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Crypto market takes a breather as Ukraine’s Twitter announces airdrop

2022.03.02 Adam James

Though the crypto market has pulled back somewhat after yesterday’s surge, more gains may be in store for BTC.

The wider cryptocurrency market is taking something of a breather after yesterday’s impressive surge — its total capitalization has pulled back by more than 1.5% over the past 24 hours. Similarly, the prices of market leaders BTC and ETH have both declined by similar percentages, while altcoins XRP, ADA, AVAX and others have retraced by more than 4%.

The wider cryptocurrency market is experiencing losses on the day after yesterday’s dramatic increase. Source: COIN360

Leading headlines in the blockchain and cryptocurrency industry today is the news that the government of Ukraine is planning an airdrop, per a tweet from Ukraine’s official Twitter account reading “Airdrop confirmed.” The tweet also declares that the “Snapshot will be taken tomorrow, on March 3rd, at 6pm Kyiv time (UTC/GMT +2 hours). Reward to follow!”

Notably, TRON founder Justin Sun responded with complaints that the TRON community is being excluded after donating more than $1 million in TRC-20-based USDT — which he claims is “UNFAIR.” Sun explained that “it is not a matter of expecting a return but if an airdrop is going to all that donated and excluding TRON is UNJUST!” His Excellency’s response has been largely criticized as selfish and self-serving by Crypto Twitter and industry pundits. 

In other news, eurozone annual inflation is reportedly 5.8% in February — a record high — which is putting even less faith in fiat currencies among crypto-industry proponents.

Top altcoin gainers and losers: FTM, METIS and LOOKS rise

  • FTM/USDT +11.02%
  • METIS/USDT +10.50%
  • LOOKS/USDT +8.86%
  • SOS/USDT -4.45%
  • MCO/USDT -5.80%
  • ALCX/USDT -9.05%

Leading major altcoins on OKX today — per the exchange’s default time settings — is Fantom’s FTM. Not too far behind is Layer-2 competitor token METIS, while alternative nonfungible-token marketplace LooksRare’s LOOKS has reversed its losing streak with a gain of nearly 9%.

Taking a look at today’s biggest losers among major coins and tokens, self-repaying-loan platform Alchemix’s ALCX is down more than 9%. Additionally, Crypto.com’s MCO and OpenDAO’s SOS are also among the worst performers.

FTM is one of the top-performing altcoins on OKX today. Source: OKX

BTC technical analysis: Still pushing higher

The price of BTC continues to push higher alongside unpleasant eurozone inflation figures and an ongoing armed military conflict in Ukraine. The leading cryptocurrency is trading comfortably above the four-hour ribbon of exponential moving averages and looks intent on challenging 47,000 USDT.

At this rate, one might find it difficult to state that the macro bottom isn’t in for BTC — as a continued push higher would find anyone sidelined in cash in an uncomfortable position.

OKX’s BTC/USDT 4h chart — 3/02. Source: OKX, TradingView

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Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.