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Crypto update: BTC and crypto price drops. Russia stops, whales and soccer

By now it’s lunchtime, so as usual we look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at how Russia is apparently stopping buying crypto. We also look at how whales are catching the dip in crypto coins. Finally, we look at how more and more crypto companies are looking to the soccer world.

We begin, of course, with the live Bitcoin price and the current prices of the top 25 crypto.

Live Bitcoin price drops, prices top 25 crypto drop too

At the time of writing, the live Bitcoin price is EUR 37,826.46 ($41,667.07). This is 4.25% lower than during our crypto lunch yesterday.

The prices of the top 25 crypto are also falling. Only Cosmo (ATOM) records a gain with +3.71% in the last 24 hours. The biggest loss of the day so far is with -7.71% for Solana (SOL). On the website of Tradeincrypto.com you can analyze all live crypto prices 24 hours a day and thus also throughout the coming weekend.

Does crypto lose out because the Russians quit?

After the sharp rise in crypto prices at the beginning of the week, we are seeing a correction. This is not unusual, as the rise was actually too fast to be sustainable. Nevertheless, the correction is now also substantial. In the past 24 hours alone, $98 billion flowed out of the market.

In the process, it is notable that trade from Russia, which rose to record levels earlier this week, is drying up. Data from various online metrics companies show that trade volume from Russia has dropped by more than 50% in recent days. As a result, insiders doubt that crypto is being used by the Russians to circumvent sanctions. In any case, the trade and therefore the confidence of most investors is decreasing.

Whales seize their chance and buy en masse

One category of investors that does remain confident in the market consists of crypto whales. Analyses of their wallets show that the Ethereum whales in particular are investing heavily in ETH-20 tokens. For example, huge purchases of Shiba Inu (SHIB) and Polygon (MATIC) are being recorded. Effect on the price this has not yet. Whereas the live price of Shiba Inu (SHIB) is currently recording a loss of 2.11% at $0.00002507, Polygon has more to make up for. In fact, the current Polygon (MATIC) price is $1.559. This is 3.35% lower than yesterday.

Crypto and soccer increasingly a 1-2 tie

We are seeing more and more crypto companies seeking partnerships with soccer clubs. Recently we were able to report that Manchester United signed a major sponsorship deal and Manchester City is going to build its stadium in Metaverse. Apparently ‘City’ wanted more.

Indeed, this morning it was announced that it entered into a lucrative sponsorship deal with one of the largest crypto exchanges in the world. OKX (formerly known as OKEx) will become the official crypto exchange partner of Manchester City. This will put the logo and name on jerseys of the women’s and men’s soccer players as well as the e-sports players. There will also be advertising space in the stadium and at the training camp.

In Spain, Real Betis noted a similar deal with Alchemy Pay (ACH), which offers solutions to make fiat crypto payments. In addition to advertising, the payment provider seems to be going to provide support for Real Betis’ entry into the NFT and Metaverse markets. Incidentally, such sponsorship deals do not automatically go well. For example, many sports clubs missed out on their sponsorship fees when phantom Iconiq token (IQONIQ) went under.

We will, of course, continue to follow the developments and see tonight how Bitcoin goes into the weekend.

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.”