Crypto news: BTC recovers after weekend plunge
Updated
Bitcoin (BTC) and the rest of the cryptocurrency market were on the rise in London trade this morning after a weekend dive in which the oldest cryptocurrency sank to a low of $38,000.
Ether (ETH) and other altcoins were also beginning to recover from the weekend plunge. Layer-1 blockhain protocols Solana (SOL) and Terra (LUNA), and non-fungible token (NFT)-based online videogames Axie Infiinity (AXS) and 3D virtual-world platform Decentraland (MANA) were among the biggest daily gainers.
After failing to defend $40,000 on Friday, the bitcoin bulls managed to hold the next support range at $38,000 during the weekend when the support was tested.
On Monday morning, the crypto king appeared to be recovering from its weekend losses, and the whole virtual currency market advanced 2.21% over the past 24 hours.
Other crypto and stock news
- European stocks climbed slightly on the news that US President Joe Biden and Russia Presiden Vladimir Putin have agreed to French president Emmanuel Macron’s proposal of a US–Russia summit.
- OpenSea, the world’s biggest marketplace for NFTs, was subjected to a phising attack on Sunday. As OpenSea CEO Devin Finzer wrote on Twitter: “As far as we can tell, this is a phishing attack. We don’t believe it’s connected to the OpenSea website.”
Finzer added that apparently, affected users “have signed a malicious payload from an attacker, and some of their NFTs were stolen”.
1) We’ve narrowed down the list of impacted individuals to 17, rather than the previously mentioned 32. Our original count included anyone who had *interacted* with the attacker, rather than those who were victims of the phishing attack.
— OpenSea (@opensea) February 21, 2022
Quote of the day
El Salvadorean president and known cryptocurrency advocate Nayib Bukele tweeted: “I’m sending 52 legal reforms to congress to remove red tape, reduce bureaucracy, create tax incentives, [and secure] citizenship in exchange for investments, new securities laws, stability contracts, etc.
“The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.”
Under Bukele’s leadership, El Salvador became the first country to adopt bitcoin (BTC) as legal tender last September.
I’m sending 52 legal reforms to congress, to remove red tape, reduce bureaucracy, create tax incentives, citizenship in exchange for investments, new securities laws, stability contracts, etc.
— Nayib Bukele ???????? (@nayibbukele) February 20, 2022
The plan is simple: as the world falls into tyranny, we’ll create a haven for freedom.
Top cryptocurrency coins by market capitalisation
As of 10:00 GMT, the following cryptocurrencies has inched forward, as below.
- Bitcoin (BTC) added 2.10% to $39,058;
- Ether (ETH) increased 3.40% to $2,715; and
- Binance coin (BNB) climbed 1.59% to $384.
Winners and losers
- Axie Infiinity (AXS), decentraland (MANA), solana (SOL) and terra (LUNA) jumped by 8.73%, 7.53%, 6.54% and 5.45% respectively over just 24 hours.
- Sandbox (SAND) and crypto.com coin (CRO) were among the biggest weekly losers, shrinking by 15.71% and 13.56% respectively over the past seven days.
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