Crypto Morning: Bitcoin (BTC) Follows US Exchanges, Holding Above $30K

Charlie Taylor

Positive signs in the economic scenario boost US futures indices and rock the cryptocurrency market this Monday (23). Bitcoin (BTC) is up 1% in the last 24 hours to $30,477 data from CoinGecko shows. Ethereum (ETH) gains 2.1% at $2,070. In Brazil, Bitcoin dawns up 1.9%, trading at R$ 148,827, according to the Bitcoin Portal Index (IPB). The main altcoins also traded with appreciation this Monday as Binance Coin (+1.9%), XRP (+0.4%), Cardano (+2.9%), Solana (+4.2%), Dogecoin (+ 0.1%), Polkadot (+0.6%), Avalanche (+3.8%) and Shiba Inu (+3.7%), according to data from CoinGecko. On a visit to Asia, US President Joe Biden said the reduction of trade tariffs imposed on China was under review, according to Reuters. The market interpreted the statement as a sign of reversing some measures taken during the Donald Trump administration, which could give the global economy a boost amid recession fears. BTC is coming off seven straight weeks of declines, the longest period of devaluation since August 2011, Bloomberg data show. The losses coincide with a seven-week low for the S&P 500 index. Humberto Andrade, trading analyst at Mercado Bitcoin, highlighted in an article by Valor Econômico that “some investors have ended their position even with a loss, in a clear demonstration of a lack of knowledge of the market in which they invested. For some players, the next few months will be key. “If the S&P drops any further, that should create a final flow and a great opportunity to buy Bitcoin,” said Mark Newton, technical strategist at Fundstrat Global. But the fall in the price of BTC also reduces the profit margins of miners of the biggest cryptocurrency. Bitcoin mining revenue potential is down about 68% from its 2021 peak and 58% compared to last year’s average, according to Forbes.

In sight

On the radar of Korean Justice, Do Kwon, founder of Terraforms Labs, the company behind cryptocurrency Terra (LUNA) and stablecoin TerraUSD (UST), stated that he has been living in Singapore since last December and that the company’s operations in South Korea were closed. Brazilian exchange Nox Bitcoin will compensate all clients who lost money recently with the UST collapse. Nox Bitcoin CEO João Paulo Oliveira told Portal do Bitcoin that at least BRL 620,000 will be spent on this action as a way to maintain investor confidence. About the turmoil caused by the UST crisis, Fabricio Tota, director of Mercado Bitcoin, said in an interview with Folha: “The cryptocurrency industry is still under construction, there will be projects that will work and others that will not prosper”. And there are those who continue to bet on the potential of algorithmic stablecoins. “Does it have to exist or what are we doing in this space?”, asks Hassan Bassiri, manager of Ark that invested in Earth, in an article by Bloomberg.

Other highlights

Despite criticism due to ostentation of wealth During the World Economic Forum, productive partnerships are indeed being made in Davos, say participants. The event, which began on Sunday (22) in the spring, without the typical European winter snow, was “far ahead of its time” when it raised questions about cryptocurrencies, said Canadian Don Tapscott, president of the Blockchain Research Institute, to the New York Times. An agreement has already been announced there. Crypto Valley Venture Capital is launching an Africa-focused fund to support blockchain startups on the continent, according to the company participating in the Blockchain Hub, which takes place on the fringes of the forum, CoinDesk reported.

The Fingerprints digital art gallery, an autonomous decentralized organization founded by Brazilians Luiz Ramalho and Renato Shirakashi, raised US$3.5 million and was valued at US$160 million (R$800 million) – double the valuation of the previous round about seven months ago, from according to the Pipeline do Valor website. The round was supported by Andreessen Horowitz (a16z) and Union Square Ventures (USV), in addition to Wintermute, one of the largest crypto market makers in the world.

The future of crypto trading could be in derivatives, points out analysis by the Financial Times, which highlights the growing competition in the sector for a slice of the world of digital assets, with several crypto exchanges buying small traditional exchanges in recent months to increase their presence in mainstream markets.

