Ethereum Price Falls Amid Global Tensions
23 Februar 2022 - 3:38PM
NEWSBTC
With the recent rise in tensions between NATO and Ukraine, ETH’s
weekly losses have increased by 17%. Ethereum has been on quite the
roller coaster ride over the last 24 hours, with prices dipping as
low as $2500 before surging up to a local high of 2,653 USD.
However, at press time, it is trading close to $2,636 – making its
way back towards normalcy after this latest bout damped volatility
in cryptocurrencies across all coins, including bitcoin &
ethereum alike. Related Reading | TA: Ethereum Primed For Strong
Recovery And Only 1 Thing is Holding it Back The recent events in
Eastern Europe have caused major political entities across the
board to mobilize their troops. The United States, Great Britain,
and India are among those who fear any unwarranted action stemming
from Russia or Ukraine may arise at anytime soon with potentially
devastating consequences for all parties involved – including
ourselves here on earth. Ethereum is gaining ground after forming a
base above $2,500. The cryptocurrency extended its decline below
the zone and tested resistance at this level. This week’s outlook
shows an upside correction in progress that may continue upward
toward new highs. Ether is trading below the $2,700 support level
at present. It has moved above its 50% Fib retracement from last
month’s crash. Still, it remains vulnerable to additional losses in
this range until there’s a break out either remaining simple Moving
average or closing higher than today’s open price. Coinbase
Integration With Ledger In a world where crypto is becoming more
mainstream, Coinbase wallet has announced that they will be
integrating with Ledger. This means people can store their
cryptocurrencies and non-fungible tokens (NFT) on the ledger Nano X
or S. They can transact freely across all platforms without
having any troubles. With the app extension, Coinbase users can use
their physical ledger devices to maintain a record of private keys
in an offline fashion. Related Reading | TA: Bitcoin Recovery
Halts, Technicals Suggest Fresh Decline To $36K Tether To Reduce
Reserve Allocation Tether’s decision to cut back on its USD reserve
allocations is surprising but not altogether uncommon. The company
has shown an admitted preference for commercial paper over
short-term bond trades in recent months. As they strive towards
becoming “more stable.” The company revealed that it had cut its
reserves by 42% over Q4 2021. As a result, the reserve dropped from
$30.5 billion to just under $24B. The recent legal woes of Tether
are causing the company to be more transparent about its reserves.
In order to stay in compliance with regulations, they have been
mandated by the Attorney General’s office of New York State (ANNY)
and must disclose data every quarter. Which has led them to this
audit where “consolidated assets exceed consolidated liabilities”
but not by much at all(i e., US$ 78.67 billion vs. US$78.53
billion)
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