bull market

Time for the bull market? A market sentiment review

By 0x90 | Crypto Overview | 1 Mar 2022


Positive

Awareness to who actually owns your money

- Canada revokes truckers' access to their own bank accounts

- EU agrees to exclude Russia from the SWIFT payment system 

Global acceptance of cryptocurrencies

- Mexico's govt's officials consider accepting Bitcoin as legal tender

- Tonga is a step further, actually getting ready for legal tender acceptance

- Ukraine receives a large chunk of donations in cryptocurrencies, being one of the easiest ways to fund their defence

- Russia's payment system is collapsing, Putin's gov't recently approved crypto with strong limitations. (But not as strong as if your mastercard would stop working from one day to another). People are looking for alternative solutions

- Most US politicians became pro-crypto over the last year

Bright skies for Ethereum and Terra

- An occasional rush for stablecoins strengthens the Ethereum ecosystem (big Russian companies would probably not want to settle in highly volatile coins, most of stablecoins traffic still takes place on Ethereum)

- The fear of bear markets and inflation strengthens the Terra ecosystem (Terra's Anchor project currently gives the best rate in the crypto space on stablecoin lending, 19.5%, that well covers inflation)

Negative

- In uncertain times (e.g. war), people tend to withdraw their riskiest investments first

- Russia could ban crypto / crypto mining at any time, just as they started to recently force people to use rubel

Questionable

- Technical signs are not yet clear, BTC would need to close above 44-46K range for multiple days to obviously declare the continuation of the 2021 bull run

- Fear and greed index is indecisive

- Regulatory risk from the USA side

 

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