Crypto Morning: FIFA Embraces Cryptocurrencies at World Cup, Bitcoin (BTC) Down, Cardano (ADA) Up

Charlie Taylor


After a session of gains, the market operates without a defined direction this Wednesday (23), with some altcoins such as Cardano taking off from the largest cryptocurrencies. Bitcoin is trading with little change over the past 24 hours, trading at $42,088.31, data from CoinGecko shows. Ethereum lost 1.9% to trade at $2,946.25. In Brazil, Bitcoin recorded a drop of 0.3%, quoted at R$ 208,219.91, according to the Bitcoin Portal Index (IPB). On Tuesday, Bitcoin surged as high as $43,300, the highest level in nearly three weeks, amid heightened optimism among crypto investors, in line with the better performance of the Nasdaq index, which gained nearly 2% yesterday. With strong demand, the cryptocurrency market has once again shown a global capitalization of $2 trillion. Despite declines over the past 12 months, the amount of unmoved Bitcoin is approaching all-time highs, according to data compiled by Brett Munster of Blockforce Capital. “More people and a larger percentage of Bitcoin ‘holders’ understand the long-term viability of the asset and are not bothered by short-term volatility,” Munster told Bloomberg. Other cryptocurrencies showed mixed performance on Wednesday, with declines for Binance Coin (-0.9%), XRP (-3.4%), Avalanche (-4%), Terra (-1.2%) Dogecoin ( 0.9%) and Shiba Inu (-1%). In positive territory are Cardano (+2.9%), Solana (+0.5%) and Polkadot (+1.5%), according to CoinGecko. Russia-Ukraine War In any case, with the conflict in Ukraine showing no signs of easing and the impact of sanctions on already high prices, caution should dictate the pace of negotiations. US President Joe Biden will pressure European allies to help impose even tougher sanctions on Russia during a series of meetings starting Wednesday, according to the New York Times. According to Pentagon information, Russia’s combat power in Ukraine has diminished, although Russian forces continue to seek control of several Ukrainian cities. On Tuesday, European Central Bank President Christine Lagarde said she sees signs that Russian individuals and companies are turning to cryptocurrencies to escape Western sanctions. The volume of rubles being exchanged for crypto has reached the highest level since May 2021, Lagarde said at a virtual event. Other highlights deferred issuance: El Salvador has delayed the issuance of a Bitcoin-backed security, Reuters reports. The government decided to wait for more favorable conditions in the financial market, said on Tuesday (22) the Minister of Finance of El Salvador, Alejandro Zelaya. The country had plans to launch the $1 billion issue between March 15 and 20. Grayscale Background: The crypto asset manager has launched an altcoin fund focused on seven major blockchains such as Cardano, Solana and Avalanche. Michael Sonnenshein, CEO of Grayscale, says the fund was created out of the belief that investors want “diversified exposure” to the cryptocurrency market. sports Crypto.com at the World Cup: Crypto.com will be the uniquely sponsored cryptocurrency exchange at the Qatar World Cup. According to a statement from FIFA, the company will benefit from significant brand exposure inside and outside the stadiums during the tournament. Singapore-based Crypto.com has 10 million customers and 4,000 employees around the world. The Qatar Cup will be held between November 21 and December 18 this year. Metaverse, Games and NFTs Games in Latin America: With inflation driving wages, Argentina leads the “play to earn” games market in the region. The country already ranks fifth in the world for games used as a source of income, with 9,400 visits since January to Decentral Games, the metaverse company with the most players in the world, compared to just a few hundred last year, according to a Bloomberg report. Brazil also stands out on the platform, being the seventh most popular for these games in the global ranking. “The trends in Argentina and Brazil show that the numbers will continue to rise,” said Gabriel Mellace, head of investor relations at Decentral Games. Capture from Yuga Labs: The company that created the Bored Ape Yacht Club NFTs and which recently purchased the CryptoPunks has raised $450 million in a funding round led by venture capital firm Andreessen Horowitz. With the funding, the web3-focused company is now valued at $4 billion. Yuga Labs confirmed the data to Decrypt via email. Animoca Brands, Coinbase, MoonPay and FTX are among the other investors participating in the round. Yuga Labs also confirmed to The Verge plans to release Otherside, a metaverse where players will be able to use NFTs as characters. $1.5 billion for crypto funds: Haun Ventures, founded by former U.S. Attorney Katie Haun, on Tuesday announced a $500 million early stage fund and an additional $1 billion for more mature web3-focused startups. A former partner at Andreessen Horowitz, Haun said in an interview with Bloomberg that despite the challenging scenario, it is not “a bad time to launch a crypto fund”, noting that “big projects will be built in any cycle”. Investment in NFTs: Reserva, a brand of the AR&Co division, launched its first platform oriented to the web3 and metaverse: Reserva X. Initially, it will name a collection of NFTs and brings the Reserva’s woodpecker in a Toy-Art version called Pistol Bird, highlights Forbes. Regulation, Security and CBDCs veto in thailand: The Thai government will ban digital assets from being used to pay for goods and services from April 1, the regulator announced Wednesday. The move follows discussions between the country’s CVM and Thailand’s central bank on the need to regulate this type of activity at the risk of it affecting the country’s financial stability and economy, according to Reuters. Mining in NY: The New York State Assembly’s Environmental Conservation Committee on Tuesday advanced a bill that would ban mining of cryptocurrencies like Bitcoin with proof of work (PoW) for two years. The legislation still requires approval from the entire New York Assembly and the state Senate, and would then need to be signed into law by the governor, according to CoinDesk. OECD proposal: The Organization for Economic Co-operation and Development has opened a public consultation on tax rules for cryptocurrencies. The OECD is circulating a version of the Crypto Asset Reporting Framework (CARF), a proposal that plans to set standards for the collection and exchange of information in cryptocurrency transactions, according to The Block. Rules for stablecoins: Nellie Liang, Under Secretary for Domestic Finance at the U.S. Treasury, said the Biden administration and members of Congress are studying proposals to regulate stablecoins that U.S. officials say could pose systemic dangers amid the rapid growth of these assets, Bloomberg reported. Binance in Canada: As part of an agreement with authorities in Ontario, province of Canada, Binance published on its website on Tuesday (22) a statement in which it admits to having acted incorrectly. The broker has announced that it will refund fees charged for transactions made by customers in the area from March 16 of this year onwards.

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