The United States will stop importing energy from Russia, Bitcoin stops falling, and the number of daily active addresses grows strongly

As US President Biden announced a ban on the import of oil, natural gas and other energy from Russia, traditional markets including stocks and commodities fluctuated violently, with the S&P 500 index falling 0.5% on the day. In the crypto market, Bitcoin stopped falling and rose on Tuesday. According to Bitpush terminal data, as of press time, Bitcoin changed hands at $38,530, up 0.87% in the past 24 hours.

Crypto traders are watching the surge in oil prices and the latest developments in Russia’s war on Ukraine. Experts believe the U.S. may turn to Venezuela or Saudi Arabia to ease soaring gasoline prices in light of the Russian oil ban.

Alex Kuptsikevich, an analyst at UK-based FxPro, said: “Despite the fall in stock indices, BTC has managed to turn the tide.”

Analyst Michaël van de Poppe believes: "I don't know what will happen with the US embargo in terms of price action, the natural reaction is that crude oil will rise further while risk assets are falling. I actually think that the impact of the 'buy the rumor, sell the news' event is just the opposite."

The number of daily active addresses has been rising steadily

According to a report from data analysis platform Glassnode, as the world focuses on macro and geopolitical developments, the Russia-Ukraine war continues to bring uncertainty to the market, and Bitcoin bulls are trying to set a price bottom. They have been under moderate but persistent short pressure for more than two months, mainly from selling by short-term holders.

The positive trend is that the number of daily active addresses is steadily rising. This metric is not necessarily the same as daily active users, but it is still a strong indicator that cryptocurrency is gaining adoption.

The daily active address metric is the sum of unique addresses active in the network on a specific day. According to Coin Metrics, the average daily active addresses of Bitcoin reached 953,100 in the past week, an increase of 9.1% from the previous week. At the same time, the daily active addresses of Ethereum reached 590,900, an increase of 2.1%.

Another positive indicator of the growth of on-chain activity is the number of stablecoins issued. According to Coin Metrics, the total supply of stablecoins is currently $155.9 billion. Of the total supply, USDC on Ethereum is $47.2 billion, USDT on Ethereum is $39.8 billion, USDT on TRON is $38.7 billion, decentralized DAI issuance is $9.4 billion, and Binance's BUSD is $18 billion.

Analyst Damanick Dantes believes that most technical indicators are neutral, and the gradually narrowing volatility range leaves little room for short-term profit. Bitcoin needs to maintain support above $37,000 and break through resistance at $46,700 to signal a trend reversal.