BTC/USD oscillates around $41,00 in mid-Monday trade, after falling for a few weeks. The pair was in the process of testing $38,000 support at the time of writing, with three-day losses approaching 12%.

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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.

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Bitcoin fear and greed index on Monday, March 7, 2022, went from the extreme fear level of 22 to the level of 23 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 $38,171.37, down 3.08%. In the last 24 hours, the highest it touched was $39,495.19 and the lowest was $37,709.98. Bitcoin has a current market cap of $724,235,494,793. It has a circulating supply of 18,976,437.00 BTC coins and a maximum supply of 21,000,000 coins.

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Visa and Mastercard have joined PayPal in suspending operations in Russia

Visa, Mastercard and PayPal are all suspending operations in Russia, the companies announced Saturday, citing the country’s ongoing invasion of Ukraine. Visa will begin working to discontinue transactions in Russia, but it will take a few days, according to a press statement. Mastercard said it would suspend all its network services in Russia, which sent military forces into Ukraine at the end of February. “Once complete, all transactions initiated with Visa cards issued in Russia will no longer work outside the country and any Visa cards issued by financial institutions outside of Russia will no longer work within the Russian Federation,” said Visa’s statement, which was attributed to global communications vice president Andy Gerlt. In the press release, Visa Inc. Chairman and CEO Al Kelly said that the company “was compelled to act following Russia’s unprovoked invasion of Ukraine, and the unacceptable events that we have witnessed. We regret the impact this will have on our valued colleagues, and on the clients, partners, merchants and cardholders we serve in Russia. This war and the ongoing threat to peace and stability demand we respond in line with our values.” Similarly, Mastercard said that in addition to blocking some Russian financial institutions, it will end support for any cards issued by Russian banks and block transactions from cards issued outside Russia but used “at Russian merchants or ATMs.” Earlier on Saturday, Ukrainian Vice Prime Minister Mykhailo Fedorov tweeted a letter sent by PayPal CEO Dan Schulman announcing a similar shutdown. Spokespeople for PayPal did not immediately return a request for comment, but reportedly told Reuters the shutdown would still “ensure that account balances are dispersed in line with applicable laws.”

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In the Swiss city of Lugano, cryptocurrency to be accepted as currency

Lugano, a city in Switzerland, is adopting cryptocurrency as a means for payment of taxes, goods, and services, as part of a new collaboration with the provider of the Tether (USDT) stablecoin. Citizens in the Italian-speaking province will be able to pay for public service fees and taxes with Bitcoin, according to city director Pietro Poretti, who co-announced the news alongside Mayor Michele Foletti and CTO of Tether Paolo Ardoino in a live-streamed event a few days ago. Over 200 merchants have already partnered with the city to promote bitcoin and Lightning payments. Ardoino even tweeted about the same a few days ago. He shared a 15-second video that outlined “all the things that you can pay for within few months in the city”. Residents of Lugano will be able to transact, invest, and pay taxes using Bitcoin, USDT Tether, and LVGA tokens after these three cryptocurrencies were approved as “de facto” legal tender in the city.