Crypto morning: Bitcoin (BTC) above $42K and Ethereum (ETH) surpasses $3K mark

Charlie Taylor


The cryptocurrency market gains strength after a volatile session on Monday. Bitcoin (BTC) is up 2.9% on Tuesday morning (22), quoted at $42,591, according to data from CoinGecko. In Brazil, Bitcoin has a slight increase of 0.8%, trading at R$ 210,274, according to the Bitcoin Portal Index (IPB). Ethereum (ETH) is up 3.2% at $3,007. It is the first time that the second-largest cryptocurrency by market cap has surpassed the $3,000 mark since March 2, according to data from CoinDesk. According to Bloomberg analysis, the higher demand for Ethereum may be related to the platform’s software update, which promises to reduce the carbon footprint of the most used blockchain in the world. In seven days, Ethereum shows appreciation of 15.9%, while Bitcoin is up 7.1%. “ETH fundamentals are aligned for an upward move, however an ETH rally would also likely bring overall gains,” Matthew Dibb, co-founder of Stack Funds, told CoinDesk. Other cryptocurrencies also trade higher on Tuesday such as Binance Coin (+2.6%), XRP (+3.9%), Cardano (+5.4%), Solana (+0.4%), Polkadot ( +5.6%), Dogecoin (+2.9%) and Shiba Inu (+2.4%), according to CoinGecko. Avalanche and Terra (LUNA) go in the opposite direction, down 3.5% and 2.9%, respectively. During the National Association for Business Economics (NABE) annual economic policy conference in Washington, Federal Reserve Chair Jerome Powell said interest rates could rise at a 50 basis point pace rather than 25 basis point increases. base, which took strength from the cryptocurrency market on Monday (21). Against a backdrop of monetary tightening, digital asset investment products recorded outflows for the second straight week, totaling $47 million in the period ended March 18, a report from CoinShares shows. North America continued to lead the looting, which may reflect nervousness over regulatory and geopolitical issues caused by the conflict in Ukraine, according to the analysis. However, the majority of altcoins received funds, notably Ripple ($1.1 million), Polkadot ($800,000) and Solana ($700,000).

Other highlights

Russia-Ukraine War: Cities under siege in Ukraine brace for more attacks from Russian forces. US President Joe Biden has again warned that Russia may be planning to use chemical or biological weapons. Biden also spoke to European leaders about increasing pressure on the Russian government ahead of his visit to the continent this week, the New York Times reported. vehicle purchase: Mercado Bitcoin has partnered with NetCarros to allow the purchase of any vehicle with cryptocurrencies. Payments in digital currencies can be made from this Tuesday (22), reported Valor. Users will also be able to choose to pay part of the vehicle in cryptocurrencies and the rest in fiat currency. Fabrício Tota, director of the Bitcoin Market, says that the use of cryptocurrencies to pay for goods with higher values ​​is a trend in consolidation. Goldman Options: On Monday, Goldman Sachs executed the first over-the-counter cryptocurrency transaction from a major US bank, according to Dow Jones. With the help of Galaxy Digital, Goldman traded a non-deliverable Bitcoin option, a derivative linked to the price of the cryptocurrency that pays in cash, it said in a statement. Options are used by cryptocurrency investors as a hedge against risk or to increase profitability, and over-the-counter transactions, usually of higher volume, are privately traded. new background: Fuse, a technology-focused alternative investment manager, announced on Monday (21) the first Brazilian crypto fund backed by dollar-pegged stablecoins. The Fuse Capital Wasabi DeFi Fund aims to offer a return of more than 20% per year, according to Exame. financial inclusion: Almost half of the population in Latin America does not have a bank account, according to the World Bank, but most of them have access to a cell phone. This explains why, despite issues such as volatility and lack of government support, many believe cryptocurrencies can be a path to bankerization. With an eye on this trend, venture capital companies are betting on the crypto universe. The Bitcoin Market was the largest recipient of this type of investment in the sector in the region, according to Lavca, with around BRL 40 billion in cryptocurrencies traded in 2021, a jump of 530% compared to the volume of the previous year. The “Blockchain Report – Latam 2022” survey commissioned by Sherlock Communications and published by Estadão shows that more than 25% of respondents in Brazil said they expect to buy cryptocurrencies in the next 12 months. alternative mining: The large volumes of electricity used to mine Bitcoin draw attention to the environmental impact of mining. But Pennsylvania-based Stronghold Digital Mining believes it has found a greener alternative: The company uses waste left over from coal plants to generate power that powers hundreds of supercomputers that work to mine Bitcoin, according to Reuters. A New York Times report also highlights that Bitcoin miners seek to change the image that the sector harms the environment, with solutions focused on solar and wind energy, for example. new shareholder: Tennis star Naomi Osaka has purchased an equity stake in FTX and will receive compensation in cryptocurrencies, according to a statement from the Bahamas-based exchange published by Reuters. In a long-term partnership, Osaka will seek to attract more women to the platform, with an active role in coordinating and creating content.

Regulation, Security and CBDCs

prototypes: Several central banks and the Bank for International Settlements (BIS) have developed prototypes for a common digital currency platform with the aim of making cross-border payments more efficient, according to a statement published by Bloomberg. In the sights of global regulators: The Financial Stability Board (FSB) closely monitors the use of cryptocurrencies during the war in Ukraine amid fears that digital currencies could be used to evade Western sanctions on Russia. The FSB, which advises the G20, is sharing information obtained between members, Patrick Armstrong, a member of the board’s secretariat, said on Monday during the City & Financial conference, Reuters reported. fake trading robot: The Federal Police on Monday dismantled a fraudulent cryptocurrency scheme promoted by a couple from Paraná accused of earning BRL 6 million in mid-2019 with a fake robot trader. The company, whose name was not disclosed, deceived more than three thousand customers by selling investment packages in cryptocurrencies that promised exorbitant returns, according to the Bitcoin Portal. DAO threats: Australian Senator Andrew Bragg said on Monday that Decentralized Autonomous Organizations (DAOs) present an “existential threat to the tax system”. For him, these initiatives are recognized as partnerships and, therefore, are not subject to taxation for companies.

Metaverse, Games and NFTs

Expansion in the USA: More US companies are investing in non-fungible tokens, although there are no specific accounting or disclosure standards for NFTs. The Financial Accounting Standards Board (FASB) plans to conduct a study on standards for digital assets, but has no plans to include NFTs as these assets are copyrighted, an agency spokeswoman said. to the Wall Street Journal. Stallone’s NFTs: Actor Sylvester Stallone will release a collection of NFTs featuring nearly 10,000 digital art items that celebrate his life and film career. The PlanetSLY NFT collection will consist of 9,997 pieces that will be launched on the Ethereum blockchain network, Estadão reported. Qualcomm bets on the metaverse: The chip and smartphone maker will allocate US$ 100 million to invest in companies that develop new technologies for the metaverse. Funding can be through the purchase of equity and grants, according to the Wall Street Journal. The company starts receiving proposals for the fund, called Snapdragon, from June.

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