Crypto news daily: Bitcoin data and price analysis for Tuesday March 8, 2022

BTC/USD oscillates around $38,00 in mid-Tuesday trade, after falling for a few weeks. The pair was in the process of testing $36,000 support at the time of writing. Despite the “out of hours” trading environment, the trend was clearly down for the largest cryptocurrency, as the mood on global equities wobbled among analysts. The price has been rejected impulsively from both the 100-day moving average and the $45K resistance level.

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BTC also broke below the 50-day moving average, spreading fear all over the market once again. However, there is still the chance to reclaim back above the significant moving average line over the past few days. In that case, It might make another attempt towards the $45K resistance.

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On the other hand, if BTC fails to recover in the next couple of days, the next support level would be the $36K area that the bulls defended the last time it was tested last Thursday, on the day of Russia’s invasion.

Bitcoin fear and greed index on Tuesday, March 8, 2022, went from the extreme fear level of 23 to the level of 21 as per the alternative. me. The Fear and Greed index is a technique for assessing investors’ emotions toward the market.

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Bitcoin is currently trading around $38,226.70, up 0.14%. In the last 24 hours, the highest it touched was $39,430.23 and the lowest was $37,260.20. Bitcoin has a current market cap of $725,310,973,501. It has a circulating supply of 18,977,318.00 BTC coins and a maximum supply of 21,000,000 coins.

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Biden executive order on cryptocurrency expected this week

President Joe Biden is expected to sign an executive order on cryptocurrency this week that will mark the first step toward regulating how digital currency is traded. The move comes as administration officials have raised concerns in recent weeks about Russia’s use of cryptocurrency to evade the impact of crushing sanctions in response to its invasion of Ukraine. The sanctions have sent the ruble to historic lows and have closed the country’s stock market. Two people familiar with the process said the executive order on cryptocurrency was expected to be issued this week and it had been in the works long before the war. Both people spoke on condition of anonymity to preview the order. The order is expected to describe what government agencies, including the Treasury Department, need to do to develop policies and regulations on digital currencies. It is expected to include a request for the State Department to ensure that American cryptocurrency laws are aligned with those of U.S. allies and will ask the Financial Stability Oversight Council — which monitors the stability of the U.S. financial system — to study illicit finance concerns.

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Adobe’s Behance adds support for Solana NFTs

Behance, the creative showcase platform owned by Adobe, announced on Monday that users can now connect their Phantom wallet to their Behance accounts and showcase Solana (SOL) nonfungible tokens (NFTs) on their profiles. Phantom is a Solana wallet built for decentralized finance, or DeFi, applications as well as for NFTs. QuickNode, a Miami-based Web3 infrastructure platform, helped build out this feature with Adobe on Solana.  Behance creators can already display their NFTs minted on the Ethereum (ETH) blockchain within their profiles. William Allen, the Adobe vice president leading Behance, explained on Twitter that many of Behance’s users, however, may no longer want to associate with Ethereum due to concerns over its high energy usage and gas costs. Allen tweeted that Solana is a proof-of-stake chain that addresses these concerns, pointing out that a single transaction on Solana “uses as much energy as a Google search and costs a fraction of a penny.”