Of course, we again look at the live Bitcoin price and the prices of the top 25 crypto. Then we look at what the latest EU legislation means for Bitcoin and other crypto. We also see how crypto currency investors are fleeing the war in Russia. Finally, we see notable whale trades.
We begin, of course, with the live Bitcoin price and the prices of the top 25 crypto currencies.
Live Bitcoin price and prices top 25 crypto plane
At the time of writing, the live Bitcoin price is quoting EUR 35,225.60 ($38,700). This is 0.48% lower than yesterday at lunchtime and also slightly lower than during our crypto lunch last Friday.
Prices for the rest of the top 25 crypto are also mostly flat. The biggest gain is for Tron (TRX) at +0.50%. The biggest drop is for Avalanche (AVAX) at -4.41%. On the site of Tradeincrypto.com you can view all live crypto prices.
What does new crypto regulation EU mean for the crypto market?
Yesterday, the European Union voted in favor of new crypto legislation. This so-called Markets in Crypto Assets (MiCA) framework raised concerns for crypto investors. For example, there was even talk of a crypto-ban for a while, but it went off the table earlier.
The vote became tense when a last-minute amendment was tabled on Friday that would have penalized or banned crypto tokens whose blockchain validation expires based on Proof of Work because of their environmental impact. This could affect the largest crypto-currencies, such as Bitcoin (BTC) and Ethereum (ETH). However, the framework was approved, but this amendment was not. This removes many concerns about the framework, at least for now. The current bill seems workable, but of course it remains to be seen how the various countries will implement this legislation when it becomes final. However, this process could take a long time (perhaps even years).
Investors gravitate towards crypto due to Russia situation
Earlier, there was discussion whether or not Russian investors were turning to crypto to escape the sanctions against Russia. After doubts, it turned out that they did. Now it appears that, despite crypto being seen as a high-risk investment, investors from other countries are also turning to crypto as an investment.
Research shows that investors are actually getting out of traditional low-risk investments, such as bonds. Instead, they are opting en masse for crypto currencies, with billions flowing into the market. It also appears that the crypto market remains profitable since the start of the war in Russia. Whereas the S&P500 rose 3.2% since the conflict, Bitcoin and Ethereum rose 14.5% and 13.5% respectively.
Notable whale transactions: old whale and stable coin whales
The market is still in a consolidation phase. As a result, people are looking more explicitly at the big players, the whales. Some notable transactions can be seen. For example, an 11-year-old Bitcoin whale became active. The wallet, which became active on October 28, 2010, moved 489 BTC. The value of the transaction, which was $50 in 2010, was over $220.2 million.
Twitter won’t load because you didn’t give permission.
A dormant address containing 489 #BTC (20,242,263 USD) has just been activated after 11.4 years (worth 50 USD in 2010)!https://t.co/iMaawgLGXd
– Whale Alert (@whale_alert) March 10, 2022
Incidentally, this transaction did not lead to the turmoil we did see before when old whales became active. The address was not a so-called ‘Satoshi address’, BTC was bought in recent years and the transaction was not to exchanges, so this does not indicate a sell signal. What remains is a fabulous return.
By the way, there are more whales speculating on price increases. For example, Ethereum (ETH) whales bought as much as 42 million Terra (UST) crypto. This is often done at times when they want to buy stable coins cheaply in order to convert them into regular crypto when the market rises.
Of course we will report on the developments in America tonight when the US markets are closed.
Want to stay up to date on the latest stock 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.”