By now it is also the weekend in America. We take a look at the live Bitcoin price and top 25 crypto prices. Then we analyze today’s events and look at a notable proposal for a European Bitcoin ban. Finally, we look at why Sunday may turn bullish we make the Bitcoin weekend analysis.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Bitcoin price and prices of top 25 crypto coins drop
At the time of writing, the live Bitcoin price is EUR 36,987.32 ($42,174.34). This is 4.04% lower than when the US markets closed yesterday.
Sentiment is also negative for the rest of the top 25 crypto coins. Apart from a few stable coins, we only see falling prices, quite a few of which are in double digits. The crypto coin with the most losses of the day is now Avalanche (AVAX), which is losing 12.14%. On the website of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day, including the whole weekend.
Why is Bitcoin falling today?
This time there are no direct developments in the crypto market that are causing the price drops. The cause is the scare that investors are having due to the reports from America about a Russian attack on the Ukraine. This afternoon Joe Biden announced that he has information that Russia is definitely going to attack within a week. He also spoke with several allies.
This news had an immediate effect on the investment markets. As is often the case with uncertain situations, investors looked for investments with less risk. As a result, the prices of, for example, gold rose, but stock prices fell and so did the Bitcoin price with the rest of the crypto market in its wake. Incidentally, analysts expect this dip to be limited.
Hungary makes remarkable proposal for European cryptoban
There was also remarkable news from Europe. The president of the Central Bank of Hungary is advocating a European ban on crypto currencies, including Bitcoin. For this he has two arguments. On the one hand, he sees the crypto market as a pyramid scheme and on the other hand, he is afraid that crypto finances illegal activities.
What makes the proposal remarkable is that he does advocate allowing EU citizens and companies outside the EU to trade in crypto provided regulatory authorities can track the activities.
Why can Sunday turn bullish for BTC?
One of the factors that could cause the BTC price to rise is increases in demand for the currency. This Sunday, the famous Super Bowl will take place in America. Since the American Football finals are extremely popular, a huge amount of money is paid for advertising. This year there are a remarkable number of crypto projects involved. We now know that the following crypto companies bought advertising time around the event which 96.4 million people watched in 2021:
FTX (crypto exchange)
Crypto.com (crypto exchange)
Bitbuy (crypto exchange)
Bud Light Next (a Bud beer) also plays on crypto with a reference to the Nouns NFT in its Super Bowl commercial.
In addition, there are many crypto brands and influencers who did not buy advertising time around the Super Bowl but did launch their own campaign around the Super Bowl. For example, we see Drake placing over $1.3 million in Bitcoin bets.
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@Drake bets $1.3 Million in #Bitcoin on Super Bowl bets siding with the @RamsNFL and @obj to have a TD! pic.twitter.com/FDx6j9Qrw8
– CryptoCurrency News (@CryptoBoomNews) February 11, 2022
Marketing experts expect that all this attention can certainly lead to many new retail investors. They therefore expect a bullish effect from the advertisements although they question whether Bitcoin will benefit the most. Still, they expect that growth to $50,000 is possible.
Weekend analysis Bitcoin price: bullish start to the new week?
The possibility of a bull sprint to $50,000 over the weekend is supported by these technical analyses for Bitcoin.
As you can see in the analysis, a bearish scenario cannot be completely ruled out either. Thereby, of course, the developments in the Ukraine also keep a grip on the market. We advise you to take an uncertain market into account. It might be a good idea to take a look at these 5 tips for making profits in an uncertain crypto market.
Of course, there is plenty to follow. For example, tomorrow we will publish a weekend special on cryptocurrency with Bitcoin and of course we will be back on Monday with our crypto and Bitcoin updates.
Want to stay up to date with the latest price developments?
You can always follow the developments yourself with our WANT crypto analyses or the background articles and previews on the crypto market and Bitcoin. Of course, you can also follow the live quotes 24 hours a day if you want to stay informed in real time. Are you interested in other investments besides crypto? Then our weekly Monday morning price forecast might be a reading tip. “Please note: We never give financial advice, so our contributions can’t be interpreted that way either. Always do your own research and decide on rational grounds if, when, what and how much you want to invest in.”