$1.3 billion in venture capital funds entered crypto this week

Due to the expectation of negotiations in the dispute between Russia and Ukraine, U.S. stocks continued to rise sharply overnight, commodities generally fell, and cryptocurrencies continued to be strong. The previous strong support of 41,000 has now become strong pressure, so it will take some time to digest the 40,000 or so. While the big bitcoin was under strong pressure, various mainstream and small currencies rebounded rapidly. This was mainly due to the fact that they had fallen sharply in the past period of time and were deeply trapped, so the selling pressure was relatively small when they rebounded.

During the weekend in Europe and the United States, as long as the war between Russia and Ukraine does not intensify, the market will most likely be volatile, with no obvious expectations of rising or falling.

The United States is seriously evaluating whether to expel Russia from the SWIFT payment system because European allies are very positive about this. According to people familiar with the matter, officials are discussing this with the Federal Reserve. Negotiations with the European Commission have begun, but it is expected that the United States and the European Union will not make a decision immediately. Yesterday, the madman said that once the United States removes Russia from SWIFT, it means that Russia will not be able to complete all foreign exchange transactions, and the probability of turning to cryptocurrency payments will greatly increase. The President of the European Central Bank called for the rapid development of a cryptocurrency regulatory framework to prevent Russia from evading sanctions through cryptocurrency. In short, if Russia uses cryptocurrency with all its strength, the market value of cryptocurrency will usher in a rapid rise of at least 20-30%, and all this seems to be becoming possible.

South Africa will finalize the financial law amendment in 2022, involving cryptocurrency-related regulations, setting standards for institutions providing crypto services, with the intention of protecting consumers. South Africa will provide a regulatory framework this year to compliant crypto markets. As one of the top economic powers in Africa, it has taken the lead in completing the compliance of the crypto market.

Kookmin Bank, South Korea's largest commercial bank, will launch the first cryptocurrency investment fund for retail investors. In the future, retail investors in South Korea will be able to invest in cryptocurrencies as easily as buying stock funds. With just a few clicks, the funds will be managed by professional institutions. For the market, this incremental future will be obvious.

The Bank of New York Mellon plans to launch a digital asset custody platform this year, becoming the world's first digital custody bank. This is what a bank should do. In the future digital world, as it is now, deposit collection and lending will still be the underlying business of banks, but with the blockchain, the accounts will be more transparent and the returns will be more accurate.

US SEC Commissioner "Crypto Mom" ​​expressed surprise that the spot Bitcoin ETF has not yet been approved. This is obviously surprising to crypto supporters, but for traditional interest groups, approval is a shock, and they will have to wait until all US market rules are confirmed, which is not so fast.

This week, $1.3 billion in venture capital funds entered the crypto space. Capital is profit-seeking and will only invest when it is optimistic about an industry. The industry we are in is still in the early stages of acceleration.

Google search shows that NFT search volume has dropped by 45% in 30 days, and the number of newly added NFT assets on the Ethereum network in the past week is only 587,600, a drop of basically 45%. The NFT market has been cut in half and is expected to remain cold for a while. Except for some core projects, most of them will enter an embarrassing stage of having a price but no market.

Panic 26. After such a big rebound, it is surprising that people are still so panicked.

Coin News:

Bitcoin: It is the weakest coin among the large-cap coins today. The pressure at this position is relatively high, and the support below is also very strong. Therefore, it is very likely that the price will fluctuate between 37,500 and 40,500.

Ethereum: It has made up for some gains today, and the key support level of 2500 cannot be broken in the short term.

ADA: The number of wallet addresses increased by 4,500 per day in February, which is closely related to Dex's money-making effect and project operation capabilities. From $3 to the current $0.9, a phased rebound is still necessary.

AXS: Last year, its revenue reached 1.3 billion US dollars, and the addresses with the minimum threshold of 3 AXIEs to play the game accounted for 97% of the total, becoming the first NFT in history to exceed 4 billion US dollars in total transaction volume. However, such a peak moment seems difficult to continue this year. Except for local rebound opportunities, it is difficult to have several times the income. This record will definitely be broken by projects in the future, and we should start to explore such potential coins.