Crypto Morning: Bitcoin (BTC) Holds Above $31K As Altcoins Retract; Cardano (ADA) has strong fall

Charlie Taylor

The cryptocurrency market is still looking to set a course this Wednesday (1st): while Bitcoin registers a very slight increase of 0.1%, trading at $31,677, most altcoins operate in negative territory, data from the CoinGecko portal show. . Ethereum (ETH) is down 1.8% to $1,937.90. In Brazil, Bitcoin operates stable, trading at R$150,471.43, according to the Bitcoin Portal Index (IPB). Cardano, which rose 27% on Tuesday (31), now records heavy losses of 7.9% in the last 24 hours. Other tokens that trade in the red or with stability are Binance Coin (-0.3%), XRP (-1%), Solana (-3.3%), Dogecoin (-0.6%), Polkadot (-0 .9%), Avalanche (-4.6%) and Shiba Inu (-1.6%).

support level

Technical indicators suggest that Bitcoin could hit its lowest since December 2020 if it fails to hold the $29,000 support level, according to Bloomberg calculations. Based on past price patterns, BTC could drop to $22,130, the 200-week moving average. For FxPro senior market analyst Alex Kuptsikevich, many players believe that the cryptocurrency market has already undergone enough correction to become attractive for long-term buys. “However, fundamentals like halving, soft monetary policy or accelerated adoption are necessary for growth to continue,” he told CoinDesk. In the Brazilian market, the champion of applications in May was the Valor/Coppead IP 20, with a gain of 5.05%, according to an analysis by Valor Econômico. The Index is composed of 20 stocks with the best risk-return ratio in the four-month period analyzed. Bitcoin, which lost 20.30% in May, ranks last. The largest cryptocurrency is down 42.71% on the year. Global cryptocurrency ETFs (index funds) had net withdrawals of $556 million in April, according to Valor Investe, which cites the latest data from the Investment Company Institute (ETFGI), an independent research and consulting firm that covers trends in the world. global ETF ecosystem.

new MOON

While volatility is characteristic of the cryptocurrency market, Luna 2.0 (LUNA)’s price swings draw attention. Several trading platforms showed different prices after the tokens were distributed on Saturday (28). Kraken data indicated a starting price around $17, with swings between $30 and $4.80. OKX listed the token at $1 at the opening, with extremes of $20 to $5. The new token was trading at $9, up 30% accumulated through Tuesday (31), according to TradingView and Kraken data. “It’s pure gamble, the likes of which have never been seen in crypto,” Fadi Aboualfa, head of research at cryptocurrency exchange Copper, said in an interview with Bloomberg. The Terra project team acknowledged on Tuesday that the airdrop of the new LUNA tokens took place unevenly, following complaints from several users who claimed to have received fewer tokens than expected. With the Earth ecosystem melting, many investors are wondering which stablecoins would be safest. According to a survey carried out by Mercado Bitcoin and published by E-Investidor, of the 15 largest stablecoins in market value, only six showed increases or remained stable in their price variation in the year to date. In Brazil, exchange OKX announced a partnership with brokerage Foxbit to enable the purchase of stablecoin from Tether (USDT) through payments with reais via PIX, the country’s instant payment system.

Other highlights

European Union financial supervisors are recommending that national authorities withdraw the license to operate cryptocurrency exchanges that violate the block’s laws on money laundering, reports a CoinDesk report. The announcement comes during the final preparations for the introduction of legislation known as MiCA, which will regulate the issue in the 27 countries that make up the continental bloc.

Forbes has decided to cancel an IPO deal through a special-purpose acquisition vehicle, also known by the acronym SPAC or blank check company, sources told the New York Times. The reason would be the lower interest of investors in the financial instrument, which is under increasing scrutiny from regulators in the US. As part of the plan, cryptocurrency exchange Binance had announced in February a $200 million investment in Forbes to support the deal. A Binance spokesperson told CoinDesk that the company continues to review “all possible options and we look forward to working with Forbes’ leadership team in the coming months.”

The crypto industry has raised a record $30 billion in venture capital last year, and the number of deals in the sector remains high despite the recent turmoil, Morgan Stanley said in a report released by CoinDesk on Tuesday. However, the flow of funds is expected to decline, reflecting trends in other categories of venture capital.

