The biggest cryptocurrency and other altcoins fell into red territory after Russian President Vladimir Putin ordered a military operation in eastern Ukraine. Putin made the announcement in a televised speech just as the UN Security Council was urging him to give peace a chance.
With the exception of Terra, all major digital tokens were trading lower. Avalanche plunged more than 7%, while Bitcoin, Ethereum, Cardano and Dogecoin fell 4-5%.
The global cryptocurrency market capitalization today was $1.71 trillion, down 5% in the last 24 hours.
What’s cooking in India
Reserve Bank Deputy Governor Michael Patra said on Wednesday that the central bank’s views on cryptocurrencies could have delayed the government’s cryptoasset bill.
Patra said India will proceed very gradually on the matter as there are concerns about privacy, its impact on monetary policy formulation and energy intensity.
He also pointed out that the Central Bank Digital Currency (CBDC) will be introduced in FY23 as announced by Finance Minister Nirmala Sitharaman in the budget speech.
Additionally, advertisers will now have to highlight a disclaimer for crypto products and non-fungible tokens mentioning that such products are “unregulated and can be very risky,” according to the Advertising Standards Council of India (ASCI). .
ASCI has published guidelines for advertisements related to crypto or virtual digital assets, which will be applicable from April 1. Past advertisements must not appear in the public domain unless they comply with the new guidelines after April 15, 2022.
- Zhejiang province in eastern China has said it is introducing punitive electricity tariffs for crypto miners, following in the footsteps of Hainan province and the Inner Mongolia region, even as that the authorities are trying to eliminate the industry.
- Warner Music Group (WMG) has partnered with blockchain gaming company Splinterlands to develop play-to-earn (P2E) games for its roster of artists, the company has announced.
Mirroring traditional markets, crypto market capitalization dipped into the red as geopolitical uncertainties grew, establishing an increasingly interconnected relationship between digital assets and financial markets, the CoinDCX research team said.
With no end in sight to the ongoing geopolitical conflict, the traditional market and the digital asset sector could face prolonged uncertainty over the road ahead, he added.
Technical view by Giottos Crypto Exchange
One of the most popular metaverse projects in the crypto space, The Sandbox is a play-to-win game where players create their own games, digital assets, and can customize them.
It uses SAND – its native token – to facilitate player transactions and engagement. Its popularity can be evidenced by its performance in 2021, where it rose from $0.04 to an all-time high of $8.51, an increase of 24,000%.
Since then, however, it has also corrected nearly 70% as it bounces between a long parallel channel after an ABC Elliot corrective wave and struggles to stay afloat as Bitcoin’s bearish moves affect the broader FX market. altcoins. Like many other altcoins, however, it appears to be headed for a double bottom.
This level is confluent with the middle of the parallel channel and could push it through resistances at $3.96 and $4.82 if the uptrend resumes. In the bearish case, its recent low of $2.55 is crucial. If this level is lost, the next viable support is at $2.34 and $2.03.
Support: $2.55, $2.34, $2.03
Resistance: $3.43, $3.96, $4.82