Secretary Janet Yellen said that cryptocurrencies can be used for unlawful operations, even though they are becoming more prevalent in US investing activity. 

The European Parliament is currently working on modifications to the anti-money laundering (AML) laws that would eliminate anonymity for any bitcoin transaction. The methods to enforce this rule have yet to be established, and the European Central Bank (ECB) has expressed its opposition to such a move. Previously, crypto-currency firms were merely required to identify the beneficiary of transactions totaling more than 1,000 Euros. 

Among other market headlines, it’s worth mentioning the Cryptocurrency community’s scandal, which was sparked by various environmental organizations’ initiatives. As a result, Greenpeace and other environmentalists began a public awareness campaign dubbed “Change the code, not the climate” to persuade the Bitcoin community to abandon the Proof-of-Work algorithm in favor of a more environmentally friendly one. Chris Larsen, one of Ripple’s leaders, backed the campaign and contributed $5 million to its implementation. 

The crypto community was accused of hypocrisy and advancing the interests of its currency by the crypto community in response to this initiative (XRP). Experts claim he was unconcerned about the environment while making millions with environmentally hazardous technologies. Furthermore, the Cryptocurrency community views the attempt to exert pressure on the fifty largest digital enterprises (mining, crypto-exchanges, and so on) as a dangerous move by third parties to impose their will on autonomous digital asset aficionados. 

Most cryptocurrencies’ prices may continue to fall or consolidate this week.

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