Crypto Morning: Falling Cryptocurrencies, Expectation of FED, Binance, and FTX Dubai Meeting

Charlie Taylor


The cryptocurrency market dawns in the red this Tuesday, with investors attentive to the geopolitical scenario and the first day of the Federal Reserve (FED) meeting. Bitcoin is down 1.7% in the last 24 hours, trading at $38,414.98, data from CoinGecko shows. Ethereum is down 2.5% to trade at $2,527.83. In Brazil, Bitcoin is down 0.8%, quoted at R$ 196,783.26, according to the Bitcoin Portal Index (IPB). On Tuesday, Ukraine’s President Volodymyr Zelensky again urged Russian soldiers and war-torn citizens to end the fighting, as evidence mounts that Russia has stalled on several fronts, according to the New York Times. . Another round of negotiations for a ceasefire is scheduled for today. Geopolitical uncertainty contributes to the recent slowdown in trading activity, which is reflected in blockchain data. Year-to-date demand among Bitcoin investors shows a decline, which reflects the “impact of global macro uncertainty on investor confidence, with weaker BTC accumulation as a result”, highlights Glassnode in a blog post. More than 30,000 Bitcoins left Coinbase in a week, the report points out. Other cryptocurrencies also operate in the red on Tuesday such as Binance Coin (-2%), XRP (-3%), Cardano (-2.7%), Avalanche (-5.5%), Polkadot (-3.6%). %) and Shiba Inu (-2.6%). EU voting On Monday, the European Parliament’s Committee on Economic and Monetary Affairs rejected a proposal that would force cryptocurrencies like Bitcoin to use greener mining mechanisms. The proposal had been included in the draft regulatory framework for EU cryptocurrencies (Markets in Crypto Assets, or MiCA), but faced strong criticism from the industry. However, a new provision asks the European Commission to draft legislation to include mining activities that significantly contribute to climate change by January 1, 2025. The new version of MiCA was approved by 31 votes in favor and 4 against. , with 23 abstentions, and is now moving into negotiations with EU agencies, according to CoinDesk. The result did not have much of an impact on the cryptocurrency market, which continues to keep an eye on the conflict between Russia and Ukraine and the Federal Reserve meeting, which begins on Tuesday. Investors are gearing up for the first post-pandemic US interest rate hike to rein in prices, but Wednesday’s monetary policy decision would already be priced in by the market, CNBC points out. ‘Bitcoin real estate’ And speaking of inflation, Michael Saylor, CEO of MicroStrategy and well-known supporter of Bitcoin, once again highlighted the advantages of investing in cryptocurrency in times of high prices. According to Bloomberg, in a speech to members of the Economic Club of New York on Monday, the executive compared buying Bitcoin to investing in real estate, because it can be “rented” (so-called “staking”) or transported. “If your property is not secure outside of your country or in your country, where can you go?” said Saylor. “The answer is cyberspace. Bitcoin is the American dream.” Other highlights Binance Expansion: The cryptocurrency exchange received the first regulatory approvals in the Middle East. Binance has obtained a license to operate in the Dubai World Trade Center free zone, a person with knowledge of the matter told Bloomberg. The company also got the green light from the central bank of Bahrain to be a cryptocurrency services provider in the kingdom, according to a tweet from Binance CEO Changpeng Zhao. In Brazil, the exchange signed a memorandum of understanding expressing interest in acquiring Sim;paul Investimentos, a Brazilian brokerage authorized by the Central Bank and the Securities and Exchange Commission. more licenses: FTX also expands. The exchange has been granted a virtual asset license in Dubai and plans to set up a regional headquarters in the city through FTX Europe, which operates in Europe and the Middle East, according to a statement. Outflow of funds: Digital asset investment products posted outflows of $110 million in the week ended March 11, after posting the highest inflows in three months the week before, data from CoinShares shows. Broken down by asset class, $69.9 million came out of Bitcoin funds; Ethereum funds lost $50.6 million; while flows to other cryptocurrencies were reasonably positive. Hashdex’s New ETF: The manager announced on Monday (14) the opening of the reserve period for a new ETF, WEB311, which will invest in crypto assets linked to smart contracts that are part of web3. The product arrives at B3 on March 24th and the start of negotiations is scheduled for the 30th, reported InfoMoney. Regulation and CBDCs US frame: Experts heard by Valor Investe say they believe that the directions pointed out by the US may have a positive influence on the Brazilian regulatory framework, but it will not be decisive to accelerate the process or define rules and regulations for the domestic cryptoassets market.. “No doubt [o decreto] impacts the discussions that are taking place in Brazil and around the world. Regulators always look at what others are doing. But it does not mean that what is happening in the US will guide what will happen in Brazil”, says Fabrício Tota, director of the Bitcoin Market. Crypto mixers in sight: The UK’s National Crime Agency (NCA) is eyeing so-called decentralized “crypto mixers”, which can be used to disguise transactions that would otherwise be traceable on blockchains. According to the Financial Times, the agency wants to prevent these companies from facilitating money laundering with cryptocurrencies. Donations to Ukraine: The Ukrainian government launched a cryptocurrency donation website on Monday to fund war equipment. Website Aid for Ukraine, which is backed by exchange FTX, staking platform Everstake and Ukrainian exchange Kuna, will forward donated cryptocurrencies to the National Bank of Ukraine, Everstake’s Vlad Likhuta said in an interview with CoinDesk. The Ministry of Digital Transformation of Ukraine also participates in the initiative. Metaverse, Games and NFTs Bet on Magic Eden: OpenSea concentrates most of the buying and selling of non-fungible tokens, with 43% of the market, according to data from DappRadar. But for Sequoia Capital partner Shaun Maguire, the platform has a weak point, as it depends on the Ethereum blockchain network, in his opinion, “less efficient”. So the venture capital firm is banking on Solana-based Magic Eden to authenticate NFTs to the market. On Monday, Magin Eden announced a $27 million funding round with Sequoia and other investors, according to Bloomberg. Ethereum.river Crypto Adoption: The benefits of blockchain technology were discussed on several Ethereum.rio panels on Monday. Sebastian Serrano, founder and CEO of exchange Ripio, predicts that “approximately 50%” of the world’s population will have access to crypto, Exame highlighted. At the same event, Eduardo Suplicy did not talk about blockchain or crypto. The former senator stuck to the theme that became his trademark: universal basic income. Suplicy also took the opportunity to sing “Blowin ‘In The Wind” by Bob Dylan, according to the Bitcoin Portal.

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