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Although Bitcoin and Ethereum retreated from their weekly highs, there is no panic in the market because trading is still carried out within the established channels, which allows investors to gain positions at attractive prices. But the price is indeed cheaper, in part because the Ontario Provincial Police and the Royal Canadian Mounted Police are fighting truckers by blocking their crypto wallets. Authorities have ordered all regulated financial companies to stop facilitating any transactions from crypto wallets related to funding protests organised by truckers in the country.
The police are also investigating crypto donations in support of the week-long protest against Canada's vaccination mandate. Protests are now considered illegal under the Emergency Response Act, but in late January, truckers began protesting against international travel restrictions imposed by the government. The restrictions require everyone entering the country to be vaccinated against COVID-19. Truckers blocked international bridges and border crossings in several Canadian provinces. There are already donations totaling over $20 BTC-$870,000 (CAD$1.1 million).
On a different note, Chainlink may accelerate its next-generation blockchain adoption in DeFi finance, insurance, supply chain, gaming and gambling. The Bank of America said it is now the driving force behind the growth of DeFi's total value locked (TVL) to $203 billion. On a yearly basis, TVL rose 313%.
DeFi is a general term used for lending, trading, and other financial transactions that take place on the blockchain and without the need for traditional intermediaries.
It was especially popular last year and, as of February 15, Chainlink oracles have secured more than $60 billion smart contract deposits, up from $7 billion at the end of 2020. The Bank of America said more than 1,100 projects use the network, and companies such as Associated Press, AccuWeather and Sportmonks have already launched oracle nodes to monetize their data. Right now, LINK, Chainlink's token, is the 22nd largest cryptocurrency by market value at $8.1 billion.
Technical analysis for Bitcoin
Key level for today is $45,350 because a breakdown will lead to a further rise to $48,554 and $51,810. Meanwhile, a drop below the level will result in a dip to $41,750, $39,120 and $36,090.
Technical analysis for Ethereum
A lot depends on $3,140 because a breakdown could prompt a larger jump to $3,562 and $3,887. Meanwhile, a drop below the level will result in a fall to $2,620.
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