The cryptocurrency market digest (BTC, ETH, SHIB). Overview for 23.03.2022

March 23, 2022

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It seems like activity in the BTC revives. On Wednesday, the BTC is correcting at about $42,214; yesterday it reached $43,337. Investors found a catalyst for buying – it’s a positive sentiment in the US stock market. However, it’s too early to say that the tendency is stable: risk attitude is constantly changing.

Technically, there are no dramatic changes in the BTC. To resume the rally, the asset must break $46,000 and close this week above it, if possible. Still, there are not too many reasons for that.

Bitcoin chart online

ETH aims at $3,000

Now it’s a very interesting time for ETH investors – the asset is moving at $2,960 and the key level of $3,000 is pretty close. After the instrument fixes above this level, bulls may take control over it and reverse the trend.

The ETH capitalisation is again above $361 billion, the altcoin rate has leaped 16% over a week.

Ethereum chart online

Malaysia: no consensus

In Malaysia, they continue discussing the status of cryptocurrencies and the ways to legalise them. Ministry of Communications and Multimedia offered to accept all crypto-based transactions as legal. On the other hand, the country’s Central Bank, Ministry of Finance, and The Securities Commission are against this idea and believe that Bitcoin has no key features of a monetary unit. The argument against is high volatility and possible security issues.

Shiba Inu: interest is back

WhaleStats traced a huge purchase of Shiba Inu tokens worth $89 million. The commission a buyer was charged with is just $6. It is reported that such a big volume of meme tokens could have been acquired only by one of the major ETH holders.

The Shiba Inu capitalisation is estimated at $12.6 billion. In late 2021, the token’s popularity dropped significantly due to the appearance of other meme coins.

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Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex LP bears no responsibility for trading results based on trading recommendations described in these analytical reviews.