Cryptocurrency companies have opened offices or expanded the spaces occupied in New York in the last two years, in contrast to the remote work scheme common in the industry and the growing trend of hybrid model in other sectors. But the recent turmoil puts the longevity of some web3 companies at risk, according to the New York Times.

A subsidiary of Fidelity Investments, launched a few years ago so institutional investors can hold and trade Bitcoin in wallets, plans to double its headcount this year, according to the Wall Street Journal. The unit intends to hire 110 technology professionals and another 100 specialists in customer service.

Anyone who wants to help those affected by heavy rains in Recife will be able to make donations in Bitcoin directly to a digital wallet of the NGO Novo Jeito, according to Valor Investe. The initiative is from Zro Bank in partnership with the Transforma Brasil movement.

The survey “Uncomplicating the future of professions” carried out by edtech Descomplica and published by Forbes set out to map how technology, as well as the metaverse, games, non-fungible tokens and other concepts are contributing to the formation of a new ecosystem of roles, professions and skills for the professionals of the future .

Regulation, Cybersecurity and CBDCs

At a hearing in the Chamber of Deputies on Tuesday, Central Bank President Roberto Campos Neto said that blockchain is here to stay and signaled that the institution is studying a third bill for the sector. “We like the House and Senate bill, we will have a third [projeto] to improve,” he said. “In our PL, we are going to start regulating brokerages.” According to an article on the Block News website, one of the objectives of the BC is to know if exchanges have ballast for the sales of cryptocurrencies carried out and foreigners will be asked to “preferably have their headquarters” in Brazil. Another concern, according to Campos Neto, is the global concentration of custody. The BC president stated that the body has also been monitoring the use of cryptocurrencies in import fraud, according to E-Investidor.

And the BC postponed the tests of the digital real to 2023, the national CBDC (central bank digital currency) whose pilot project was supposed to start in the second half of this year. The delay was disclosed by Fábio Araújo, economist at the BC and responsible at the institution for coordinating the project, during the event “CBDC and digital real: what it is and how it will be”, promoted by the Brazilian Federation of Banks (Febraban) on Monday. (30).

Rules that regulate the exposure of global banks to crypto assets will be completed this year, according to the Basel Committee on Banking Supervision. “Recent events have further highlighted the importance of a global minimum prudential framework to mitigate crypto-asset risks,” the committee said in a statement.

The UK government has proposed more protective measures against the possible collapse of stablecoins in a consultation paper published on Tuesday, which recommends amending legislation to address such risks. One of the proposals is to give the Bank of England more powers to coordinate the management of stablecoin issuers that have collapsed and are of “systemic importance”.

Molly White, 28-year-old software engineer who writes articles for Wikipedia as a hobby, has become one of the main critics of the crypto industry. On his Web3 is Going Just Great website, White documents numerous cases of infringement: investments that result in fraud, projects that collapse through mismanagement, and hacker intrusions that steal money from users, according to the Washington Post.

And speaking of scams, spam, phishing attacks, scams and malware challenges are constant for Discord, the messaging app for gamers that is now one of the main platforms used for crypto projects. According to a report by Vice magazine, conversations on the app’s channels are not encrypted and it is possible to have access to information that gives clues about the launch of a token or if it is about to be listed on Coinbase, for example.

Despite efforts to improve cybersecurity rules, ransomware attacks against companies remain on the rise in the US and lawmakers say the government has limited reach to prevent such scams, according to the Wall Street Journal. Only 19% of cyber risk management executives revealed a “high level” of confidence to combat such threats, according to a survey by the insurance brokerage unit of Marsh & McLennan and Microsoft.

New York couple accused of laundering $4.5 billion in cryptocurrencies stolen in the 2016 hack of Bitfinex exchange is still negotiating a plea deal as more than 1.1 gigabytes of evidence are analyzed, prosecutors said. Lya “Dutch” Lichtenstein, 34, and his wife, Heather Morgan, 32, are due to appear in court on Friday, Reuters reported.

Renowned technology experts banded together to urge US lawmakers to put up barriers to the growing cryptocurrency industry, the first concerted effort to combat lobbying by companies in the industry, according to the Financial Times. A group of 26 computer scientists and academics, including Harvard University professor Bruce Schneier and Kelsey Hightower, chief engineer of Google Cloud, signed a letter delivered to congressmen criticizing investments in cryptocurrencies and blockchain technology.

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