Last week, $193 million flowed into cryptocurrencies, of which $98 million was Bitcoin

Since Russia paid for gas and oil in rubles, the global currency market has undergone earth-shaking changes. The ruble has soared to become the largest asset class in the world in March, followed by natural gas and the Russian stock market. Bitcoin rose by 9.9% and ranked fifth among the world's major assets. It is not difficult to see that the top gains are all varieties related to sanctions, and cryptocurrencies have obviously benefited from this. At present, Belarus has confirmed that it will settle purchases of Russian oil and gas in rubles. In the future, more European countries will join this ranks. The logic is simple. Oil and gas are necessities of life and hard currency. The ruble has such support, while the euro has become a piece of waste paper only relying on government endorsement. In the future, the global economy will continue to be turbulent, and Putin has the confidence to continue to consume with Europe and the United States. The economy will accelerate into a pattern of full recession. Economic recession also means chaos. The more chaotic the world is, the more precious Bitcoin, which is unbacked but credible, is. In the foreseeable future, global assets will allocate a large amount of crypto assets such as Bitcoin to hedge against the uncertainty of traditional finance. Therefore, Bitcoin has the opportunity to continue to set new highs this year. The big cycle is difficult to change. We can only embrace the trend.

After the crypto tax in India came into effect, the trading volume in the crypto market plummeted, because every transaction needs to pay taxes, which means no one will trade anymore, and they can only rely on other identities to switch to other exchanges around the world. However, this statistic is similar to what we mean in China, saying that Chinese users have been fully withdrawn, but there are still a group of investors who continue to stay in this market. This incident in India has a certain impact on the market, but it is only temporary.

A total of US$193 million flowed into cryptocurrencies last week, of which 98 million were Bitcoin, 87 million were SOL, and 10 million were ETH. The continued increase in institutional investment is also a reflection of optimism about the future.

ARK Fund bought 430,000 shares of Coinbase last week. Wood is keeping an eye on regulatory risks and continues to increase her holdings of crypto stocks. This is a manifestation of confidence in the market and this indicator is worth referring to.

The balance of Bitcoin investors who have held it for more than one year has reached 12 million, a record high. This means that these 12 million Bitcoins have not changed hands for at least one year. After experiencing violent fluctuations from 30,000 to 60,000 to 30,000, these holders have not taken any action. This shows that more than 60% of Bitcoin holders have ignored short-term fluctuations and will not take any action until the stars and the sea are clear. When Bitcoin rises in the future, the resistance will be much smaller than everyone imagines.

Ethereum developers said that UST is not good for Ethereum and will threaten the solvency of Defi on Ethereum. The logic is that UST is an algorithmic stablecoin, which is currently deeply bound to valuable stablecoins and has a huge size, but UST still has the possibility of a death spiral. Therefore, once UST returns to zero, it will trigger the principal of various Defi pools.

However, no one has the final say on this matter now. We are all DAOs and the community has the final say. Maybe some short-term interests will cause the community to make wrong decisions, but this is the cryptocurrency world. There will always be people who make money and people who will take over.

Musk sent the video of the dog landing on the moon yesterday to the investment director of ARK, but was indirectly rejected. Musk tried hard to call the dog yesterday, but it still didn't wake up, which shows that everyone is in the same boat and it won't wake up so quickly in the short term.

Fear Greed 48, Neutral.

Coin News:

Bitcoin: Continue to hold the currency. Expect volatility in Europe and the United States over the weekend.

Ethereum: Continues to be stronger than Bitcoin and is expected to rise first.