How do you assess the value of an NFT?
March 12, 2022
Yuga Labs Obtains Cryptopunks and Meebits Brands, Gives Commercial Rights to NFT Holders – Bitcoin News
March 12, 2022
Bitcoin’s price is at risk of going down because investors are funding short positions in Bitcoin by borrowing digital money from exchanges. Datamish shows that investors are funding short, causing the value of Bitcoin to go down.
Bitcoin fell again on Friday, despite a surge in capital inflow from large wallet investors and institutions. Brevan Howard Asset Management LLP and Tudor Investment Corp refreshed their bitcoin holdings by adding more of the cryptocurrency to their portfolios.
Related Reading | Bitcoin Outflows Spike As 30k BTC Exits Exchanges, Reserve Plunges Down
The growing geopolitical tension and the increasingly tense crisis in Russian-Ukraine are negatively impacting investor risk appetites for both equities as well crypto. This has fueled a bearish narrative surrounding Bitcoin’s price, which plunged below $40,000 with no signs of letting up.
Cryptocurrencies are not without their risks, and it seems that even large investors know this. On March 11th of 2022, survey data from Datamish showed 1,500 Bitcoin being lent out as short positions to finance those risks- a total debt amounting close enough for a 3,603 BTC loan. Following an increase in funding for short positions, there have usually been negative consequences such as price drops.
Analysts have been monitoring the recent changes in Bitcoin price, predicting that it will continue to fall. They believe there is still a significant risk for an upcoming decline, even after its recent recovery.
The Bitcoin price recovery is attributed to the first bearish Ichimoku breakout since December 4, 2021. Analysts believe Bitcoin price has formed a bottom in the $38,000 -$38500 range. This is an important confirmation zone for trading on bitcoin. This may signal more losses for investors who have been selling assets in anticipation of an upcoming crash.
According To Reuters, Russians Flooded The UAE With Liquidation Requests
In a Russia- drowning attempt to save their fortune, company executives and financial sources told Reuters that many Russians flooded the UAE’s cryptocurrency firms with liquidation requests.
That’s not all they want to do. Some of these investors are looking for real estate in the UAE. While others plan to convert it into fiat and hide their money somewhere else – insiders reported.
Related Reading | Bitcoin Exchange Withdrawals Suggests Whales Are Accumulating
The Swiss financial industry is currently in chaos. In fact, brokers requested the withdrawal of billions of dollars worth of Bitcoin. The request came from their clients concerned that Switzerland might freeze all funds. One representative claims they have received requests for up to $2B.
The UAE has been a neutral ground for Russians and Belarusians who have come to Dubai with their money to avoid being left out during any wars that may break out. There’s even been talk of people bringing cryptocurrencies here because they know it will always stay safe no matter what side wins.
According to sources in the UAE, many Russians purchase real estate with cryptocurrency. They’re using digital forms of money both ways – bringing their resources into Dubai while getting them out from other regions.
Featured image from Pixabay, chart from Tradingview.com