Public data indicate that several anonymous cryptocurrency investors have profited from inside information about when tokens will be listed on exchanges, according to a report in the Wall Street Journal, which cites analysis by the company Argus.

agribusiness is one of the areas with the greatest potential for improvement through blockchain implementation, evaluates Fares Alkudmani, Brazil business development manager at Kucoin, in an article on the Bitcoin Portal. Estimates for agricultural blockchain innovations were valued at $41.2 million in 2017. This value is expected to rise to $430 million by 2023, an average growth rate of around 47.8% per year.

Loyalty program manager and financial services platform Méliuz announced on Friday (20) a partnership with fintech Liqi to bring liquidity and expand the cryptocurrency service on its platform, Estadão reported.

Research carried out in Brazil, Colombia and Argentina by cryptocurrency payment processor CoinsPaid and published by InfoMoney reveals that 41% of people have a more positive view of a company when it accepts digital currencies for transactions. In the case of Brazilians, 50.5% of respondents said they have a better perception of businesses that accept crypto.

The Bitcoin Pizza Day, the date that went down in the history of the crypto market when a Hungarian programmer carried out the first commercial transaction using bitcoin to buy two pizzas, turned 12 on May 22. To celebrate, Mercado Bitcoin launched the promotion “Is there anything better than pizza? Have! Earn bitcoins!” for customers who refer friends until May 29. Click here for more information.

Regulation, Cybersecurity and CBDCs

The decentralized finance (DeFi) industry offers many opportunities to earn money from cryptocurrency projects and tokens tied to various products. But the lay investor and even the most experienced are subject to scams. A report from the Bitcoin Portal highlights some known scams in the decentralized world of cryptocurrencies and brings expert tips that can help new investors avoid pitfalls.

The President of the European Central Bank, Christine Lagarde, said in an interview with a Dutch TV network on Saturday (21) that cryptocurrencies “are not based on anything” and must be regulated to prevent citizens from spending their savings on speculative investments. But Lagarde sees potential in the digital euro, which could become a reality in four years. She says she follows crypto closely because her son is an investor. “He is a free man,” she said.

The G7 also took advantage recent volatility in the cryptocurrency market to advocate for the rapid adoption of anti-money laundering regulations and ensuring financial stability. In a statement on Friday (20), finance ministers at the group said that cryptocurrencies must follow the same standards as the traditional financial system.

Charles Randell, chairman of the Financial Conduct Authority (FCA), warned of the British government’s rush to create a cryptocurrency hub in the country under the agency’s supervision, according to the Financial Times. Randell said that crypto companies still have a lot to improve before they get authorization.

The co-founder and former CEO of crypto exchange BitMEXArthur Hayes, was sentenced to six months of house arrest for failing to implement an anti-money laundering program in accordance with US law.

Metaverse, Games and NFTs

Next Saturday, May 28, Real Madrid and Liverpool play in the Champions League final in Paris. During the pre-game, TNT Sports shows a chat about the tournament and the crypto market with commentator Vitor Sérgio Rodrigues, former player Sávio, three-time champion of Champions (1998, 2000 and 2002) and Fabricio Tota, director of Mercado Bitcoin, one of the advertisers of the Champions League broadcasts on the channel, according to Máquina do Esporte.

The first international exhibition of non-fungible tokens in Brazil will feature works by collector Cozomo di’ Medici, pseudonym of rapper Snoop Dogg, as well as NFTs by CryptoPunks, Cryptorastas, Bored Ape and Xcopy, according to columnist Lauro Jardim, from O Globo newspaper. NFT.Rio will be held at Parque Lage between June 30th and July 3rd.

Filmmaker Spike Lee also debuted in the NFT universe with a collection of Ethereum artwork based on stills from her 1986 movie “She’s Gotta Have It”. Like Quentin Tarantino and Kevin Smith, the writer and director of “Do the Right Thing” is exploring the potential of using your own IP in the Web3 space, as per Decrypt.

The NFT market it needs to restructure after the recent crash if it wants to attract the general public and last, say experts interviewed by AFP. For Molly White, founder of a specialized website that lists scams in the cryptocurrency world, this path goes through “regulation” and “consumer protection”.

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