The largest cryptocurrency operates with stability this Friday (8) in a week marked by losses amid geopolitical tension and uncertainties in the macroeconomic scenario. Bitcoin is up 0.2% in the last 24 hours, trading at $43,580, data from CoinGecko shows. Ethereum (ETH) accelerates gains and is up 2.3% at $3,300.04. In Brazil, Bitcoin rose 1.4% to R$209,675.95, according to the Bitcoin Portal Index (IPB). For Humberto Andrade, a trading analyst at Mercado Bitcoin, there is an increase in collateralized positions in dollars, with interest rates remaining open, which reflects a “certain tranquility in the market”, with Bitcoin above $40,000. “On the positive side, we have an increase in new addresses on the Bitcoin network, it remains to be seen if the volume will also grow,” Andrade told Valor. The week was marked by signs of monetary tightening in the United States, escalation of sanctions on Russia and with Bitcoin in the spotlight of major players amid a conference in Miami. Cryptocurrencies followed the trail of US exchanges, which reacted to comments from Federal Reserve officials determined to fight inflation and reduce the institution’s balance sheet. As a result, investors hit the brakes and many took the opportunity to make profits. Avalanche gains 4.5% after news that Luna Foundation Guard (LFG) and Terraform Labs (TFL), both organizations behind the Terra blockchain, bought around $200 million worth of AVAX from the Avalanche Foundation, diversifying the company’s reserves. TerraUSD (UST) stablecoin in addition to Bitcoin. Meanwhile, the Terra (LUNA) token is going against the grain this Friday, down 4.2% in the last 24 hours, despite a 2.7% rise in seven days. Other altcoins gain strength this morning like Binance Coin (+1%), Solana (+3.3%), XRP (+1.1%), Cardano (+0.8%), Dogecoin (+4.1%) , Polkadot (+1%) and Shiba Inu (+0.5%), according to data from CoinGecko. Cryptocurrency futures traders lost more than $400 million amid Wednesday’s sell-off. It’s the third highest this year, after losses of nearly $1 billion from liquidations on Jan 21 and $470 million on Jan 22, CoinDesk data shows. At the time, Bitcoin dropped from $47,000 to $42,500. In the last seven days, the largest cryptocurrency by market cap has lost 4.3%, while Ethereum is down 0.7%, according to CoinGecko.
And amid news that Russia allegedly attacked a train station in eastern Ukraine this Friday, according to the New York Times, Vitalik Buterin, co-founder of the Ethereum blockchain, donated $5 million to the Ukrainian government and a entity that promotes humanitarian actions in the country. The developer was born in Russia but moved to Canada as a teenager.
Robinhood Markets announced on Thursday (7), during Bitcoin 2022 in Miami, the activation of its cryptocurrency wallet for 2 million “qualified” customers. The platform will also support Bitcoin transactions on the Lightning Network, a fast and low-cost settlement system, according to CoinDesk. Michael Saylor, CEO of MicroStrategy, and Cathie Wood, the star manager at the helm of ARK, highlighted the growing number of platforms that are starting to integrate the Lightning Network as positive. “I think all cryptocurrency exchanges, if they want to remain viable and competitive, need to incorporate Lightning into their exchanges,” said Saylor, who sat on a panel with Wood at Bitcoin 2022, where they projected the growing use and appreciation of Bitcoin. The Cash Appthe second most downloaded finance app in the United States and developed by Block, formerly Square, announced at Bitcoin 2022 an update that will allow users to receive their salaries in Bitcoin, according to Exame. Billionaire Ricardo B. Salinasthe third richest person in Mexico, said during the Miami event that 60% of his net portfolio is invested in Bitcoin or Bitcoin-related holdings, up from 10% at the end of 2020, according to Bloomberg. Peter Thielanother billionaire in attendance at Bitcoin 2022, snarled financial industry titans by saying that Warren Buffett, Jamie Dimon and Larry Fink represent the “gerontocracy of finance” in contrast to the “revolutionary youth movement” that accepts Bitcoin. But there are those who think differently. In an interview with Valor, Eswar Prasad, author of “The Future of Money”, says he is skeptical about the interest of crypto-assets such as Bitcoin, but says that technologies such as blockchain have definitely transformed the financial day to day.
Mergers & Acquisitions
Payments fintech Bolt Financial is buying San Francisco-based crypto services startup Wyre Payments. The acquisition is valued at $1.5 billion, sources told the Wall Street Journal, which would mark the biggest merger in the cryptocurrency industry without the participation of a blank check company, or SPAC, according to data from Dealogic. And the Bitcoin Market wants to go shopping in Mexico, Argentina, Chile, Peru and Colombia. “We want to enter through acquisition, we don’t want to start from scratch. So, we start by complying with the regulations of each country. Therefore, acquisitions end up being a more obvious path”, said Reinado Rabelo, CEO of Mercado Bitcoin, in an interview with Bloomberg Línea during the Founders Tech Summit. Also with an eye on expansion, major Bitcoin miners in the US are targeting markets such as Scandinavia, the Middle East and other regions. That’s the plan of Mike Levitt, CEO of Austin, Texas-based mining company Core Scientific, Bloomberg reports.
Fabrício Tota, director of Mercado Bitcoin, will be one of the speakers at the eighth edition of the Brazil Conference, a traditional meeting of leaders and representatives of society organized by Brazilian students from Harvard University. The event takes place between the 9th and 10th of April, with live broadcast on Youtube. The executive will participate in the panel “Instigating pioneering in blockchain and cryptocurrencies”, alongside Marcelo Sampaio, from Hashdex; Fabio Araujo, from the Central Bank; and André Portilho, from BTG Pactual.
Regulation, Security and CBDCs
stoppage: With the Central Bank employees’ strike continuing, the institution decided to temporarily suspend the start of work on the “Lift Challenge”, one of the activities carried out by the autarchy’s Laboratory of Financial and Technological Innovations (Lift), according to Estadão. Janet Yellen, US Treasury Secretary, said at an American University event on Thursday that a digital dollar could become “trustworthy” and “comparable to physical money,” but that the implementation of a central bank digital currency (CBDC) ) would have to consider its impact on the financial system. Yellen claimed that crypto technology is “transformative”, but also warned about the lack of backing of stablecoins, noting that “no one can guarantee” that there will be resources for exchanging these assets for dollars. still in the USA, the Federal Deposit Insurance Corporation (FDIC), the agency that oversees the country’s banking sector, has urged banks to disclose crypto-related activities. In a letter to the CEO of financial institutions, the regulator cited potential “security and soundness risks as well as financial stability concerns” resulting from exposure to crypto assets, CoinDesk reported.
Metaverse, Games and NFTs
Epic Games, developer of the game Fortnite, announced on Thursday (7) a partnership with Lego to build a metaverse aimed at children that, according to the companies, will be safe and fun and guarantee privacy, TechCrunch reported. Until the beginning of June, Smiley – the company that created the smiley face 😊 – will launch its first collection of NFTs, starting with a unique piece that will be auctioned in the US. Then the next big campaign will be about sustainability, according to Forbes. The UFC (Ultimate Fighting Championship) — professional mixed martial arts (or MMA) championship — will pay bitcoin bonuses to its fighters through a partnership with cryptocurrency exchange Crypto.com.