Crypto Morning: Bitcoin and Ethereum Rise as Market Eyes Fed Meeting and Buffett-Musk Feud

Charlie Taylor


The main cryptocurrencies return to operating with gains this Monday (2), in a weekend marked by low volume and the launch of the Otherside metaverse, from the company that created the ecosystem of the Bored Ape Yacht Club NFTs collection. Bitcoin is up 2.7% in the last 24 hours to $39,019.78, data from CoinGecko shows. Ethereum gained 2.9% to trade at $2,861.59. In Brazil, Bitcoin is up 2.2%, quoted at R$ 194,811.51, according to the Bitcoin Portal Index (IPB). The amount of Bitcoins available on exchanges reached the lowest level in the last 40 months, a possible indication of improvement in asset prices, according to an analysis by Exame. Currently, 2.4 million units of the cryptocurrency are on exchanges, down 202,900 units since the beginning of the year. Despite gains on Monday, Bitcoin ended April down 17%, the worst month of the year for the biggest cryptocurrency by market cap, data from CoinDesk shows. The losses partly reflect the expectation of lower global liquidity and greater investor caution, which translates into fewer resources invested in crypto assets. Bloomberg Economics estimates that policymakers in the G7 the group of countries that make up the world’s major economies will reduce their balance sheets by about $410 billion for the remainder of 2022, which would mark a big change from last year. , when they injected $2.8 trillion – bringing the total expansion to more than $8 trillion since the start of the Covid-19 pandemic. “This is a big financial shock to the world,” said Alicia Garcia Herrero, chief Asia-Pacific economist at Natixis, who has worked at the European Central Bank and the International Monetary Fund. The highlight of the week will be the Federal Reserve meeting, which takes place on May 3 and 4. The US central bank is expected to accelerate the pace of monetary tightening and raise interest rates by 0.5 percentage point, according to analyst projections.

Musk x Buffett

Even with the uncertain scenario, Warren Buffett, CEO of Berkshire Hathaway, is doubling down on the stock market. But Buffett and Berkshire Hathaway vice president Charlie Munger returned to attack Bitcoin at the annual shareholders meeting held last Saturday (30), according to Business Insider. and offered me $25, I wouldn’t take it. What would I do with it?” Buffett said. The billionaire’s stance contrasts with Wall Street’s growing interest in the crypto industry, albeit with some reluctance, because big banks and other companies simply don’t want to lose market to rivals, points out the Wall Street Journal. “Haha, he says ‘Bitcoin’ so many times,” Elon Musk, Tesla’s CEO, wrote in response to a video of Buffett posted on Twitter by venture capitalist Marc Andreessen, who also mocked the mega-investor for his criticism of the world’s largest cryptocurrency “while also promoting diabetes,” in reference to the boxes of candy on his desk, according to Forbes. Dogecoin, Musk’s preferred token, trades with little variation on Monday, while other altcoins alternate between losses and gains such as Binance Coin (+1%), XRP (+4.9%), Earth (+2.3%), %), Cardano (+1.3%), Polkadot (+0.6%), Avalanche (-0.9%) and Shiba Inu (-0.5%), according to data from CoinGecko. Solana is down 1.1% in the last 24 hours. Once again, the blockchain stopped producing blocks after validators lost consensus, a problem that left the network completely down for seven hours in the early hours of Saturday to Sunday.

Otherside’s NFTs

ApeCoin registers a drop of 8.4% and shows a drop of 3.3% in seven days. The cryptocurrency from the Bored Ape Yacht Club non-fungible token collection is now part of NFTS11, the first Brazilian stock exchange index fund focused on metaverse currencies and launched by asset manager Investo, according to InfoMoney. The release of the Otherside metaverse by Yuga Labs, creators of the Bored Ape collection, was the big highlight of the NFTs market this weekend. Sales of NFTs “Otherdeeds” (deeds for virtual lands in the metaverse) amounted to $285 million, but also resulted in one of the highest transaction fees ever recorded on the Ethereum network: $176 million in the last 24 hours, according to CoinDesk.

trendy metaverse

the clothes of the future may only exist in photos on social networks, points out a report by Estadão. Amid questions about sustainability in fashion and the concept of the metaverse, brands are betting on 3D-designed pieces that can only be “dressed” virtually. “TikTok Boom”, A book by Briton Chris Stokel-Walker, released in Brazil by Intrinseca, tells the dilemmas faced by businessman Zhang Yiming, 39, founder of Chinese ByteDance, parent company of TikTok, which threatens the dominance of Silicon Valley, highlights Folha. The Laboratory of Technological Financial Innovations (LIFT Learning) from the Central Bank is accepting applications for a free online course on decentralized finance, which starts on June 6. At the end of the course, students will develop a project with the Solidity programming language, used for so-called smart contracts. In October, the best projects will receive development grants funded by the Bitcoin Market.

Other highlights

wikimedia, the non-profit foundation that manages Wikipedia, decided to stop accepting cryptocurrency donations after a consultation in which almost 72% of the less than 400 users who voted supported the measure, points out CoinDesk. The voted proposal argues that digital currencies constitute a “predatory” investment and are not aligned with the foundation’s sustainability goals. More than 900 establishments in Brazil they already accept cryptocurrencies as a form of payment, according to data from CoinMap published by Estadão. But the finance professor at FGV-EESP, Jefférson Colombo, highlights that pricing difficulties and high volatility are challenges for use as a recurring means of payment. The South Summit starts this Wednesday (4th) in Porto Alegre, with big global names and more than 400 speakers who will discuss innovative projects and business opportunities. With the presence of the CEO of the Bitcoin Market, Reinaldo Rabelo, the event takes place until May 6.

cybersecurity

In April 2020, metallurgical company Gerdau was the victim of a R$ 30 million theft. Santander bank, which bore the brunt of the coup, hired Chainalysis to track the route of the money and data proves that Binance accounts received most of the stolen funds, which were converted into Bitcoin, according to the Bitcoin Portal. Bradesco was condemned in September last year by the State Court of Rio de Janeiro to return more than BRL 500,000 to the cryptocurrency broker Compra Bitcoin, according to which ten TEDs were carried out in his account at the financial institution without authorization, according to the Bitcoin Portal. Bradesco said that “the bank does not comment on sub judice cases”. The Rari Capital, a decentralized finance project, had around BRL 400 million in cryptocurrencies stolen from its loan pools on Saturday (30). A hacker managed to find a flaw in the smart contracts and it affected not only Rari Capital, but several partner projects that had loan pools in the protocol. Keeping an eye on greater demand of institutional investors, crypto fintech Parfin recently partnered with Consensys to provide security for the MetaMask cryptocurrency wallet. In an interview with InfoMoney, Marcos Viriato, CEO of Parfin, said that the cryptocurrency bill in Brazil will further increase the interest of this group. “The time that [o mercado] is regulated, there is going to be a rush, a crazy adoption of crypto,” he says. And to reinforce security in the NFTs market, The Joint Chiefs of Global Tax Enforcement, an international tax consortium known as the J5, released a list of fraud indicators to help banks, supervisory agencies and the private sector crack down on criminal activity.

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