Crypto Morning: Cryptocurrencies in Senate Debate, Bitcoin (BTC) Up, and New IMF Alert

Charlie Taylor

The cryptocurrency market continues the recovery movement, in line with the gains of American stock exchanges. The price is up 2.2% in the last 24 hours to $41,535.61, data from CoinGecko shows. Ethereum is up 2.3% to trade at $3,108.43. In Brazil, Bitcoin has appreciated by 2%, quoted at R$ 194,564.18, according to the Bitcoin Portal Index (IPB). Some investors are starting to consider the possibility that the impact of interest rate hikes on the US economy will be softer, which would be positive for risky assets such as stocks and cryptocurrencies. “It seems that the market is in the euphoria of reversing the recent downward movement and looking, at least in the very short term, for resistance, in an attempt to consolidate the price above US$ 40,000,” Humberto Andrade, trading analyst told Valor. from Bitcoin Market. investment strategies A Glassnode report points out that the pattern of both profits and losses over the past two and a half months suggests that investors still consider the $35,000 to $42,000 range as a value zone for accumulation. Most investors who bought Bitcoin above $40,000 are long-term “holders” and less likely to sell in periods of high volatility. And speaking of profit taking, digital asset investment products saw outflows of $97 million in the week ended April 15, according to data from CoinShares. It’s the second week of bailouts, and the report points out that Bitcoin has become increasingly “sensitive” to interest rates this year. stocks vs crypto However, shares of cryptocurrency companies have been performing worse than tokens, according to the Wall Street Journal. Bitcoin is down 11% this year, while Ethereum is down 16%. As of Monday, the cryptocurrency market as a whole had shrunk by around 19%, according to data from CoinMarketCap. But shares of publicly traded and cryptocurrency-focused companies have seen losses of up to 60% since January, FactSet shows. Coinbase stock, for example, has a cumulative low of 40% in 2022. Major altcoins also rise this Wednesday as Binance Coin (+1.1%), XRP (+0.6%), Solana (+6%) %), Cardano (+2.3%), Earth (+5.9%) Avalanche (+2.9%), Polkadot (+6.3%), Dogecoin (+4%) and Shiba Inu (+2 .9%), according to CoinGecko data. Other highlights The Senate again postponed the vote on Bill 3.825/2019, which seeks to regulate the cryptocurrency market in Brazil. The house’s agenda was blocked by the need to vote first on Provisional Measure 1,075, which gives private school students access to Prouni. A new date for the vote on the cryptocurrency bill has not yet been set, but the expectation is that the project will be scheduled for next week. OSL, a Hong Kong-based crypto exchange, awaits approval from Brazilian regulations to open a branch in Brazil, according to Estadão. Listed on the Hong Kong Stock Exchange, OSL is aimed at institutional investors and has a physical presence only in regulated markets. But the company already operates virtually in Brazil for the three managers that have nine ETFs traded on B3. venture capital investors have raised record amounts, and cryptocurrency-focused companies stand out. On Tuesday, San Francisco-based Framework Ventures announced a $400 million fund to invest in new blockchain startups, according to Bloomberg. It is the third fund for the two-year-old venture capital firm, which now has $1.4 billion under management. However, players warn that venture capital investors are starting to become more disciplined. The BR Angels angel investor network agreed to invest BRL 2 million in KRYP.TOOLS, a platform for managing portfolios and investments in crypto assets. The money is intended to accelerate the development of the project’s technology and marketing plans, as per Valor. Private equity pioneer Marc Rowan, CEO of Apollo Global Management, said in an interview with Bloomberg that fintechs and blockchain “are here to stay”, and that the ecosystem being developed around crypto assets is “impressive”. Therefore, anyone who ignores these changes is taking “their own risk”. Kinvo’s customers – an application that consolidates bank and brokerage investments in one place – who open an account on the Bitcoin Market and buy R$ 50 in cryptocurrencies can now have free access to the Blockchain Academy’s “5 Steps to Investing in Bitcoin” course. They will also be able to earn a second course – “Investments in Cryptoassets” – by investing an accumulated amount of BRL 10,000 until the end of the campaign, which will last for 90 days. payments The long-awaited Meta plan of allowing users to send money to businesses via WhatsApp in Brazil has faced hurdles with potential payment system partners, a setback for the company’s plans to expand into e-commerce in Brazil, says the Financial Times. The Wine Subscription Club Wine announced on Tuesday (19) that it will now accept Bitcoin as a form of payment on its platform, according to InfoMoney. The company entered into a partnership with Redecoin, a fintech of the SCF Brazil group. The Robinhood announced on Tuesday the purchase of Ziglu, a London-based app that allows users to trade Bitcoin and various other cryptocurrencies. The acquisition is part of the brokerage’s plans to expand in the UK and Europe, according to the company. Regulation and CBDCs The International Monetary Fund warned that countries like Russia and Iran could circumvent economic sanctions through cryptocurrency mining. According to a report released on Tuesday (19), sanctioned countries could take advantage of energy sources to expand crypto mining and thus generate revenue through fees. Paul Grewal, Chief Legal Officer at Coinbasecriticized the US Securities and Exchange Commission in a series of tweets on the proposal to update the definition of “brokerage” (or “exchange”). “Despite being over 600 pages, the Proposed Standard, including the economic analysis, does not contain discussions related to digital asset securities or DEXs (decentralized exchanges),” Grewal said in the comment letter shared by Coinbase with Decrypt. The CEO of the FTX exchange, Sam Bankman-Fried, wants to fix the “broken model” of social networks through blockchain technology. And he’s willing to talk it over with Elon Musk, Tesla’s CEO, who made an offer to buy Twitter. Bankman-Fried criticized the lack of interoperability between the platforms. “Cannot see a tweet on Facebook. If you message someone on Facebook, Whatsapp can’t read it, and it’s the same company,” he told Bloomberg. And the FTX proposal of directly releasing trades from its derivatives clients will be evaluated at an informal hearing on May 23, a person familiar with the CFTC agency’s plan said, according to CoinDesk. Metaverse, Games and NFTs An auction is underway with digital works by indigenous and contemporaries with the objective of raising funds to help the Paiter Suruí, whose Sete de Setembro Indigenous Land is located between Rondônia and Mato Grosso. Organized by Mercado Bitcoin in partnership with digital art marketplace Tropix and consultancy Nossa Terra Firme, the auction, which started on Tuesday, ends today at 12:15 pm. Initial bids cost between R$100 and R$300, according to Veja. Okcoin cryptocurrency exchange launched a non-fungible token marketplace free of trading fees for retail investors, announced Tuesday by the company’s CEO, Hong Fang. Okcoin’s platform will be the first regulated exchange that does not set limits on NFT creators’ royalty fees. STEPN’s new collection of NFTs – an app that rewards user racing with cryptocurrencies – has handled more than $3.3 million in trades since debuting on Binance in the early hours of Tuesday (19) through the Subscription Engine. The project has a partnership with the sporting goods brand ASICS. After purchasing two Bored Ape Yacht Club NFTs at the beginning of the year in an investment of almost R$ 6 million, on Tuesday (19) Neymar paid almost R$ 800 thousand for an item from the Mutant Ape Yach Club (MAYC) collection, according to Exame.

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