Crypto Market Overview March 29th | Dex-Trade
Crypto Market Overview – March 29th, 2022
The Number of Large Bitcoin Whales Is The Highest Since The Russian Invasion of Ukraine
After the military invasion of putin's Russia into the sovereign territory of Ukraine, which was a turning point for the world economy, the crypto market experienced a serious shaking. However, today’s forecasts for crypto investors are more than optimistic, as according to the analytical platform Santiment, the number of bitcoin whales with accounts ranging from 1,000 BTC to 10,000 BTC has grown by 9% over the past month. The market dominance of the crypto flagship continues to be at 42%, which means that its impact on the market as a whole remains impressive. And this is not surprising, since the Ukrainian authorities continue to conduct a large-scale campaign to attract donations for the country's humanitarian and military needs, which brings very inspiring results. For this and a number of other reasons, there are now about 2,200 “large-caliber” bitcoin whales. Moreover, this value is the highest since April last year, and its growth is always symmetrical to the growth of bitcoin itself and, as often happens, to the growth of the entire market. By the way, according to Santiment's analytical data, the current growth of whales is spasmodic, so it is most likely preceded by several events occurring simultaneously. In addition to Putin’s war in Ukraine, crypto reforms in the EU, India and Britain have had a serious impact on the turn to hedge assets. To this we can add a record rise in inflation in the major world economies and Russian manipulations with energy resources, which are more like death throes.
Ripple Co-Founder Supports Bitcoin Switching to PoS
Several environmental groups, including US Greenpeace, the Environmental Working Group, local activist organizations, and a number of Ripple executives, have formed a consortium to launch the Change the Code, Not the Climate campaign to encourage the public and developers to transition to Bitcoin from the energy-intensive Proof-of-Work (PoW) protocol to the Proof-of-Stake (PoS) protocol. The problem is that according to the Cambridge Crypto Electricity Consumption Index, the Bitcoin network consumes about 136 terawatt-hours, which is more than electricity consumption in Norway or Ukraine. Given that these numbers will only grow over time, in five years the maintenance of the crypto-gold network will consume as much energy as Japan, which consists of 6,500 islands. The transition of Bitcoin to PoS may seem like a fantasy, but the second player in the crypto market, Ethereum, has successfully come close to such a transition. The new crypto-silver project is called Ethereum 2.0 and, according to its developer, Vitalik Buterin, will be launched, as we recall, this year. According to experts, the transition of bitcoin to PoS is possible with the help of a hard or soft fork, which, of course, will entail price changes in the asset. But if everything goes smoothly, the energy consumption of the BTC network could drop by 95-99%.
North Korean Hackers Steal Crypto
Cybercrime company Mandiant confirms that the North Korean government is supporting groups of hackers who are hacking into crypto platforms and financial institutions around the world in order to embezzle assets stored in their wallets. Mandiant says the hackers have stepped up since the Covid-19 pandemic dealt a massive humanitarian blow to the rogue nation. According to the company, the North Korean government is using stolen cryptocurrencies to build up weapons, purchase vaccines and seek to circumvent the economic blockade by key global economies. It’s reported that the hackers may have stolen about $400 million in various tokens, which was the result of attacks on about seven exchanges. To do this, methods such as phishing, encryption systems and malware are used. After committing the thefts, the hackers send the funds to a crypto mixer to launder the money and redirect it to their virtual wallets.