2 minutes read

Bitcoin’s 1 week range: $34,352-$39,370

The Bitcoin (BTC) Takeaway: Crypto investors are riding a wavy ocean, and bitcoin’s just the biggest boat out there. The Russia-Ukraine confliect has had investors full of indecision whether BTC can be helpful to the issue or not. The Ukrainian side has recieved more than $4 million in crypto donations, which bodes well. But many are skeptical that bitcoin’s real use case is as a currency of war.

Ether the past month. Source: TradingView

Ether’s 1 week range: $2,300-$2,755

The Ether (ETH) Takeaway: Ether is still pretty much operating in tandem with bitcoin, which has mostly been the case since crypto hit a downward cycle starting back in March. Many leaders in the cryptocurrency industry don’t think that the market is in for what’s called “crypto winter”. This is known as a prolonged period of time where cyrptocurrency markets are depressed, but this has been more a time of volatility than a total downward spiral.

What’s Hot This Past Week – the Best Performing Cryptos on Passfolio: 

  • Terra (LUNA) +38%
  • Lido DAO (LDO) +23%
  • REN (REN) +13%
  • Maker (MKR) +13%
  • Somnium Space CUBEs (CUBE) +12%

What’s Not This Past Week – the Worst Performing Cryptos on Passfolio: 

  • SuperRare (RARE) -17%
  • BarnBridge (BOND) -13%
  • Fetch.ai (FET) -12%
  • Audius (AUDIO) -10%
  • Orchid Protocol (OXT) -10%

What to Watch For: 

  • The conflict in Eastern Europe with Russia proceeding with an invasion of Ukraine first led crypto into a downward spiral before it popped back up this week. It still remains to be seen how crypto might exactly be utilized in this conflict, but the donations being sent to the Ukraine side is a positive development. Nevertheless, $4 million of crypto donated versus an over $1 trillion market capitalization is tiny and may have little impact.
  • Tesla CEO Elon Musk talked about accepting dogecoin (DOGE) in December. Now the company is accepting the crypto for payment at some of its SuperCharger stations that rapidly power up the electric vehicles. Musk believes that dogecoin, a software fork of bitcoin, is a better payment method than BTC. This may have something to do with how much faster the dogecoin blockchain runs, as it can confirm transtions within minutes.
  • Many financial advisors can’t touch or even reccommend cryptocurrencies for regulatory reasons. Even so, many are being asked how much crypto should be allocated to an investment portfolio. A Yale study from 2019 found that 4-6% is appropriate for a well-balanced portfolio, while others say 1%. Some would say a lot more, especially depending on age demographic, but it’s at least a positive there’s disucssions around this.
  • The news that Intel is getting into cryptocurrency mining has been met with positive feedback, as the chipmaker has suggested it would be able to build more efficient hardware than what is currently available. This has customers like Jack Dorsey’s Block, signed up as a customer. However, there is a tradeoff for the time being: Intel’s chips simply aren’t as powerful as the offerings available from the incumbents Bitmain and MicroBT.

Remember to check back with the Passfolio blog for news for updates!