Restrictions governing the conversion of in-game tokens to real money, GameFi adoption has been hampered in many countries. This includes China and South Korea, among others.
Despite the worsening situation in Ukraine. Also, the rising possibility of a half-point increase in interest rates at the next Federal Reserve meeting in May. Bitcoin fluctuated around the same price it started the weekend. Sometimes just over and sometimes just under $39,500.
It was last trading at $39,650 for the largest cryptocurrency by market cap, down marginally over the previous 24 hours. On the other hand, Ether, the second-largest cryptocurrency by market cap, held its ground over the weekend. It was recently down nearly one percent to $2,930. DOT and MATIC, two other prominent cryptocurrencies in CoinDesk’s top 20, fell by 4% and 3%, respectively, at various periods. DOGE and SHIB, two well-known meme currencies, recently saw their value drop by almost two percent. As is typical on the weekends, there was a lack of activity at the market.
Bitcoin’s Up and Down
On Thursday and Friday, Bitcoin surged beyond $42,000. However, it then plunged after US Federal Reserve Chair Jerome Powell warning. This includes that the central bank was ready to raise interest rates more aggressively. This is in order for them to control inflation. Afterward, the cryptocurrency had a quiet weekend. Due to rising energy prices and supply chain issues, the Consumer Price Index touched 8.5%. It is expected to rise further. This is due to Russia’s aggressive invasion of Ukraine. There has been a significant rise in the cost of housing. This includes a variety of other goods and services this year.
It closed Friday at about $105 per barrel. A 35% increase from the beginning of the year, the most generally used indicator of the energy market.
Coin with the Dow prices fell in tandem Jones Industrial Average and the tech-heavy Nasdaq. Also, both of which fell by more than 2.8 percent on Friday. Riskier assets, such as equities and cryptocurrency, have not attracted many investors.
Outside Effect
The Russian assault on Ukraine continued, with Ukrainians encamped at a steel mill in Mariupol. It is one of the most important ports on the Black Sea. Expected to visit the Ukrainian capital of Kyiv was a group from the United States. This is led by Secretary of State Antony Blinken and Defense Secretary Lloyd Austin III.
That bitcoin’s recent failure to consolidate around $42,000 was essential to sustain upward price movement. That is according to BitBull Capital CEO Joe DiPasquale in an interview with CNBC.
CoinDesk quoted DiPasquale as saying that BTC failed to hold that level this week. Also, it was rejected again. They have seen $38K levels working as support. Further testing may lead to a drop to $32K-$35K levels, though. On the ascent, $42K is a big snag.
