Image Source: Coin Desk
Singapore’s rigorous requirements may deter some cryptocurrency businesses from starting operations in the city-state; investors were grappling with the current events in Ukraine and were looking forward to President Joe Biden’s crypto directive, which was announced on Wednesday. Bitcoin and ether prices climbed marginally, but investors were on edge as they awaited the outcome of the Ukrainian crisis and the signing of a long-anticipated crypto executive order by U.S. Vice President Joe Biden.
Analysis: Singapore’s rigorous attitude to cryptocurrency might dissuade some firms in the field from establishing a presence there, according to some sources. The technician’s point of view: Narrow price zones may be advantageous for short-term Bitcoin trading. Support is at $37,500; resistance is around $43,500-$45,500. Viewers may catch up on the most recent episodes of CoinDesk TV, which include informative interviews with crypto industry executives as well as in-depth analysis. Also, be sure to subscribe to First Mover, our daily newsletter that puts the latest developments in the cryptocurrency markets into perspective.
Bitcoin was marginally higher on Tuesday, despite yet another day of misery and turbulence in Ukraine, as well as economic anxiety throughout the globe. Also, on Wednesday, jittery investors looked forward to President Joe Biden’s long-awaited crypto executive order, which would explain the country’s strategy to regulatory oversight of cryptocurrency. However, at the time of writing, bitcoin (BTC) was trading for around $38,600, representing a modest increase over the previous 24 hours of trade. Ether (ETH) was trading at a little under $2,600, representing a rise of around 2.5 percent over the last 24 hours. The performance of the other significant cryptocurrencies was varied.
After the biggest stock market fall in years, “risk appetite has begun to show signs of life,” according to Oanda Americas Senior Markets Analyst Edward Moya, who sent the following email: “Bitcoin is higher on the day.”
In its attempt to isolate Ukraine’s key Black Sea ports to the south and lay siege to its major cities, Russia has continued to attack military and civilian targets alike, with an increased emphasis on civilian targets. More than two million Ukrainians have left their nation due to the civil war. Volodymyr Zelensky, the president of Ukraine, pledged to “fight to the end, on the sea and in the air,” echoing Winston Churchill, the prime minister of the United Kingdom during World War II, in a dynamic video message.
The United States, Europe, and other nations, who have criticized Russia’s unjustified invasion, have continued to increase economic pressure on the country. Biden said that the United States would prohibit the importation of Russian oil. The price of Brent oil has risen above $130 a barrel, causing energy costs throughout the globe to grow. The average price of a gallon of gasoline in the United States has hit $4.17 a gallon, an all-time high.
A fresh wave of large foreign companies, including McDonald’s (MCD) and Coca-Cola (KO), have announced that they will be suspending operations in Russia shortly. The most recent incidents and the anticipated crypto executive order from the Biden Administration all led to investors’ concerns.
“Bitcoin’s fundamentals are still good,” Moya said, “but many aggressive traders are putting the crypto trade on hold and concentrating on a handful of commodities supercycle plays.” “Bitcoin is developing a trading range, and it may trade between the $35,000 to $45,000 trading range over the next several weeks,” he said.