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BTC close to $42K as bulls take on bears despite ‘macroeconomic uncertainty’

The notable thing about Bitcoin’s gains today is that they come despite the continuing uncertainty around the Russia-Ukraine conflict.

Bitcoin (BTC) rose to highs of $41,680 on Monday amid renewed buying pressure across the crypto markets.

The upside move is replicated in altcoins, with Ethereum (ETH) up 7% and trading above $2,800 while Solana (SOL) and Terra (LUNA) are both more than 14% in the green.

The total crypto market valuation is up 7.4% to $1.93 trillion, with Bitcoin’s market cap up to $793 billion.

Russia-Ukraine crisis shines the spotlight on BTC

Currently, BTC is briefly uncorrelated to Wall Street and trades more like gold than as a risk-on asset as seen over the past several months. 

The macroeconomic factors that have hindered BTC remain, with uncertainty surrounding the war in Ukraine and the Fed’s rate hike plans likely to continue dictating investor sentiment short to medium-term.

However, Natalie Brunell, the host of Coin Stories Bitcoin Podcast, says the Ukraine conflict has highlighted what Bitcoin is about for the global community. According to her:

“The global monetary system is fracturing and #Bitcoin has surfaced as a pristine savings and freedom technology that is borderless, permissionless, censorship-resistant and unconfiscatable. The Russia-Ukraine Crisis puts a spotlight on this,” she told Fox Business.

Bitcoin price outlook

Brunell’s comments come as bitcoin donations to Ukraine continue to soar and ruble-denominated crypto trading volumes surge amidst the Russian currency’s weakness.

On whether BTC can sustain the current upside or hold onto gains, Dylan LeClair, a senior analyst at a digital asset investing fund at UXTO Management thinks it’s a likely scenario.

Per the analyst, BTC’s latest uptick is hinged on a growing number of ‘diamond hands’. He points to data that shows more than 80% of Bitcoin’s circulating supply has moved year-to-date.

 “Only 15.5% of the #bitcoin circulating supply has moved in 2022 despite rising levels of macroeconomic uncertainty. HODLers are completely unfazed.  Quite astonishing when you think about it,” LeClair tweeted on Monday.

$42,000 and $46,000 are key barriers

Crypto trader and investor Scott Melker wants to see BTC break above $42 and sustain momentum above it to have the chance of fresh legs for further gains.

And according to pseudonymous analyst Altcoin Sherpa, if BTC rallies to the mid-February peak of $46k, investors might want to look at a potential “market structure shift.”

Unlike last week, when Bitcoin (BTC) fell alongside stocks, this week’s upside is happening as the S&P 500 and broader equity move towards another negative close.

Bitcoin is nearly 10% up at $4,665, while the S&P 500 edged to -0.3% close for February.

The post BTC close to $42K as bulls take on bears despite ‘macroeconomic uncertainty’ appeared first on Coin Journal.

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Kishu Inu (KISHU) has jumped 8% today: why is the price of KISHU of rallying?

Kishu Inu has surged by over 8% in the last 24 hours and managed to return to the top 10 list of tokens purchased by ETH whale wallets.

At the time of writing, KISHU was trading at $0.000000001585. It has hit a daily high of $ $0.000000001591.

What is Kishu Inu?

Before we look into the reasons behind the current price surge, let’s first explain what Kishu Inu is.

In a nutshell, Kishu Inu is a dog-based meme cryptocurrency inspired by Dogecoin. Instead of using Shiba Inu like Dogecoin and Shiba Inu coins, Kishu Inu chose to use the ‘Kishu’ dog breed as its mascot for its brand.

KISHU is the native token of the Kishu Inu meme-coin project.

Why is the price of KISHU rising?

There are several reasons behind the current price rally.  The main reasons are increased purchase of KISHU coin by Ethereum whales, Shiba Inu trending on Binance, and the upcoming Kishu Inu NFT collection.

KISHU purchase by ETH Whales

One of the reasons attributed to the current bullish momentum of the coin is the sudden increase in the number of ETH whales accumulating the KISHU coin. KISHU is currently in the top ten of the most purchased coins by ETH whales and as a result, its trading volume surged by over 200%.

According to the Whalestats, KISHU is fourth among the most bought coins by  ETH whale wallets.

‘’The top 1,000 Ethereum wallets are worth an average of $150.39 million and have an average of 40,404 ETH, 39 tokens, and 1 NFT.’’

Ethereum is leading followed closely by USDC token in the list.  NuCypher (NU), on the other hand, is the most traded token by the biggest ETH Whales.

Meanwhile, Shiba Inu is the leading meme coin among many ETH Whales holders. According to Whalestats, the largest ETH Whale holds more than $1.27 billion SHIB tokens.

Adoption of a meme coin by Whales is a sign of better days for the meme-crypto community.

Kishu Inu trending on Binance

Another reason for the current bullish momentum is their recent announcement that the coin is trending on Binance after obtaining the fourth spot.

Kishu Inu NFT tralier

Besides, KISHU had also dropped a trailer of its KISHUVERSE NFT earlier on that excited the community.

The post Kishu Inu (KISHU) has jumped 8% today: why is the price of KISHU of rallying? appeared first on Coin Journal.