Both candidates made crypto an important issue to attract younger voters, but it’s not yet clear if the winner, Yoon Suk-yeol, will introduce legislation fulfilling his promises; bitcoin and ether were both in the red.
Good morning. Here’s what’s happening:
Prices: Bitcoin, ether and other major cryptocurrencies had an off weekend as fighting in Ukraine intensified.
Insights: South Korea President-elect Yoon Suk-yeol promised a crypto-friendly administration. Now comes the hard part.
Technician’s take: BTC upside could be limited with the potential for higher volatility next week.
Prices
Bitcoin (BTC): $37,783 -3.3%
Ether (ETH): $2,512 -2.9%
Top Gainers
| Asset | Ticker | Returns | Sector |
|---|---|---|---|
| Cardano | ADA | +0.8% | Smart Contract Platform |
Top Losers
| Asset | Ticker | Returns | Sector |
|---|---|---|---|
| Cosmos | ATOM | −3.5% | Smart Contract Platform |
| Solana | SOL | −3.1% | Smart Contract Platform |
| Polkadot | DOT | −3.0% | Smart Contract Platform |
Crypto spends a weekend in the red
Russia’s invasion of Ukraine raged on over the weekend, and investors continued to watch events with trepidation .
At the time of publication, bitcoin was trading at about $37,800, off about 3% from where it started the weekend. Ether was trading at approximately $2,500, also down roughly 3% for the same period. Most other major altcoins were in the red.
Since Russia began its unprovoked attack, bitcon, has risen and dipped within the $37,000 to $45,000 price range that it entered in late January. “It’s been another range-bound, indecisive week for Bitcoin and the crypto markets where the market leader has failed to make any meaningful headway on the upside,” wrote Joe DiPasquale, the CEO of fund manager BitBull Capital, in a text to CoinDesk. He added: “The current price action is typical during bearish phases, as was seen in May, June and July, and often precedes strong…
