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Tuesday, May 24, 2022

Crypto Market Highlights: Russia to accept Bitcoin, LG enters crypto space

It’s a great time to be living in the Bitcoin age, with the industry as a whole progressing towards the realization of its full potential. Various crypto-based indices, showing the performance of the ten most liquid and largest crypto assets, indicate an almost 8% climb since Friday. Web 3.0, the emerging phenomenon is specifically making big news this week, with tech giants such as Microsoft, Instagram, and Spotify, communicating their commitments to push towards this promising domain. As a result, cryptocurrency prices have been soaring throughout the week.

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This article aims at delivering a holistic weekly overview of the market had experienced, and crucial highlights for both the crypto enthusiast as well as potential investors.

Highlights of the week

  • Amidst searing sanctions, Russia considers accepting Bitcoin payments for oil and gas shipments for those countries still trading with the federation. The move not only signals a progression from the US hegemony of the ‘petrodollar’, but also a new age of mainstream cryptocurrency.
  • The UK Government has announced a regulatory framework within which various cryptocurrencies could be permitted to function.
  • Korean tech giant, LG has announced plans to incorporate bitcoin mechanisms into its devices. The company plans on developing blockchain-integrated software, along with sales and brokerage services to crypto-traders.
  • Cryptocurrencies have made the news in diplomatically and economically isolated Afghanistan. Crypto enthusiasts across the country have managed to avoid the brunt of the economic crisis through the use of digital currencies.
  • Bitcoin and Ethereum have both spiked tremendously, with BTC reaching its highest point yet for 2022.
  • Leumi, one of Israel’s oldest banks becomes the first to facilitate clients with blockchain and digital currency transactions.

Crypto fear & greed index

The Crypto Fear and Greed Index is a useful measure to break down observed sentiment toward Bitcoin and other major coins. The figure as of today was calculated as being 40, which lies in the general domain characterizing fear towards crypto assets. Although seemingly concerning, this comes as a significant improvement and is the highest index figure in over two weeks.

A month ago, the index stood at half its current figure, denoting extreme fear. Sentiment has clearly improved ever since. Based on the trajectory seen, current market sentiment is persistently shifting beyond fear and towards greed. This indicates the growing confidence crypto market participants and onlookers are experiencing and points to the expected price movement in the coming days and weeks. The market can expect further buying as long as the index does not tilt towards the ‘extreme greed’ classification, which would lead the market to collectively be driving up prices of already overvalued crypto assets.

Moreover, the fear and greed index trends coincide perfectly with the total global cryptocurrency market cap movement. The total market cap as of this morning stands at $1.955 trillion, which is the highest the figure has been since early March, which clearly points toward a persistently growing trend as a whole.

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