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Top Headlines for 29 March, 2022

Bitcoin Whale Accumulation Hits Record High

According to blockchain analytics firm Santiment, Bitcoin whale accumulation has reached a record high, with the number of addresses spiking to 2,203 since Russia invaded Ukraine.

Bitcoin addresses with holdings between 1,000 BTC-10,000 BTC have increased by almost 8.3% since 24 February, 2022. Santiment points out that an increase in whale holdings has historically foreshadowed positive price performance for the asset.

Another factor that could eventually trigger a price outbreak is the record amount of the cryptocurrency transferred out of exchanges, leading to fewer bitcoins available to potential buyers. On 24 March, 2022, an estimated 15,000 BTC were reportedly withdrawn from exchange treasuries across the market, making it one of the biggest exchange outflows for the asset since January.

Crypto Market Hits $2 Trillion

On 28 March, 2022, the crypto industry reached a market capitalization of $2.1 trillion after leading assets experienced a surge in value following an uneventful trading week.

BTC increased to $47000, a price point the leading cryptocurrency has not reached since the beginning of 2022. The sudden surge in value led to millions of dollars in short positions being liquidated. CoinGlass, a data aggregation platform reported that the BTC rally liquidated $142 million worth of shorts on 27 March, 2022.

Ethereum’s bullish price performance has also led to a similar wave of liquidated shorts worth $103 million. Both leading cryptocurrencies have been up by over 6% on 29 March. As the market turned green once again, altcoins, including Filecoin (FIL), Internet Computer (ICP), VeChain (VET), and EOS (EOS), recorded major gains.

Filecoin, a decentralized storage project, saw an increase of nearly 24%. Its native token FIL is trading for $24.68, down almost 90% from its all-time high of $237 in April 2021.

Search Volume for "Ethereum Merge" Hits All-time High

According to Google Trends, crypto enthusiasts worldwide have been so eager to learn more about the upcoming Ethereum update that the search term “Ethereum merge” has hit an all-time high in March 2022.

On 6 March, 2022, “Ethereum merge” was about 21% as popular as it was on 28 March. However, a plethora of searches after that date drove the term to touch a record high globally by 20 March. However, the search volume for the term has dropped significantly by 26 March.

Canada had the most searches in the last 365 days, and “Ethereum merge” was at its peak in popularity in the country between 13 and 19 March. Australia had the second-highest density of Ethereum upgrade searches at 84%, while Singapore and the United States ranked third and fourth. Furthermore, the United Kingdom and The Netherlands were ranked fifth and sixth on the trend “Ethereum merge”.

Ethereum’s upcoming merger is a network update that will replace the blockchain’s proof-of-work consensus mechanism with a proof-of-stake system. In other words, Ethereum will rely on staking for network validation and security instead of reliant specialized computing devices.

WOW Galaxy NFT Drop Generates $79M In a Day

Ethereum-based NFT series World of Women (WOW) has experienced a surge in prices after endorsements from multiple celebrities.

A secondary collection called World of Women Galaxy (WOWG) brought in $79 million within 24 hours after its launch on 26 March, 2022. According to analytics firm CryptoSlam, $34 million of this total came from the primary mint with the remaining volume from secondary trading. Since then WOWG’s secondary sales has increased to over $60 million, eclipsing trading volume than its competitors, including Bored Ape Yacht Club, Azuki, and Mutant Ape Club which have generated $45 million, $49.5 million and $42.3 million respectively.

The primary WOW NFT series had 10,000 unique profile pictures while WOWG features 22,222 tokens. The 10,000 collectors who already owned an original WOW NFT were eligible for a token from the new series. An additional 2,222 NFTs from this series were offered for a reduced price to individuals and communities working to promote the NFT sector with the remaining 10,000 were sold to the public in a Dutch auction format. The project started the bidding at 3 ETH, which is $9,300, and gradually lowered the price until the supply was exhausted.

LUNA Finds New High of $106.14

Terra’s token LUNA reached an all-time high (ATH) of $106.14 on 29 March, 2022 after its founder and CEO confirmed that it had acquired over $1 billion in Bitcoin since January.

However, the cryptocurrency has since backtracked and is now trading around $95.08 as of 20 April, 2022.

The recent rally made LUNA the eighth largest cryptocurrency in the industry, with over $36 billion in market capitalization. UST, another cryptocurrency from the Terra ecosystem, has a market cap of $16 billion and has become the largest stablecoin, ranking ahead of MakerDAO’s DAI. LUNA’s rally may have been triggered by the news that Bitcoin will be backing it.

Luna Foundation Guard (LFG), a non-profit organization aiming to promote the Terra ecosystem, recently announced the purchase of $135 million worth of BTC to back the algorithmic stablecoin (UST). LFG intends to buy nearly $10 billion worth of BTC for this initiative. The Foundation holds approximately 27784.9 BTC worth $1.32 billion as of 29 March, 2022.