Crypto Morning: Bitcoin (BTC) Slightly Dropping, Ukrainian Executive Shoots Binance, Mining Interest Rising

Charlie Taylor

The cryptocurrency market is in the red this Monday after a week of gains. Bitcoin (BTC) is down 0.9% in the last 24 hours, trading at $41,361, according to data from CoinGecko. Ethereum (ETH) is stalled at -0.1% trading at $2,912. In Brazil, Bitcoin recorded a drop of 1%, quoted at R$ 208,451, according to the Bitcoin Portal Index (IPB). Bitcoin and Ethereum tracked the performance of equity markets on Friday amid heightened appetite for risk despite geopolitical tension. In seven days, BTC, the largest cryptocurrency by market cap, has gained 8.4%, while the ETF, the second largest, has increased by 14%. But Bitcoin is still far from its 2022 high, which was $47,800 on Jan. For Wilfred Daye, who runs Securitize Capital, Bitcoin is unlikely to cross $46,000 in the short term unless there is a “vibe change” on the macro side. In an interview with Bloomberg, Dave said that breaking this barrier would require greater demand for risky assets and a rally in the technology sector. After a start of losses, several cryptocurrencies begin to appreciate this Monday: Binance Coin (+0.1%), XRP (+0.6%), Cardano (+0.3%), Solana (+0.9 %), Polkadot (+0.8%), Earth (+3.6%) and Avalanche (+5.4%). The meme coins are in a worse moment than the rest: Dogecoin (-0.1%) and Shiba Inu (-1.9%).

Russia-Ukraine War

Ukraine rejected Russia’s demand for soldiers in Mariupol to surrender early on Monday, the New York Times reported. Officials accused the Moscow government of using the hundreds of thousands of people held in the city as hostages. Cryptocurrency industry professionals who left Ukraine because of the war see Portugal as more attractive than other European destinations, according to a Bloomberg report. The country is already considered a crypto hub by not levying taxes on digital currency earnings, in addition to the affordable cost of living and mild climate. Maria Yarotska, 35, escaped Ukraine by driving six days across Europe to Lisbon. Now, she intends to expand her NEAR blockchain business in Portugal.

Other highlights

New players in mining: After installing data centers for Bitcoin miners, companies with direct access to electricity like Beowulf Mining Inc. decided to enter the mining business. With lower operational risks and profit margins of up to 90%, energy companies are becoming a major force in cryptocurrencies, Bloomberg report shows. travel destinations: A new survey by Fast Private Jet, an authorized private jet agent, set out to show which global capitals are the best options for the crypto-savvy traveler looking to spend at locations and hotels that accept digital currency as payment. Slovenia leads the list, followed by the Czech Republic and Spain, highlights Forbes. Euroclear Partnership: Securities settlement firm Euroclear on Monday announced a partnership with a consortium of banks developing a payments system for tokenized assets, in yet another deal between established institutions and crypto industry newcomers, Reuters reported. Future at risk? In a lengthy interview with Time magazine, Vitalik Buterin, co-founder of the Ethereum blockchain, said he was worried about the future of cryptocurrencies. He highlights the dangers for over-eager investors, high transaction fees, and wealth bragging by investors. Buterin hopes that Ethereum will become the launching pad for all kinds of sociopolitical experimentation: fairer voting systems, urban planning, universal basic income and public works projects. One of Buterin’s recent posts, for example, advocates the creation of another type of non-fungible token (NFT), based not on monetary value, but on participation and identity. He read the highlights of the interview on the Bitcoin Portal.


Binance in Russia: The founder of Ukrainian cryptocurrency exchange Kuna, Michael Chobanian, claims that Binance would be cooperating with the Russian government despite global sanctions, and that it has been doing so for some time. In an interview with CoinDesk, Chobanian said that Binance CEO Changpeng “CZ” Zhao must decide which side he is on after Russia’s invasion of Ukraine in late February. Jessica Jung, spokesperson for Binance, said: “We prefer not to comment on false accusations. Our focus is to help people.” Chobanian, who attended a hearing at the US Senate Banking Committee on Thursday, also stated that Binance has yet to make the promised $10 million donation in a February statement. Binance CEO Tour: Binance CEO had an intense schedule in Brazil last week. The executive gave interviews to the newspapers O Globo and Folha de S. Paulo and to the Bloomberg Línea portal. He did not shy away from controversial issues, but was evasive about the various complaints and evidence of compliance and Know Your Customer (KYC) ineffective. The press reported an alleged meeting with Luiza Trajano, founder of the Magazine Luiza network. The Bitcoin Portal found that this meeting did not take place. CZ met with another company executive. Bet against Coinbase: Fund manager Jim Chanos told CNBC that he is reducing exposure to cryptocurrency exchange Coinbase, calling it “bubble action.” Chanos expects fee compression amid heightened competition among cryptocurrency exchanges and does not think Coinbase will profit this year.

Regulation, Security and CBDCs

Pro-regulation: The cryptocurrency sector has a new challenge ahead: the approval of legislation that regulates market players in Brazil. In an interview with Estadão, Gustavo Chamati, co-founder of Mercado Bitcoin, says that “regulation of the crypto market is not bad”, but necessary. Although analysts project that 2022 will be the year of regulation, Chamati says that the maturation of the cryptocurrency industry comes first through educating investors. Bitcoin Securities: El Salvador’s $1 Billion Bitcoin Bond Issuance” has yet to hit the market. International volatility in the wake of the war in Ukraine could be a reason for the delay, according to CoinDesk. According to the Financial Times, the bonds would be issued by state-owned energy company LaGeo and could not be purchased by Americans as they will be traded on Bitfinex, which does not operate in the US. Analysts are skeptical of other countries following in El Salvador’s footsteps for cryptocurrency-backed funding, the FT highlights. Telegram released: Minister of the Federal Supreme Court (STF) Alexandre de Moraes on Sunday revoked the decision to suspend the Telegram messaging app in Brazil. One of them was the deletion of a message from President Jair Bolsonaro, from August 2021, in which the Chief Executive disclosed confidential information from an investigation into a hacker invasion of the Electoral Justice systems, Valor reported.

Metaverse, Games and NFTs

Customer Avatar: With only four months on the market, digital operator Nomo seeks to stand out for the way it relates to consumers. In a marketing move, the company created an NFT with the avatar of a dissatisfied customer from a competing company and made him a brand ambassador, according to Exame. Universal buys Bored Ape: Universal Music announced the acquisition of an NFT from the Bored Ape Yacht Club collection for US$360,000, or 125 ETH. Monkey #5537 will serve as manager of the NFTs band Kingship, formed only by Bored and Mutant Apes, according to Exame.


Vasco sponsorship: The team entered the field against Flamengo on Sunday with a new sponsor up their sleeve: the Bitcoin Market. The cryptocurrency brokerage made the contract with the cruzmaltino club official on Saturday, six months after debuting the sponsorship of major football teams with the support of Corinthians, reported Globo..

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