{"id":485382,"date":"2022-03-08T11:05:24","date_gmt":"2022-03-08T11:05:24","guid":{"rendered":"https:\/\/wncen.com\/?p=485382"},"modified":"2024-06-11T14:18:06","modified_gmt":"2024-06-11T14:18:06","slug":"risk-aversion-pulls-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/risk-aversion-pulls-crypto\/","title":{"rendered":"Risk Aversion Pulls Crypto Market Down, Bitcoin Still Below $40K"},"content":{"rendered":"

The crypto market is still reeling as a result of risk aversion triggered by Russia’s invasion of Ukraine.<\/p>\n

On Monday, Bitcoin (BTC) fell for the sixth time in six days. It has again failed to break beyond the $40,000 barrier.<\/p>\n

Bitcoin peaked at $39,536 before plummeting to a low of $37,192. It completed the day around $38,850, having found support at $37,000.<\/p>\n

The news that the White House is set to issue the long-awaited crypto executive order shook crypto proponents on Monday.<\/p>\n

Crypto EO Comin’ Up<\/h2>\n

According to a source close to the matter, United States President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury, and other agencies to examine the legal and economic consequences of creating a US central bank digital currency.<\/p>\n

The broader cryptocurrency market had a turbulent day.<\/p>\n

BNB outperformed the market, rising 1.51%, while ADA (-3.51%) and SOL (-3.41%) underperformed.<\/p>\n

AVAX (-0.96%), ETH (-2.31%), LUNA (-1.72%), and XRP (-0.56%) have all declined in tandem with Bitcoin.<\/p>\n

