Crypto Morning: Bitcoin (BTC) Falling on Accelerating Inflation and Continuing Geopolitical Tension

Charlie Taylor

The two biggest cryptocurrencies start lower, while altcoins show mixed performance. Bitcoin (BTC) is down 1% in the last 24 hours, trading at $46,968, according to data from CoinGecko. Ehereum (ETH) is down 0.5% to $3,479. In Brazil, Bitcoin also operates with little variation, down 0.6% and trading at R$216,401, according to the Bitcoin Portal Index (IPB). The macroeconomic scenario draws the attention of investors in the face of growing signs of accelerated inflation around the world and ongoing geopolitical tension. And the pressure on prices could increase even more, at least in Europe. “There are headwinds in the markets, not just in cryptocurrencies. We have an inflation that is not transitory. There is uncertainty around interest rate hikes and talk of recession,” Chris Kline, co-founder of the Bitcoin IRA platform, said in an interview with Bloomberg.

more sanctions

German Defense Minister Christine Lambrecht said the European Union should consider suspending Russian gas purchases, a move European leaders had so far rejected, according to the New York Times. The decision on further sanctions on Russia could come on the heels of evidence about alleged atrocities committed against civilians in Ukraine, particularly in Bucha, a city on the outskirts of Kiev. Faced with the complicated macro environment, the market is looking for clues about the direction of Bitcoin and other cryptocurrencies after the rally in late March. Joe DiPasquale, CEO of fund manager BitBull Capital, believes there is still room for appreciation. “Bitcon’s consolidation above $46,000 will be critical for continued gains towards the $50,000 milestone,” DiPasquale told CoinDesk. But he warns that if BTC fails to hold above that level, a retest for a floor closer to $40,000 could be on the way. In seven days, Bitcoin is down 1.2%, while Ethereum is still up 6.4%. Among the most traded tokens, Monday is one of loss and gain, CoinGecko data shows: Binance Coin (+0.1%), Solana (-3.3%), Terra (-2.1%), XRP (+0.7%), Cardano (+3.1%), Avalanche (-3.2%), Polkadot (-3.7%), Dogecoin (+1.1%) and Shiba Inu (-0, 4%).

19 million milestone

On Friday (01), Bitcoin reached a historic milestone: 19 million units have been mined since the system of the cryptocurrency with the highest market value began to run in January 2009. Now, only 2 million bitcoins remain to be mined. issued. “…The next 118 years will be fierce competition for the last 10% of base money, and there is nothing anyone can do to issue even one more satoshi,” Breno Brito, data scientist at Mercado Bitcoin, said in an interview with Bitcoin Portal. In the midst of this milestone, in an intriguing article published just on April Fools’ Day, Vitalik Buterin, creator of the world’s second-largest cryptocurrency, explained why bitcoiners’ maximalism should be taken into account, in addition to criticizing Ethereum.

Other highlights

crypto boom: Nearly half of all cryptocurrency investors in the United States, Latin America and Asia-Pacific bought digital currencies for the first time in 2021, shows new research by American exchange Gemini published by Reuters. Brazil and Indonesia lead the global rankings: 41% of people surveyed in these countries said they own cryptocurrencies, compared to 20% in the US and 18% in the UK. The universe of crypto vehicles traded on European exchanges continues to expand. Valor Inc., a Swiss asset manager controlled by DeFi Technologies, is launching three such products that track Cardano, Polkadot and Solana tokens, Bloomberg reported. bet on the fall: Some investment firms, including Fir Tree Partners and Viceroy Research, have placed heavy bets on Tether’s price drop amid the risk of losses, people familiar with the matter told the Wall Street Journal. Tether, with a capitalization of around $82 billion, is the most used stablecoin to trade Bitcoin, with a fixed value pegged to the dollar. crypto philatropy: Sam Bankman-Fried, CEO of the FTX exchange, is one of the richest people in the world, with a fortune of more than $20 billion, according to the Bloomberg Billionaires Index. But the hip executive says he wants to keep just what he needs for a comfortable life: 1% of his earnings, or the minimum of $100,000 a year. The rest, he wants to donate, he said in an interview with Bloomberg. Tokenization: Bitcoin Digital Assets Market plans to source BRL 600 million in tokens by the end of this year. The idea is to go beyond the brokerage business and enter this segment, which involves the certification, through blockchain technology, of real or digital assets. “I believe this will be our main product in the future”, Vitor Delduque, director of new business at MB Digital Assets, a company controlled by 2TM, told Valor.

Regulation, Security and CBDCs

Digital Euro: The European Central Bank should opt for a centralized solution for the digital euro, which could raise questions about privacy, CoinDesk analysis shows. Eurozone finance ministers will discuss the matter this Monday (4), and a consultation with the European Commission is due to take place soon. Another hacker target was Inverse Finance, an open source protocol focusing on cryptocurrency lending. The invasion resulted in the loss of US$ 15.6 million and was announced on Saturday (02) by the project team on Twitter. The recent wave of scams financial pyramid billionaires involving cryptocurrencies should accelerate the regulation of operations in Brazil, according to an article in Valor. For Vanessa Butalla, Executive Director of Legal and Compliance at 2TM, regulatory security will bring about a maturing of the market, in which investors will have extensive knowledge of the risks of the product and the broker’s reputation. in column in Estadãolawyers Mariana Chaimovich and Thaís Duarte Zappelini highlighted that the lack of regulation of crypto assets “generates a series of doubts, fostering an environment of instability and legal uncertainty”. Nicholas Sacchihead of research for Digital Assets at BTG Pactual, also sees benefits in defining a regulatory framework: “In most cases, regulation aims to bring greater security to those who access the market and also to create the bases for the sector to be able to advance more widely”, he said in an interview with Exame, With an eye on technologies for initiatives such as Real Digital, the Central Bank will select four projects to offer grants with financial incentives to innovative university students who are part of startups with work focused on DeFi (decentralized finance). The program has a partnership with Mercado Bitcoin, which will finance the scholarships. in Indonesia, the government announced on Friday (01) that it will start charging taxes on transactions carried out with cryptocurrencies. A rate of 0.1% for each transaction will take effect from May 1, Reuters reported. And in Chinathe central bank said Saturday that it will expand the pilot project of its digital currency to other regions, including cities in the eastern province of Zhejiang, which is expected to host the Asian Games this year.

Metaverse, Games and NFTs

Digital investments for the preservation of the Amazon they gain followers, “but they don’t save the forest”, points out a report in the newspaper O Globo. Gustavo Pinheiro, coordinator of the Low Carbon Economy portfolio at the Instituto Clima e Sociedade (iCS), says that these initiatives are positive, but they have to be linked to a sustainable development project in the region. Thus, non-fungible tokens could help fill vulnerable spaces near protected areas. At Soccer, the lucrative sponsorship contract between the music streaming platform Spotify and Barcelona marks the beginning of a “new era”, experts told Folha. “Cryptocurrencies, blockchain, NFT, online services, platforms, video conferencing programs… The actors that are appearing today are mainly companies or brands in the technological or digital sector”, says Pierre-Emmanuel Davin, CEO of Nielsen Sports. art on the moon: Jeff Koons – who holds the record for the highest auction price for a work by a living artist – hopes to take his pop art sculptures to even greater heights later this year when he launches a series of physical pieces into space as part of his first foray into the world of non-fungible tokens, according to Forbes. Jim Carrey, at age 60, he announced his retirement after “Sonic the Hedgehog 2”, according to Estadão. The actor and illustrator has dedicated himself to a new project with the production of NFTs. The new film could also be the last of his career and it hits theaters next Friday, April 8th.

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