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Bitcoin (BTC) failed to make a higher high, encountering strong resistance at $45k before retracing back down below $40k.

Crypto Banter by Crypto Banter
March 9, 2022
in Breaking News
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Macro update

Bitcoin (BTC) failed to make a higher high, encountering strong resistance at $45k before retracing back down below $40k.

https://www.tradingview.com/chart/v7j9tiND/

Fantom update

Fantom is testing the range lows, with strong support in the $1.30 region. Breaking this support could see Fantom come to test the $1 range.

Andre Cronje’s departure is no doubt a blow to the ecosystem, but as our very own Miles Deutcher explained in a tweet, no ecosystem can depend on the involvement of any one player. Keep your eyes peeled for a full article later today! 

If you’re panic selling your bags because of one man taking a break, I don’t know what to say to you. 🤷‍♂️

— Miles Deutscher (@milesdeutscher) March 6, 2022

Notable losers

It’s mostly a red day today, so rather than notable gainers (with the exception of WAVES, most of the best-performing assets have been stablecoins in the past 24 hours), we thought we’d take a look at those protocols that have been hit the hardest since yesterday.



Bitcoin Fear and Greed Index: 23 Extreme Fear (+1)

“Bitcoin” Google Trends: 52 (+2)

“Crypto” Google Trends: 52 (+0)


Major news

From a macro perspective, this isn’t great: commodity prices are almost exclusively in the green, which only suggests that the world is watching, anticipating a continuation of conflict in the Russia/Ukraine region.

 

www.investing.com

Coinbase has blocked over 25,000 addresses with connections to either Russian individuals or entities that, the company believes, could have links to illicit activity. 

Coinbase blocks over 25,000 addresses related to Russian individuals or entities they believe to be engaging in illicit activity.

Sentiment: Neutral

To play our part in these critical economic…

Brief: https://t.co/zju72kUM6zhttps://t.co/bBz7aO8aN8

— Briefly Crypto (@BrieflyCrypto) March 7, 2022

Fears of centralized exchanges seizing or freezing assets could be behind a huge outflow of stablecoins seen in the past few days:

There's never been more stablecoins withdrawn from exchanges than last week.

More than $2B: https://t.co/6asPIVKMYJ pic.twitter.com/pXzAb9oHwS

— Alex Svanevik 🐧 (@ASvanevik) March 7, 2022

Morgan Housel brilliantly captures the “shock cycle”: how humans tend to process (or fail to) the reality of events based on their own personal biases. And how this pattern repeats again, and again, and again! Familiar, anyone?

The shock cycle:

– Assume good news is permanent.
– Oblivious to bad news.
– Ignore bad news.
– Deny bad news.
– Panic at bad news.
– Accept bad news.
– Ignore good news.
– Deny good news.
– Accept good news.
– Assume good news is permanent.

— Morgan Housel (@morganhousel) March 3, 2022

Tron founder Justin Sun is putting himself forward to help manage the fallout of Andre Cronje’s departure from Fantom and associated DeFi projects. His application is still pending!

Hi @AntonNellCrypto, our defi team is happy to run and support those defi services after 03 April 2022. Any chance we can have a talk? https://t.co/1YWjHxQqug

— H.E. Justin Sun🌞🇬🇩🇩🇲🔥 (@justinsuntron) March 6, 2022

Russia is cutting themselves off from the regular web, so that only websites and servers in the Russian area will be accessible by citizens. The Russia/World decoupling is here.

Russia will completely disconnect from the global internet on March 11

— Market Rebellion (@MarketRebels) March 6, 2022

Did you listen? Fred was dropping sound advice this weekend, reminding the Fam to take profits on ANC. Hopefully, they did, because ANC is down 17% today!

Did you listen? https://t.co/s3pO4art4i

— Producer Fred (@producer_fred) March 7, 2022

Banter’s take

The market is still in a range, and at this point, it is not making a clear decision in either direction. The dollar index is showing strength, commodity prices (gold, oil and wheat) continue to chase the highs, and crypto markets are unlikely to make any major moves until macro events settle down. Times like these are either best used to buy dips, do nothing, or focus on rebalancing your portfolio to minimize downside risk while maximizing upside potential.

Tags: BTCFTM
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