A daily round-up of the most important news stories within the cryptocurrency market in the last 24 hours, including analysis of two top cryptocurrencies.
Amid Rising Tension Between Russia and Ukraine, Crypto Bleeds Red
The escalating tension between Ukraine and Russia has rattled the crypto market in the last few days, and during the last day, over $400 billion were wiped out of the market, which, however, were recovered today. Bitcoin, the world’s largest and most popular cryptocurrency also plunged by about $3,000 in a day and reached its new lowest price point since February 3rd at $36,430. Currently, the coin is trading between its consolidation phase in the $36,000-$40,000 range.
However, after losing two significant support in the last 24-hours, Bitcoin hopes for recovery as it has now started trading above the 50-day moving average, as well as, the 100-day moving average.
In the long run, sentiments around Bitcoin are more bullish, as suggested by a Microstrategy analyst on a report published by Deutsche Bank on cryptocurrencies.
On the other hand, though Ethereum was among a few whose price declines were only by single digits yesterday, it was deep in the red yesterday. However, this morning, it has gained close to $100 and is also likely to recover the price, as MA 50 and MA 100 indicator shows.
Despite Downtrend, Locked Bitcoin in Lightning Network Hits An All-Time High
Bitcoin has seen a massive price correction in the last 24 hours, but that hasn’t affected the number of assets locked in the lightning network. As of writing this article, the locked Bitcoin has tripled from 1089 on Feb 27 to 3470 as of writing this article, a new all-time high as per the data from DeFi pulse.
Manchester United to Build A Virtual Football Stadium
The Metaverse craze isn’t showing any sign of slowing down. From musicians to fashion brands, and now a prominent sports club, everyone is making their way to the virtual world. Manchester United, one of the most popular football clubs of England, has shared plans to construct the world’s first football stadium in the Metaverse.
The aim is to provide an opportunity to fans across the world to virtually visit the stadium in the digital world. The project hopes to transform the Etihad Stadium and is expected to be built in partnership with Sony and Hawk-Eye.
Not A Good Day for Kazakhstan Crypto Miners
In a joint operation with Kazakhstan’s authority of Nuclear and Energy Supervision, The Kazakh Ministry of Energy has identified and shut down 13 cryptocurrency mining farms. The move is a response to the country’s effort to regulate the crypto mining sector.
Currently, Kazakhstan is at the second spot with about 18% share in terms of BTC mining in the world, while the US ranks first with over 35% shares.
Deal with Hack or Lawsuit: Bad Day for OpenSea
OpenSea is currently reviewing the phishing attack and shared that the account responsible for the hack hasn’t been active in the past 36 hours. The longer the attacker’s wallet stays inactive, the more difficult it is going to get for the team to track the person responsible for the attack.
The owner of a Bored Ape NFT, Timothy McKimmy, is reportedly suing OpenSea, alleging that the marketplace was aware of a bug that allowed hacks to buy his digital artwork for far below market price. His work went for 0.01 ETH or ~$26.
Timothy goes on to explain that he hasn’t even auctioned his Bored Ape #3475 NFT and has no plans to sell it. Since he claims that the NFT in question is in the top 14th percentile, even rarer than the Bored Ape NFT bought by Justin Bieber, Timothy is seeking to sue OpenSea for over $1 million or wants his NFT back.