Crypto Morning: Bull Market, Dogecoin in Musk’s Arms, and Senate’s New Crypto Bill

Charlie Taylor

The cryptocurrency market is rehearsing a recovery this Tuesday (26) driven by Dogecoin, with the bet that the token will gain even more space with Twitter in the hands of Elon Musk. Bitcoin is up 5.3% in the last 24 hours to $40,615.07, according to data from CoinGecko. Ethereum is up 6.5% at $3,003.77. In Brazil, Bitcoin gains 6%, trading at R$197,686.22, according to the Bitcoin Portal Index (IPB). Cryptocurrencies had a volatile session on Monday, weighed down by uncertainties due to the Covid pandemic in China, the war between Russia and Ukraine and the scenario of higher interest rates in the United States. Bitcoin even dropped to its lowest level in six weeks, hitting the $38,200 mark, but it bounced back above $40,000. The boost came in line with gains in tech stocks following confirmation of the $44 billion purchase of Twitter by Tesla co-founder and CEO Elon Musk. André Franco, Bitcoin Market analyst, highlighted in an interview with Money Times that the crypto market still has a positive correlation with the Nasdaq index. And now, Twitter? Dogecoin is up 30% in the last 24 hours. Musk, the richest man in the world, is one of the defenders of the joke cryptocurrency, and some proposals indicate the possibility that Twitter will use the token as the official cryptocurrency of the platform. Musk has yet to provide details on plans for Twitter. Analysis by Bloomberg columnist Timothy L. O’Brien highlights that it is not known whether the executive’s prowess at the helm of the electric vehicle maker will work ahead of a media company in a challenging digital age, with falling ads, difficulty to find new channels and increase subscription revenue. Jack Dorsey, co-founder of Twitter, said in tweet that, in principle, no one should own the social network, but supports the purchase: “Elon is the only solution I trust”. For Dorsey, Twitter was in Wall Street’s hands and taking the company private is a “correct step”. bet on altcoins Major altcoins also benefit from increased investor confidence and advance on Tuesday, with gains for Binance Coin (4.6%), XRP (4.8%), Solana (6%), Terra (8.2%). ), Cardano (6.3%), Polkadot (3.9%) and Avalanche (6.6%), all show data from CoinGecko. Shiba Inu is up 7% with the launch of a “burn” mechanism designed to decrease the token’s outstanding supply while rewarding “holders” with an income-generating digital currency. Cryptocurrency-related fund investors continue to bet on altcoins, especially Avalanche, Solana, Terra and Algor, according to a report by CoinShares. Still, digital asset investment products saw outflows of $7.2 million in the week ended April 22. UBS analysis of around 160 products shows cryptocurrency-related index funds are set to post record outflows in April. Investors have already withdrawn more than $417 million from these ETFs so far this month. Furthermore, a report by Glassnode points out that decreasing trading volumes and a lower total number of open interest are a symptom of capital moving out of bitcoin derivatives and seeking opportunities for high return and possibly lower risk. Other highlights The Hashdex received approval to list exchange-traded products (ETPs) on Switzerland’s SIX, part of the Brazilian cryptocurrency manager’s expansion plans in Europe, according to CoinDesk. Fidelity Investments will allow investors in the US to put bitcoin in their 401(k) retirement plans later this year, according to information from the Wall Street Journal and New York Times released this Tuesday (26). 401(k) plans are offered by employers, who could set a 20% cap on the amount allocated to bitcoins. Binance moved about US$ 490 billion in the total spot market in March, an increase of 15.7% in the monthly comparison. As a result, the cryptocurrency exchange’s share rose to 30.2%, just below the record share of 33.7% in November 2021, according to a report by CryptoCompare. Binance was followed by Coinbase and OKX, with shares of 5% and 4.7% in March, respectively. Regulation, Cybersecurity and CBDCs Wall Street expects a greater definition of the regulatory framework and internal compliance to advance with greater speed in the crypto world, points out Bloomberg article. Michael Moro, CEO of cryptocurrency exchange Genesis, says the cryptocurrency market tends to move faster than banks. In Brazil, investors are still waiting for the vote on the bill that regulates crypto assets. The PL vote was postponed last week due to the priority for the provisional measure of the “University for All Program”, but market sources believe that the project has a chance of being voted on this Tuesday (26) in the Senate plenary. In this context of heightened regulation, the cryptocurrency industry is stepping up efforts to bolster the team of lawyers, according to the Wall Street Journal. Within the European Union, Fabio Panetta, a member of the executive board of the European Central Bank, advocated new global standards to regulate cryptocurrencies and also indicated that they could face a heavier tax burden due to high energy consumption for mining, according to CoinDesk. And speaking of cryptocurrency miningNew York lawmakers have advanced a bill that aims to establish a two-year moratorium on some operations in the state with proof of work, the consensus mechanism used by the Bitcoin network. still in the USAthe Justice Department on Monday announced the indictment of two Europeans for allegedly conspiring with an American researcher recently convicted of helping North Korea circumvent US government sanctions, according to Reuters. Metaverse, Games and NFTs Although the wine market is slower to absorb change, forward-looking big producers like Dom Perignon have already entered the non-fungible token space, as well as celebrities like Brad Pitt, whose champagne brand plans to launch the first NFTs in a few months, according to Bloomberg. . But Robbie Stevens, North America manager at Liv-Ex wine marketplace, is still skeptical, saying that these NFTs “will take a long time to reach the mainstream, because the wine world is so fragmented.” The official Bored Ape Yacht Club Instagram account was hacked while sharing a link to a fake website. Initial data points out that hackers would have stolen around $2.8 million in NFTs from people who connect their Ethereum wallets. The goal plans to open its first physical store next month amid plans to become a leader of the metaverse. The Meta Store will open on May 9 at the company’s campus in Burlingame, California, according to the New York Times.

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