With the recent rise in tensions between NATO and Ukraine, ETH’s weekly losses have increased by 17%.
Over the past 24 hours Ethereum prices have been riding a rollercoaster, dropping as low as $2500 and then rising to an all-time high of 2,653 US dollars. However, at press time, it is trading close to $2,636 – making its way back towards normalcy after this latest bout damped volatility in cryptocurrencies across all coins, including bitcoin & ethereum alike.
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Major political parties across the globe have mobilized their forces in response to recent events that took place in Eastern Europe. The United States, Great Britain, and India are among those who fear any unwarranted action stemming from Russia or Ukraine may arise at anytime soon with potentially devastating consequences for all parties involved – including ourselves here on earth.
Ethereum gained ground following the formation of a $2,500 base. This cryptocurrency continued to fall below the zone’s resistance level and has since tested support at that level. This week’s outlook shows an upside correction in progress that may continue upward toward new highs.
Ether trades below its $2,700 support level. It has moved above its 50% Fib retracement from last month’s crash. Still, it remains vulnerable to additional losses in this range until there’s a break out either remaining simple Moving average or closing higher than today’s open price.
Coinbase Integration With The Ledger
Coinbase wallet announced today that it will offer crypto as a standard in a market where cryptocurrency is more common. Integration with Ledger. This means people can store their cryptocurrencies and non-fungible tokens (NFT) on the ledger Nano X or S. They can transact freely across all platforms without having any troubles.
Coinbase customers can now use the extension to their mobile ledgers in order to keep a record and private keys offline using this app extension.
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Use Tether to Reduce Reserve Allocation
Tether’s decision to cut back on its USD reserve allocations is surprising but not altogether uncommon. Recent months have seen Tether admit that they prefer commercial paper to short-term bond tradings. As they strive towards becoming “more stable.”
According to the company, its reserves had been reduced by 42% in Q4 2021. The reserve fell from $30.5 Billion to less than $24 B.
Tether is now more open about the reserves it holds due to recent legal issues. In order to stay in compliance with regulations, they have been mandated by the Attorney General’s office of New York State (ANNY) and must disclose data every quarter. Which has led them to this audit where “consolidated assets exceed consolidated liabilities” but not by much at all(i e., US$ 78.67 billion vs. US$78.53 billion)