LUNA And NEAR Surge While Bitcoin Reverses Its Rally: Analysis

LUNA and NEAR surge in value over the week with most of the other prices fluctuating on the market but really little has changed over the past week as we can see today in our weekend price analysis so let’s take a closer look at the altcoin news below.

Last week, the news was dominated by Russia’s attack on Ukraine and how BTC suffered the effects of the conflict. Bitcoin traded as low as $37,500 but then a midweek rally drove the prices up by 20% before the wave settled once the prices tumbled to $39,533 as of the time of writing. Bitcoin’s fast gains and losses leveled out and finished the week up by 0.78% while Ethereum had a bad time and fell over 4.3% to trade at a level of $2670.

Despite the bearish market sentiment, the total market cap dropped 2.1% overnight with most of the cryptocurrencies entering a weekend which changed nothing and brought no significant losses among the popular coins except for the 9% decline of Algorand. The token was trading at $0.77 as of the time of writing. However, some of the biggest winners were LUNA and NEAR which increased by 13% and 14% respectively.

We completed the purchase of digital art from the highly acclaimed World of Women non-fungible token (#NFT) collection, our first foray into this rapidly growing asset class. @worldofwomennft #ETH #NFTCommunity https://t.co/HDKu77oVam pic.twitter.com/JmUIaKZcpi

— KPMG Canada (@KPMG_Canada) February 28, 2022

Canada’s arm of global accounting giant KPMG launched the week off with some unexpected news as it purchased the World of women NFT but it wasn’t its first foray into the digital assets as it only had a purchased BTC and ETH last month. Still, the accounting company entering the NFT space is huge news for the non-fungible tokens. The Cambridge University’s Centre for Alternative Finance announced a  public-private digital asset research collaboration with the IMF and the Bank of International Settlements with a shared goal to gain insight into the digital economy thanks to their collaborative research involving public and private stakeholders. Some of the participants will include the British international investment, the World Bank, Ernst & Young, Fidelity, Goldman Sachs, Visa, and Mastercard.

New public-private digital assets research collaboration launches

Cambridge Digital Assets Programme #CDAP to create open-access data, tools & insights to facilitate balanced dialogue around digital asset activities.

Read more https://t.co/2Gmn0Gj72D

— Cambridge Centre for Alternative Finance CJBS (@CambridgeAltFin) March 1, 2022

As reported last week, the European Union added a provision calling for a ban on PoW mining in its draft regulations. If approved, the ban will mean no more BTC mining because of its proof-of-work mechanism. Voting on the legislation has been delayed because the new draft package could be misrepresented as a Bitcoin ban, according to the chairman of the European Parliament’s Economic Committee Stefan Berger. He confirmed that the paragraph in question was removed in total.