Crypto News 03/05: Bitcoin is up 5,800% since Warren Buffett first rejected it with news on Ethereum, Litecoin, Avalanche, UkraineDAO, Diagonal Finance, CBDC
Bitcoin is up 5,800% since Warren Buffet first criticized it for Switzerland’s plans to freeze Russian crypto assets. Here are some highlights from the crypto market.
It has been eight years since legendary investor Warren Buffett first voiced his criticism of Bitcoin.
On March 3, 2014, “Oracle of Omaha” stated in an interview with CNBC that Bitcoin is not a currency. Buffett also once predicted the downfall of the largest cryptocurrency:
“It’s not currency. I wouldn’t be surprised if it didn’t come out in 10-20 years.”
However, BTC is currently up around 5,800% since the billionaire first criticized it. At the time of Warren Buffett’s criticism, Bitcoin was changing hands at $678.
Over the years, the CEO of Berkshire Hathaway has made numerous comments about Bitcoin and has become one of his most outspoken opponents.
BTC price chart | Source: TradingView
Veteran trader Peter Brandt issued a downside warning on March 4 for Ethereum (ETH), the second largest cryptocurrency.
Possibly not good news for the Etherites $ETH
Any Gen Zer or Millennial living in Mom’s basement trading crypto factions will remind me of this tweet in three years pic.twitter.com/RaluLbKZTt
— Peter Brandt (@PeterLBrandt) March 4, 2022
His diagram shows a symmetrical triangle pattern being created. This is a bearish chart with two converging trend lines that are getting closer together as the market continues to make a series of higher lows and lower highs.
Earlier today, Ethereum price slipped to $2,660 on Binance exchange, its lowest level since Feb. 28. It is 44.92% below its all-time high.
Litecoin price remains in bearish patterns: descending triangles. Regardless of whether this pattern appears at the top or bottom of the market, it is considered one of the most bearish. Additionally, it is second only to the Rising Wedge in strength in terms of performance.
LTC Price Chart | Source: TradingView
With any triangle pattern, breakouts usually occur in the last third of the pattern, with volume usually decreasing before a breakout occurs. Pullbacks to retest the breakout are also common.
For Litecoin price, the last support holding up LTC is Tenkan-Sen and the bottom of the descending triangle pattern at $103.
If the market fails to hold this support, the bears are likely to push LTC to the 100% Fibonacci extension in the $70 area.
AVAX’s price action this week can be summed up in one word: cog. This is a common price action when an instrument is in the Ichimoku cloud. The cloud represents uncertainty, volatility and indecision.
This is the area where price tends to fall before officially falling into an uptrend or downtrend. AVAX almost reached its ideal uptrend with a daily close at $91.50 on Tuesday. However, sellers stepped in and dragged AVAX lower.
AVAX Pricing Chart | Source: TradingView
Selling pressure pushed AVAX price below two support levels: Tenkan-Sen and Kijun-Sen. However, neither level is really support if the price turns down. Currently, the last support is the bottom of the Ichimoku cloud (Senkou Span A) at $74.
If AVAX closes below the Ichimoku cloud or below the $74 zone at the end of the week, the bears will surely take control of the market and take AVAX price to the 38.2% Fibonacci retracement level press $57.
Olive Allen, a Russian artist who has lived in the United States for more than 11 years, burned her Russian passport in hopes of raising awareness of the military conflict in Ukraine.
Allen says the country will always be a part of her heart, but she has chosen to sever ties with him due to Russia’s recent actions in Ukraine. Allen stood in front of the Consulate General of the Russian Federation in New York City, burned her Russian passport and planned to auction this video as an NFT, the proceeds of which will contribute to humanitarian efforts in Ukraine.
Your NFT pass auction is on fire take place live on the SuperRare Marketplace on Friday. Allen said she will use proceeds from sales to donate Ether (ETH) directly to Save the Children, which helps children around the world with issues like human trafficking, early marriage, zero education and non-violence.
The NFT auction in Ukraine ended after that mobilize received $6.75 million worth of ETH for a picture of his flag.
The auction process began on February 26th when the NFT flag was listed. It ended on March 2 for 2,174 ETH.
This funding was raised through Partybid, a service that allows people to pool their assets to bid on NFT.
UkraineDAO’s next plans are to use POAP (Proof of Attendance Protocol) for all users who have contributed to the DAO and help to securely transfer funds to support the Ukrainian military.
The organizers are working closely with Come Back Alive to support the Ukrainian Armed Forces.
Diagonal financial news
Non-custodial protocol, Diagonal Finance announced a $2.5 million pre-seed round. The main aim of the platform is to make the registration process seamless for Web 3 focused companies.
Accordingly post Office Officially on the blog, the investment round was led by Mechanism Capital. Other angel investors include: Coinbase Ventures, MetaCartel Ventures, The LAO, Founder Collective, Angel DAO, Messaris Ryan Selkis, Daily Gweis Anthony Sassano.
Diagonal Finance plans to deploy capital in a pre-seed round to strengthen its development team towards beta release. Additionally, the protocol plans to unveil a full suite of products to developers to provide them with the necessary tools and infrastructure to integrate on-chain subscriptions into operations.
Bank of Israel (BOI) disclosure Their analysis of the impact of the proposed digital shekel on bank stability shows that the expected impact is negligible.
However, the bank’s analysis notes a “decrease in the volume of public deposits” held in banks following the issuance of the digital shekel, which will lead to “some increase in interest expenditure” by the banking system.” The same could lead to an erosion of net profits of the banking system, the BOI warned.
While the central bank said it is yet to make a decision to issue a central bank digital currency (CBDC), the BOI announced in its recent statement that it is developing “an action plan” for the issuance of a similar currency.
Switzerland plans to freeze Russian crypto assets
Switzerland has position strongly against the Russians holding cryptocurrencies within their borders and will freeze those assets.
The country joined the EU and US in imposing financial sanctions on Russians after the war started by President Putin. In addition, the country’s authorities have also been monitoring the cryptocurrency holdings of Russian citizens in Switzerland.
Ever since Putin launched a “military special operation” against Ukraine, NATO and the EU have taken tough measures to prevent the country and its wealthiest people (the oligarchs) from accessing services, financial services and even their own.
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