The Crypto market is showing a positive uptick which means good news for your crypto portfolio; however, there are ways to ensure your portfolio yields a much higher return by playing it right. In this newsletter, we will help you identify hidden gems in the market that possess the potential to do just that so keep reading on!
Highlights of the week
Here are some of the recent developments in the market:
- Last week crypto market didn’t see much growth. However, things have changed this week. The coins are moving towards recovery. According to CoinGecko, Bitcoin increased nearly 5 percent in just the last 24 hours. – making the new value $ 40, 791. It crossed the mark of $ 41, 000 during this week. Ethereum’s new price is $2,076 – that is 6% more than yesterday.
- Ukrainian President officially signed the ‘On Virtual Asset’ law – which will legalize and regulate cryptocurrency in the country.
- To combat money laundering more efficiently, Argentina is going to add crypto firms to the AML (anti-money laundering) rule.
- The US Justice Department has decided to prosecute cybercriminals for engaging in illegal cryptocurrency practices. Nation-states such as North Korea and Iran will be scrutinized for prosecution
- Afghanistan’s economy has been in shambles since the arrival of the Taliban due to the imposition of US sanctions and a decrease in foreign aid. However, this might change as the country has announced to finally move towards crypto.
- Binance, the world’s biggest crypto exchange company, was awarded a license to operate some of its operations in Dubai.
- According to a government official of Kenya, in the last fiscal year, the Kenyans lost more than $ 120 million in crypto scams.
Crypto fear & greed index
Major cryptocurrencies can be observed to be trending upwards which indicates a bullish outlook for the market. Moreover, there has also been a 3% increase in the capitalization of the global cryptocurrency market during the past twenty-four hours. However, a smart investor will make sure of the market sentiment before opening a position and one of the most fool-proof channels for that is the crypto fear and greed index. This index combines various sentiment analyses into one number.
The crypto fear & greed index shows that the market has been primarily bearish in March; however, in the past few couples of days, an uptrend has begun to form. At the time of writing, the index suggests a value of 27 – indicating fear. The sentiment has risen from extreme fear to fear and if the market continues its momentum, it can soon move towards neutral.
