Crypto morning: Bitcoin ends April down 17%, Coinbase predicts 1 billion crypto users and biggest Argentine bank plunges into the sector

Charlie Taylor


Bitcoin (BTC) is down 0.9% over the past 24 hours at $38,476, data from CoinGecko shows. Ethereum (ETH) is showing stability, up 0.6 and trading at $2,835. In Brazil, Bitcoin also operates stable, with a slight increase of 0.3%, at R$ 195,105, according to the Bitcoin Portal Index (IPB). Bitcoin ended April down 17% and is down 44% from its November high of $69,000. May has been a positive month for BTC, with gains around 27% over the past 11 years, according to data from CoinDesk. It remains to be seen to what extent the correlation between the largest cryptocurrency and US stock indices, especially with the technology sector, can influence performance in the face of a tense geopolitical scenario, soaring global inflation and the impending interest rate hike by the Federal Reserve. “Bitcoin, despite all the positive news about institutional adoption, has yet to gain traction amid the negative macro environment, specifically US interest rate hikes,” Teong Hng, CEO of cryptocurrency investment firm Satori Research, told Bloomberg. , based in Hong Kong. Major altcoins operate without a defined direction this Tuesday as Binance Coin (-0.4%), XRP (-0.1%), Solana (-0.4%), Terra (+1.9%), Cardano (-0.2%), Dogecoin (-0.4%), Polkadot (-0.6%), Avalanche (-0.5%) and Shiba Inu (-0.7%), according to data from CoinGecko.

Whales accumulate Ethereum

After four months of low activity, large investors are back to betting on Ethereum. According to an analysis by Santiment, the wallets of the so-called whales received 142,000 ETH in the last ten days, equivalent to almost BRL 2 billion. The second largest cryptocurrency accumulates losses of around 17% in 30 days. And after clogging up the Ethereum network over the weekend, Yuga Labs, creator of Bored Apes, wants a blockchain of its own. Total sales of non-fungible tokens linked to virtual lands from the Otherside metaverse exceeded $560 million, but transaction costs, so-called gas fees, skyrocketed due to high demand. NFT deeds (“Otherdeeds”) could only be purchased with ApeCoin, which shows a drop of 4.5% and almost 22% in seven days. In the last 24 hours, a total of US$ 1.28 million in APEs migrated from the so-called “smart money” portfolios, from investment funds, for example. The volume is greater than any other token tracked by blockchain analytics firm Nansen, according to CoinDesk. Traders would be selling APE to invest in the aSTETH token, from the DeFi Aave protocol.

VanEck’s NFTs

And who is debuting in the NFTs market is the American VanEck, a crypto and asset management company. The VanEck Community NFT is a collection of 1,000 tokens that provide benefits such as priority access to company digital asset searches and invitations to in-person and virtual events, according to CoinDesk. The collection features memes with the character “Hammy”, inspired by Alexander Hamilton, the first US Secretary of the Treasury.

Other highlights

Within a decade, 1 billion people will have used crypto versus around 200 million currently, Coinbase Global CEO Brian Armstrong said during the Milken Institute Global Conference on Monday, according to Bloomberg. “My guess is that in 10 to 20 years, we will see a substantial part of GDP happening in the crypto economy,” predicts Armstrong, Crypto.com CEOKris Marszalek, he said tweeted that the exchange will continue to offer “staking” rewards to users of the company’s credit card, a day after announcing the suspension of the program, which has led to strong criticism on social media. Still, Crypto.com’s native token Cronos (CRO) is down 3.5% in the last 24 hours. MB Digital Assets (MBDA), a company from the same ecosystem as the Bitcoin Market, is launching tools that will help customers guide their investments, such as monitoring the performance of products in relation to the Selic and other indicators, and simulating the expected yield to then make a decision. Tone Vays, Former JPMorgan Executive and considered one of the biggest BTC traders, said in an interview with Exame that only “Bitcoin is decentralized” and questioned a tool widely used by decentralized finance projects, or DeFi: “For me, ‘yield farming’ is a pyramid, and eventually , all pyramid schemes fall apart,” Vays said of the strategy to generate income with cryptocurrencies. Ken Griffin, founder of Citadel Securities, said on Monday that the company could enter the cryptocurrency market as a combined liquidity provider and exchange, Reuters reported. While skeptical of cryptocurrencies, he said that these assets can be compared to abstract art, because it is people who assign their value. The Bank Galicia, the largest private financial institution in Argentina by market cap, now offers the option to buy and sell cryptocurrencies on its platform. The service is operated in partnership with Lirium, a product for digital wallets and banking apps, as confirmed by CoinDesk. Digital bank Brubank SAU also announced cryptocurrency trading in the country, according to Bloomberg.

Regulation, Cybersecurity and CBDCs

Mairead McGuinness, European Union financial services commissioner defended a new “global agreement” to regulate the cryptocurrency sector, protect investors and limit the environmental impact of Bitcoin mining in an article published in the American newspaper The Hill. Concerned about the scope of regulatory restrictionsmajor Bitcoin investors like Michael Saylor of Microstrategy, Jack Dorsey of Block, and miners like Core Scientific and Riot Blockstream sent a letter to the U.S. Environmental Protection Agency (EPA) on Monday (2) advocating mining for BTC and highlighting “misconceptions” about the environmental effects of the activity. John Blount, founder and CEO of the British IMF Minecraft Managementtold Valor that it is still very difficult to import the type of equipment needed to set up a cryptocurrency mining station in Brazil. The company announced an investment of US$ 45 million in the construction of a mining hub in the Zapala free zone, in Argentina. With R$ 1 million to be received, lawyer Jansens Calil Siqueira has filed for bankruptcy against GAS Consultoria, a financial pyramid scheme created by Glaidson Acácio dos Santos, the “Pharaoh of Bitcoin”, who is currently in prison. To the Bitcoin Portal, Calil explains that the bankruptcy filing is an attempt to advance the reimbursement of affected customers. In the US, the SEC will bolster the special unit dedicated to investigating cryptocurrency fraud and other illegal practices with 20 hires amid the agency’s effort to bring the unregulated sector under federal oversight, the Wall Street Journal reported.

Metaverse, Games and NFTs

Atletico Madrid may soon switch its longtime official sponsor, fintech exchange Plus500. According to El Mundo, the club would have closed a partnership of 200 million euros (about R$ 1 billion) with the cryptocurrency company WhaleFin, of the Amber Group, based in Hong Kong. The Bitcoin Portal sent an email to the Spanish club’s advice to confirm the information, but there was no response. And the clash between leaders Milan and Fiorentina on Sunday (1st), at the famous San Siro stadium, was the first football game to be broadcast in which fans from Africa and the Middle East were able to watch from “the Serie A room in the metaverse of Nemesis”, according to Reuters. Virtual Market: A group led by the Instituto Sociocultural Brasil-China evaluates proposals for transforming São Paulo into a smart city, inspired by the [email protected] neighborhood in Barcelona, ​​according to Estadão. The first measure will be to digitize the Mercadão and take it to the metaverse.

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