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Ukraine cancels crypto airdrop, market reacts negatively

2022.03.03 Adam James

Though BTC is grinding down, it may soon run into a confluence of potential support.

The cryptocurrency market is down modestly over the past 24 hours, with most coins and tokens experiencing declines between 1%–4%. Market leaders BTC and ETH are down nearly 2.5% and 4%, respectively, while Avalanche’s AVAX is down more than 6%.

Throwing something of a wet blanket on the wider cryptocurrency market may be the Ukrainian government’s decision to cancel its previously announced cryptocurrency airdrop after seeing a dramatic increase in cryptocurrency donations apparently in hopes of receiving something substantial in return. Instead, Ukraine plans on announcing nonfungible tokens “to support Ukranian Armed Forces soon.”

Industry pundits have been quick to disparage both the canceling of the airdrop and individuals’ expectations that they should be airdropped rewards for donating to a war-related cause.

The wider cryptocurrency market is a sea of red, with only select altcoins and some stablecoins experiencing gains. Source: COIN360

Top altcoin gainers and losers: UMA, OKB and ICP see gains

  • METIS/USDT -4.71%
  • AVAX/USDT -5.68%
  • FTM/USDT -7.47%

After strong showings yesterday, FTM and METIS have both pulled back — joining AVAX as some of the most noteworthy losers on OKX today, per the exchange’s default time settings.

On the winning end, decentralized finance token UMA is today’s big winner, leading OKB and ICP as strong altcoin performers.

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

BTC technical analysis: Grinding down into potential support

The market-leading cryptocurrency has run into sellers and is currently declining toward the four-hour ribbon of exponential moving averages. There exists a confluence of historical support and potential EMA support between 41,000 USDT and 42,000 USDT — which could be an area that sees buyers step in.

OKX’s BTC/USDT 4h chart — 3/03. Source: OKX, TradingView

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