Bitcoin (BTC) market dynamics and the main factors influencing it. Some interesting statistics on the first cryptocurrency. New Binance license and legalization of cryptocurrencies in Ukraine, NFTs on Instagram, and other events — CoinsPaid Media has prepared for you a selection of the most critical events that happened from March 12 to 18.
Crypto News for Crypto Optimists #15

Bitcoin (BTC) Gets Stronger

Bitcoin has gained some strength over the past seven days. Until Wednesday, March 16, the first cryptocurrency was trading at around $39.000, though the value fluctuated in the range of $1.500. The rate rose sharply on Wednesday, exceeding the mark of $41.000, and then suddenly fell back to $39.000. On Thursday, quotations jumped above $41.000 again. 

The news about the Fed raising the key interest rate returned BTC price to $39.000 for a short period of time, but the growth of major stock indexes also affected Bitcoin. As a result, the price of the first cryptocurrency has consolidated at above $40.000, where it is trading on Friday, March 18. Over the last seven days, the growth was about 4%. 

Interesting Statistics on Bitcoin 

Three intriguing statistical markers emerged during the week concerning the first cryptocurrency: 

  1. Bitcoin inflation fell to 1.7%, as reported by Rafael Schultze-Kraft, co-founder of Glassnode. He said the figure continues to decline, following a programmed pattern. By comparison, US inflation rose nearly 7.9%, according to the US Department of Labor report on March 10. That is a record high in the past 40 years.
  2. Bitcoin has risen ten times in two years. On March 13, 2020, the price of the first cryptocurrency dropped to $3.700. This came after the WHO announced a coronavirus pandemic. The asset was trading at around $39.000 on March 13, 2022. Moreover, this is only 56% of the historical maximum, recorded in November 2021 at above $69.000. 
  3. About 99% of all trading volume in the Bitcoin network accounts for transactions above $100.000. Analysts at IntoTheBlock reported this. According to their data, this may indicate that institutional investors actively use the cryptocurrency.

Prospects for Terra (LUNA)

Exciting news has unfolded around the blockchain project called Terra and its cryptocurrency LUNA. Crypto traders Kaleo and Altcoin Shepra expressed their opinions that Terra remains in an uptrend, while LUNA can grow by at least 70% and update its all-time high. 

Do Kwon, Terraform Labs CEO, also has confidence in his project’s growth. He bet $11 million with crypto traders Sensei Algod and GiganticRebirth that LUNA would be above $88 a year from now, exactly what the token was worth at the time of the bet. 

Yuga Labs Expands

Yuga Labs, which launched the largest NFT collection, Bored Ape Yacht Club, announced this week that it had acquired the NFT rights to Larva Labs’ CryptoPunks and Meebits collections. CryptoPunks has long been a leader in the NFT art segment and just recently yielded the palm to Bored Monkeys. Yuga Labs also revealed the launch of their metaverse and the release of APECoin tokens (APE), which are already scheduled to be listed on Binance. 

NFTs on Instagram

During a panel at the South by Southwest Festival in Austin, Mark Zuckerberg, CEO of Meta, said that the introduction of NFTs on Instagram could be expected in the next few months. In theory, it will be possible not only to use NFTs on the platform but also to create new ones there. 

Binance License 

The Central Bank of Bahrain has issued a license for crypto exchange Binance, as reported by local media. The company will now be able to provide customers with services for trading, storing and managing crypto assets under the supervision of the Kingdom’s financial regulators.

Bahrain became the first Arab state of the Persian Gulf to license Binance. The platform also plans to obtain a permit to operate in Dubai. 

Ukraine Legalizes Crypto

Ukrainian President Volodymyr Zelensky signed the law “On Virtual Assets,” which was previously adopted by the Verkhovna Rada. Under the new rules, the National Bank and the National Securities and Stock Market Commission will regulate the cryptocurrency market. The law will come into force after introducing changes to the Tax Code. This will actually legalize the cryptocurrency market in Ukraine.

Note that this is not all the crypto news over the past week, but only a cursory overview of the most high-profile newsbreaks. More updates can be found on our website and social networks daily!

Author: Evgeny Tarasov
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