Cryptocurrencies are rising crazily… Is the massacre over? by Investing.com

Investing.com – So far, the wave of sweeping declines that hit the cryptocurrency market, which analysts see as the worst of the March 2020 crash, has not stopped. However, positive signs are looming on the horizon for that sweeping wave.

In just two days, the cryptocurrency lost nearly 500 billion dollars, down to the levels of 1640 billion dollars, compared to 2.15 trillion dollars.

While analysts believe that it may head to the levels of 33 thousand dollars, it seems that positive signs have begun to appear on the crypto market during trading today, Sunday.

Several altcoins have been hit by a wave of gains, which came very large in the Terra Luna and Chiba Inu, in reference to the migration of traders, if only temporarily, to the major currencies and to the relatively small currencies.

Bitcoin now

Bitcoin is trading during those moments near the levels of 36 thousand dollars, with a slight decline, specifically at the levels of 36.6 thousand dollars, and a market value of 672 billion dollars.

Side by side, Ethereum also reduced its decline to levels near 2500 dollars, while its market value reached 296 billion dollars.

It declines within 1%, down to levels of $100, and a market value of $31 billion, while its weekly losses amount to about 33%.

Huge heights

On the other hand, Terra Luna started a wave of crazy rises that exceeded 20% during those moments to exceed in terms of market value.

Terra Luna is now trading at the levels of 69 dollars, while its market value is around 28 billion dollars, and it occupies the ninth place among the cryptocurrencies.

The same thing is experienced by the famous meme coin, which rose by more than 25%, reaching levels of $0.00002305, while its weekly losses are still 24%.

The market capitalization of Shiba Inu has jumped to over $12.5 billion and it is the 14th cryptocurrency in terms of market capitalization.

side elevations

Binance Coin rose around 9% to $379, and increased 7% to $1.12.

It increased by 1.7 percent, reaching levels of $0.616, and it rose within 6% to $0.1395 levels.

It rose within 8% to levels of $18.7, Avalanche increased 6% to levels of $64, and Polygon Matic rose 3%.

Fear and greed

Meanwhile, the fear and greed index collapsed again to its lowest level since the collapse of last May 2021, approaching the 10-point levels.

The fear and greed index lost nearly 13 points, indicating that the morale of traders has been damaged, as the state of intense fear prevails.

tsunami

Last Thursday, it was reported that the Russian Federal Secret Service persuaded Elvira Nabiullina, the governor of the Russian Central Bank, to impose a blanket ban on the trading of cryptocurrencies in the domestic market to prevent them from being used to fund the Russian political opposition.

The chief media representative of the Russian Orthodox Church, Vakhtang Kipshidze, said the church does not support bitcoin or investing in cryptocurrencies…

The church denied a recent video claiming that Patriarch Kirill, the leader of the Russian Orthodox Church, had urged followers of the church to invest in .

The Central Prejudice and Renewal Council of the Muhammadan Sunnah in Indonesia issued a fatwa banning cryptocurrencies as an investment activity and medium of exchange.

Securities Commission Chairman Gary Gensler said he hopes crypto exchanges will take steps in the coming months to be more directly regulated by financial regulators in Washington.

The State Bank of Pakistan (SBP) is seeking to ban all cryptocurrency transactions in Pakistan.

The Sindh High Court of Pakistan has reportedly held a hearing regarding the legal status of cryptocurrencies in the country.

The monetary authorities in Singapore decided to suspend crypto ATMs while cryptocurrencies are gaining popularity in the country.

Meanwhile, regulators in the United Kingdom and Spain are seeking to pass a law banning advertising and promotion of cryptocurrencies.

In contrast, India, Hong Kong and Ontario in Canada along with China and Japan are seeking to take tougher measures with cryptocurrencies.

The article does not express a recommendation or nomination, but rather a mere monitoring of market fluctuations, as trading in digital currencies involves high risks, including the risk of losing some or all of the investment amount, knowing that it is not completely subject to financial authorities and markets.