The cryptocurrency market digest (BTC, ETH, Floki Inu, Shiba Inu). Overview for 04.03.2022

Over the last 24 hours, the BTC rate lost almost 5%. On Friday, it is moving at $41,425; investors have been selling the asset for the third consecutive session. One of the reasons for that might be a close correlation between Bitcoin and the US stock market, the NASDAQ index in particular. Another possible reason is that the global sentiment remains tense and it does little to active purchases.

The technical chart of the BTC confirms a sideways channel between $35,000 and $45,000. A trend reversal may be considered only after the price returns to $50,000.

As of today, the total cryptocurrency market capitalisation is $1.9 trillion (-5% if compared with yesterday).

Bitcoin chart online

ETH: global withdrawal and the price surge

From 22 February to 1 March 2022, about 327K ETH were withdrawn from crypto exchanges; it’s about $982 million. According to IntoTheBlock, this process still continues. At the same time, the ETH price leaped up 20%. However, the asset has been fallen for the latest three sessions and is currently trading at $2,477.

In the daily chart, the ETH has fixed in the range between $2,265 and $2,750. However, if the market sentiment reaches stability, it may resume moving towards $3,000. After fixing above it, the next upside target may be at $3,200.

Ethereum chart online

Floki Inu: too many ads

The United Kingdom banned ads of a meme token Floki Inu. The British came to the conclusion that the ad campaign was based on consumer concerns to a buying advantage. Apart from that, creators of Floki Inu might have benefited from customers’ trustingness and their lack of knowledge. Floki Inu is a cryptocurrency created in the name of Elon Mask’s dog, Floki.

Shiba Inu: it’s quite the thing now

In the meantime, meme coins are more alive than anything else. Ads of Shiba Inu were posted on a vintage city streetcar in Milan during the fashion week. Shiba Inu cooperates with a fashionable brand called John Richmond, that’s why such a promotion was really appropriate. The promotion was named Legends Live Forever: within its frameworks, they issued over 10K NFTs with images of clothes from John Richmond collections.