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Crypto market updates: What is going on?

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The cryptocurrency market has, once again, fallen prey to the bears as the onset of the bullish sentiment that was seen a while ago has completely evaporated. Nonetheless, you can still increase your return on investment on the cryptocurrency portfolio if you play smart.

In this newsletter, we will take you around the market to help you identify opportunities that will pay off.

Highlights of the week

Here are some of the major developments that have taken place over the past week:

  • The cryptocurrency market has taken a hit as Russia’s Vladimir Putin declared war on Ukraine
  • Currently, the king of the market is standing at a price level of $35,067 with a decline of 9% during the day. Ethereum has also suffered a decline of 11% during the day with the queen trading hands at $2,361
  • After El Salvador, Mexico is also eying legalizing cryptocurrencies. A senator has proposed a bill to recognize Bitcoin as legal tender; however, the bill is unlikely to be passed due to limited support
  • Warner Music Group has announced a partnership with Splinterlands – a blockchain-based gaming firm – in order to explore play-to-earn games
  • The European Union is planning to launch a new unit that will be tasked with the oversight of anti-money laundering activities pertaining to cryptocurrencies
  • The governor of the Bank of Spain wants the country to notch up its control and surveillance over the cryptocurrency industry

Crypto fear & greed index

The crypto fear & greed index is one of the most accurate ways to gauge the sentiment of the larger cryptocurrency market. It combines various analytical measures and indicators to churn out a single number that states the evident market sentiment in light of new developments.

The index is updated on a daily basis and the current value stands at 23 – indicating extreme fear. The closer the index value is to 0, the more bearish the market sentiment is and vice versa. The market saw a brief period of break from the bears last week but the bulls could not sustain for cryptocurrencies and the market moved towards bearishness – again.

The global cryptocurrency market capitalization has also experienced a sharp decline during the day – which further exacerbates the bearish outlook for the market. Currently, the market cap is standing at $1.59 trillion with a daily decline of 9%.

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