<\/p>\n

BTC total market cap at $740.16 billion on the daily chart | Source: TradingView.com<\/a><\/pre>\n
Related Article | Bitcoin Prices Dragged Down By Geopolitical Tensions, Ukraine Nuke Plant Bombing<\/a><\/em><\/strong><\/p>\n
EO To Ban Crypto?<\/h2>\n
According to reports, Biden will sign an EO banning or limiting cryptocurrencies.<\/p>\n
The move comes in the face of growing concern about Russian elites’ use of cryptocurrencies to avoid Western sanctions that have cut Russia off from large parts of the global economy, and moves by China and other countries to develop their cryptocurrencies.<\/p>\n
There is a possibility that this will be the first step toward the formation of a CBDC.<\/p>\n
An administration official, according to a source, said that such a move would have broad support from within Biden\u2019s inner circles.<\/p>\n
Related Article | Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine<\/a><\/em><\/strong><\/p>\n
Following Biden’s directive, the Justice Department said it would look into whether new legislation is required to establish a new currency, with the Federal Trade Commission, the Consumer Financial Protection Bureau, and other agencies analyzing the effect on consumers.<\/p>\n
It is expected that further study will be conducted on the role that cryptocurrencies will have on the broader market and the environmental impact of bitcoin mining in the future, according to the source.<\/p>\n
Last year, US Treasury Secretary Janet Yellen warned of an “explosion of danger” from digital markets, particularly the abuse of cryptocurrencies, but she also said that new financial technology may be useful in the battle against crime and injustice in the country.<\/p>\n
Wozniak Supports Bitcoin<\/h3>\n
Meanwhile, Apple co-founder Steve Wozniak refers to Bitcoin as “pure-gold mathematics,” and the rationale demonstrates why crypto may be here to stay.<\/p>\n
Wozniak said he supports bitcoin but is skeptical about alternative cryptocurrencies and non-fungible tokens.<\/p>\n
Although he did not explain why he is interested in Bitcoin’s mathematics, he most likely appreciates that the calculations appear to help provide a technical explanation for Bitcoin’s supposed stability compared to the yellow metal.<\/p>\n
In an interview with Bloomberg, he said that the crypto market had reached “roughly $2 trillion in round numbers.”<\/p>\n
\u201cIt’s simply pure mathematics,” he said.<\/p>\n
Featured image from Al Bawaba, chart from TradingvView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
The crypto market is still reeling as a result of risk aversion triggered by Russia’s invasion of Ukraine. On Monday, Bitcoin (BTC) fell for the sixth time in six days. It has again failed to break beyond the $40,000 barrier. Bitcoin peaked at $39,536 before plummeting to a low of $37,192. It completed the day around $38,850, having found support at $37,000. The news that the White House is set to issue the long-awaited crypto executive order shook crypto proponents on Monday. Crypto EO Comin’ Up According to a source close to the matter, United States President Joe Biden is expected to sign a long-awaited executive order this week directing the Justice Department, Treasury, and other agencies to examine the legal and economic consequences of creating a US central bank digital currency. The broader cryptocurrency market had a turbulent day. BNB outperformed the market, rising 1.51%, while ADA (-3.51%) and SOL (-3.41%) underperformed. AVAX (-0.96%), ETH (-2.31%), LUNA (-1.72%), and XRP (-0.56%) have all declined in tandem with Bitcoin. BTC total market cap at $740.16 billion on the daily chart | Source: TradingView.com Related Article | Bitcoin Prices Dragged Down By Geopolitical Tensions, Ukraine Nuke Plant Bombing EO To Ban Crypto? According to reports, Biden will sign an EO banning or limiting cryptocurrencies. The move comes in the face of growing concern about Russian elites’ use of cryptocurrencies to avoid Western sanctions that have cut Russia off from large parts of the global economy, and moves by China and other countries to develop their cryptocurrencies. There is a possibility that this will be the first step toward the formation of a CBDC. An administration official, according to a source, said that such a move would have broad support from within Biden\u2019s inner circles. Related Article | Bitcoin Falls Back To $38,000 As Russia Steps Up Bombardment Of Ukraine Following Biden’s directive, the Justice Department said it would look into whether new legislation is required to establish a new currency, with the Federal Trade Commission, the Consumer Financial Protection Bureau, and other agencies analyzing the effect on consumers. It is expected that further study will be conducted on the role that cryptocurrencies will have on the broader market and the environmental impact of bitcoin mining in the future, according to the source. Last year, US Treasury Secretary Janet Yellen warned of an “explosion of danger” from digital markets, particularly the abuse of cryptocurrencies, but she also said that new financial technology may be useful in the battle against crime and injustice in the country. Wozniak Supports Bitcoin Meanwhile, Apple co-founder Steve Wozniak refers to Bitcoin as “pure-gold mathematics,” and the rationale demonstrates why crypto may be here to stay. Wozniak said he supports bitcoin but is skeptical about alternative cryptocurrencies and non-fungible tokens. Although he did not explain why he is interested in Bitcoin’s mathematics, he most likely appreciates that the calculations appear to help provide a technical explanation for Bitcoin’s supposed stability compared to the yellow metal. In an interview with Bloomberg, he said that the crypto market had reached “roughly $2 trillion in round numbers.” \u201cIt’s simply pure mathematics,” he said. Featured image from Al Bawaba, chart from TradingvView.com<\/p>\n","protected":false},"author":557,"featured_media":485384,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,83386,3],"tags":[428,14702,6664],"class_list":["post-485382","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-crypto","category-news","tag-bitcoin","tag-cbdc","tag-crypto"],"acf":[],"yoast_head":"\nRisk Aversion Pulls Crypto Market Down, Bitcoin Still Below $40K<\/title>\n<meta name=\"description\" content=\"The crypto market is still reeling as a result of risk aversion triggered by Russia's invasion of Ukraine. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Risk Aversion Pulls Crypto Market Down, Bitcoin Still Below $40K","url":"http:\/\/wncen.com\/news\/risk-aversion-pulls-crypto\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/risk-aversion-pulls-crypto\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/crypto-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/crypto-1.jpg?fit=1200%2C676"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","cbdc","crypto"],"dateCreated":"2022-03-08T11:05:24Z","datePublished":"2022-03-08T11:05:24Z","dateModified":"2024-06-11T14:18:06Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Risk Aversion Pulls Crypto Market Down, Bitcoin Still Below $40K\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/risk-aversion-pulls-crypto\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/risk-aversion-pulls-crypto\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/crypto-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2022\\\/03\\\/crypto-1.jpg?fit=1200%2C676\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"cbdc\",\"crypto\"],\"dateCreated\":\"2022-03-08T11:05:24Z\",\"datePublished\":\"2022-03-08T11:05:24Z\",\"dateModified\":\"2024-06-11T14:18:06Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2022\/03\/crypto-1.jpg?fit=1200%2C676","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/485382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=485382"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/485382\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/485384"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=485382"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=485382"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=485382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}