Crypto Morning: Bitcoin (BTC) Above $47K, Solana (SOL) Jumps 8%, Binance Announces Rio Office

Charlie Taylor


The cryptocurrency market starts the week in the blue. Bitcoin (BTC) is up 5.7% in the last 24 hours, trading at $47,072, according to data from CoinGecko. Ethereum (ETH) gains 6.1% to trade at $3,331. In Brazil, Bitcoin has appreciated by 5%, to R$ 224,138, according to the Bitcoin Portal Index (IPB). The rally over the past two weeks has not only helped Bitcoin break through the key $45,000 barrier, it has also put the largest cryptocurrency by market cap back into positive year-to-date territory, Bloomberg data shows. The token even climbed as high as $47,583 in early Hong Kong trading on Monday, well above the $35,000-$45,000 range where BTC has been parked since early January. With the recent rally, Bitcoin is now up 1.2% on the year, compared to a 4.7% drop for the S&P 500. Other cryptocurrencies also trade higher this Monday such as Binance Coin (+4, 6%), XRP (+3.4%), Avalanche (+6.1%), Earth (+4.4%), Cardano (+4.8%), Solana (+8.8%), Dogecoin (+6.7%), Polkadot (+9.3%) and Shiba Inu (+8.1%), according to data from CoinGecko. The performance of Bitcoin and cryptocurrencies in general has been affected by the prospect of lower liquidity amid rising interest rates in the United States. In addition, cryptocurrencies have come into the crosshairs of regulators, who seek to prevent these assets from being used to evade sanctions on Russia. But, for some players in the market, once over the $45,000 barrier, BTC could rise even higher. In seven days, Bitcoin’s appreciation is 13.5%, while Ethereum accumulates a high of 15.8%. In a note published on Monday by CoinDesk, Singapore-based fund QCP says that gains in global asset prices should continue the bullish move in the short term. But Joe DiPasquale, CEO of fund manager BitBull Capital, is cautious and wants to see BTC consolidating above $46,000 for this rally to persist. “As we test the top of the 2022 trading range for the fifth time, this is another one of those Bitcoin moments where the narrative can quickly change with investor bets, further boosting the Bitcoin price,” said Antoni Trenchev, co-founder. and managing partner of Nexo, in an interview with Bloomberg. On the geopolitical scene, Russia appears to be shifting focus to securing control of eastern Ukraine as efforts to seize the capital Kiev and other major cities have stalled in the face of stiff resistance. Ukrainian officials have said they are concerned that Russia may try to divide the country into regions it controls and those it does not, the New York Times reported.

Other highlights

woman’s place: In an article on the Bitcoin Portal, Annalisa Blando, founder and CEO of asset manager ParMais, explains why better companies are formed by a greater balance between genders, diversity and inclusion. For Blando, who is also part of the Mulheres do Brasil group, the best way to correct structural machismo is through education and self-knowledge. “The financial market is a place for women and whoever wants to be in it”, she says. free event: With the emergence of many startups focused on the blockchain ecosystem, the question for entrepreneurs is how to capture investment. The Bitcoin Portal will help show the path of the stones on Wednesday (30) during the Summit, a free series of debates and online lectures. The event has the participation of Chaim Finizola, founder of Credix, Daniel Cunha, executive director of Corporate Development of the 2TM group, and Bruno Diniz, consultant and founder of Spiralem. Sign up here: https://portaldobitcoin.uol.com.br/summit/.

exchanges

New Coinbase Rules: The largest exchange in the United States will ask customers from some countries to provide information about the destination of cryptocurrencies withdrawn from the platform. Users in Canada, Singapore and Japan are among those affected by the new rule, which takes effect in early April, CoinDesk reports. Binance in RJ: Binance will open an office in Rio de Janeiro this year, the exchange’s CEO, Changpeng Zhao, announced on Saturday (26). “CZ” released the information by sharing on Twitter a photo taken during his meeting with the mayor of Rio, Eduardo Paes, the week he visited Brazil.

Regulation, Security and CBDCs

UK regulation: The British government plans to soon reveal plans to regulate the cryptocurrency market, with a focus on stablecoins, according to four industry sources familiar with the matter. British Finance Minister Rishi Sunak is expected to announce a new regulatory regime for cryptocurrencies in the coming weeks, the sources told CNBC. end of anonymity: Members of the European Parliament must vote to end the anonymity of even small cryptocurrency payments at a committee meeting scheduled for this week, documents seen by CoinDesk show. Lawmakers will also recommend that crypto service providers refrain from carrying out or assisting any transfers deemed to be of high risk of money laundering or crime. Yellen green sign: Known for her critical view of cryptocurrencies, US Treasury Secretary Janet Yellen told CBNC that while she still views crypto technology with a certain “skepticism”, she recognizes that there are benefits and that “innovation in the payments can be a healthy thing.” PL in Brazil: Deputy Aureo Ribeiro (SD-RJ), author of the bill that regulates digital assets (No. the Estadão. He recalls that, if the text returns to the Chamber, it would not go through committees and would go straight to the plenary. Ribeiro participated in a forum on digital currency regulation organized last week by Valor in partnership with Mercado Bitcoin. Keeping an eye on regulation: After FTX and Binance applied for and received licenses from multiple countries to operate legally, the exchanges appear poised to leave behind a time when they operated in over 100 countries from the comfort of remote work but with little regulatory oversight. In 2022, the narrative is decidedly pro-regulation, and regulated exchanges, whether small or large, are under pressure to obtain licenses where they operate, Forbes notes.

Metaverse, Games and NFTs

NFTs to save Amazon: Nemus, a Brazilian company that owns 410 square kilometers of Amazon rainforest, is offering a new way to fund environmental protection: selling non-fungible tokens that allow buyers to sponsor the conservation of specific areas of the jungle, according to Reuters. The sale of the NFTs began on Friday. Thai bank in the metaverse: SCB 10X, which oversees Siam Commercial Bank’s investments in tech startups, will become the first banking entity with a headquarters on The Sandbox, a blockchain-based virtual platform, the company said Monday in a statement published by Bloomberg. . SCB is Thailand’s largest bank by market value. Meta patents: The owner of Facebook, Instagram and WhatsApp, committed to building a metaverse, has filed a patent for eight elements related to the world of NFTs and cryptocurrencies. They were documented from the company logo to icons that refer to the brand. The procedures were done at the US Patent and Trademark Office, according to Forbes.

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