Crypto morning: Bitcoin stalls, Shiba Inu takes off at Robinhood and US faces record inflation

Charlie Taylor

The two biggest cryptocurrencies are recovering from losses in the last two days, in movement accompanied by altcoins. Bitcoin (BTC) is trading with little change over the past 24 hours at $40,106, according to data from CoinGecko. Ethereum (ETH) is up 1% to $3,055. In Brazil, Bitcoin recorded a drop of 0.8%, quoted at R$ 188,850, according to the Bitcoin Portal Index (IPB). A Labor Department report on Tuesday showed the US Consumer Price Index rose 8.5% in March year on year. Despite up from February’s 7.9% and some economists’ forecast, some investors were relieved. “Perhaps the inflation data is indicating that we are at the peak or close to the peak,” Gargi Chaudhuri, head of iShares Investment Strategy Americas at asset manager BlackRock, told the Wall Street Journal.

energy prices

However, the rise in oil prices still generates caution, which weighed on the closing of US stock markets on Tuesday. Despite the growing correlation between BTC and US equity indices, the biggest cryptocurrency has managed to hold its own, although it has accumulated a 12% drop in seven days. Ethereum shows a drop of 10.6% in the period. With the war between Russia and Ukraine with no end in sight, energy prices remain under pressure. Vladimir Putin has vowed to carry on the invasion until the objective is “completed”, but for the first time has signaled to seek control only in the breakaway east, according to the New York Times. Humberto Andrade, trading analyst at the Bitcoin Market, says that the April drop makes more distressed investors take positions at a loss. “It remains to be seen which supports will be tested and how a market without much volume will be able to recover prices in the short term,” he told Valor.

Shiba Inu at Robinhood

Shiba Inu shoots up 15% in the last 24 hours with the listing announcement by the Robinhood platform. Solana (-0.3%), Polygon (+2.9%) and Compound were also listed by the exchange. Binance Coin (+2.9%), XRP (+1.2%), Cardano (+0.3%), Polkadot (+0.4%) and Dogecoin (+0.2%) are among the tokens that recover this Wednesday, according to data from CoinGecko. Earth (-0.1%) and Avalanche (-0.2%) returned to a slight decline after recovery.

Regulation, Security and CBDCs

The Senate will vote next Tuesday (19) the framework that regulates financial operations with cryptocurrencies in Brazil, according to Valor. The matter was even scheduled for the session on Tuesday (12), but, given the low quorum, it was decided to reschedule the analysis of the proposal, which will be the first item on the agenda on April 19, according to President Rodrigo Pacheco. (PSD-MG). Central bank digital currencies (CBDCs) could put pressure on conventional financial institutions, according to a report published Tuesday by the BIS’s Financial Stability Institute (FSI) and the World Bank. The research also shows that central banks still do not know whether distributed ledger technology should be used for CBDCs. Virgil Griffith, former Ethereum developer, was sentenced on Tuesday (12) by the American justice to 63 months – just over five years – in prison, after being accused of helping the North Korean government to use cryptocurrencies as a way to avoid economic sanctions imposed by the US. some criminals consider digital assets easier to hide and transfer, highlights a Bloomberg report. “We’re at a point where almost every investigation we work on is affected in one way or another,” said Ryan Korner, head of the IRS’s Los Angeles Criminal Investigation division, the US equivalent of the IRS.

Other highlights

Binance has a new CNPJ in Brazil since February 4, according to the Bitcoin Portal. The document shows that the company presents itself as domiciled abroad – specifically in Dublin, capital of Ireland. There are still doubts whether the cryptocurrency exchange will report IN 1888 to the IRS. Indian exchanges CoinSwitch Kuber and WazirX turned off rupee deposits for purchasing cryptocurrencies through a government-backed transfer system, the UPI, which resulted in complaints on social media, according to Reuters. Circle Internet Financial, issuer of USD Coin, the second-largest stablecoin, has raised $400 million in funding from a group that includes BlackRock and Fidelity Management and Research, according to Bloomberg. MoonPay, a cryptocurrency payments company, garnered massive support from celebrities like Justin Bieber and Gwyneth Paltrow in its recent fundraiser. More than 60 musicians, actors and other artists have jointly injected about $87 million into the company’s latest funding round, according to a statement on Wednesday. Capital Panther plans to close the Pantera Blockchain Fund, its first blockchain fund, in the next three to four weeks with around $1.3 billion in committed capital. That’s more than double the $600 million target when the company started raising funds last November, according to CoinDesk. In the last two years, Jack Dorsey, founder of Twitter, has become Bitcoin’s “spiritual leader” and unofficial public defender, reports Bloomberg Businessweek. Even before the pandemic, Dorsey defended the remote work model. His admirers see his obsession with Bitcoin from the same perspective: “I would always pay attention to anything Jack foreshadows for the future,” says Jackie Reses, who led Square’s (now Block) banking and lending division and now runs the firm. fintech itself.

Metaverse, Games and NFTs

The Sky Mavis, developer of the play-to-earn game Axie Infinity, announced a program with rewards of up to $1 million for anyone who finds bugs in the programming. In March, hackers stole around $622 million worth of cryptocurrencies from the Ronin “sidechain,” a parallel blockchain of Ethereum. Last week, the hacker behind the attack reportedly moved $65 million worth of stolen Ethereum through the Tornado Cash privacy protocol, according to blockchain data from addresses associated with the attacker, according to CoinDesk. Among the decentralized autonomous organizations (DAOs) in Brazil, Project EVE stands out, a social impact business created by a group of women from areas such as technology, culture, entrepreneurship and the financial market with the objective of democratizing access to Web3, according to Forbes. In this Wednesday’s Live do Valor (13), at 12 pm, Maren Lau, Meta’s regional vice president for Latin America, details the company’s vision and talks about the business opportunities that will be offered in the metaverse. On Tuesday, Meta Platforms said it will begin testing tools for selling digital assets and experiences within the Horizon Worlds virtual reality platform.

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