Crypto Morning: Market loses steam after US economic downturn; APE soars with metaverse launch

Charlie Taylor

The cryptocurrency market starts this Friday (29) breathlessly, with lows for the two largest cryptocurrencies and for most altcoins, with the exception of ApeCoin, in strong rise. Bitcoin (BTC) is down 1.3% in the last 24 hours to $39,292.01, data from CoinGecko shows. Ethereum (ETH) is down 1.4% to trade at $2,895.62. In Brazil, Bitcoin operates stable, with a drop of 0.1%, quoted at R$ 195,533.92, according to the Bitcoin Portal Index (IPB). Both Bitcoin and Ethereum initially followed in the footsteps of US equity indices on Thursday, which gained traction on positive quarterly earnings from Meta and Apple. The Nasdaq jumped 3%. But investors also had to digest Amazon’s first loss since 2015 and news that US GDP shrank in the first quarter at the annualized rate. Mark Lurie, founder and CEO of Shipyard Software, a provider of digital currency trading software, told CoinDesk that the impact to the crypto market depends on the type of pullback. “Depends on how the US economy contracts,” Lurie wrote. “If it’s because of rising interest rates, it could slow the growth of the cryptocurrency market value.” According to him, many invested in crypto because the interest yielded little. “If (rates) go up, it could lessen the motivation to seek yields and thus to invest in crypto.”

ApeCoin on the rise

Major altcoins trade in the red like Binance Coin (-0.8%), Solana (-3.4%), XRP (-2.7%), Terra (-5.9%), Cardano (-3.1%), %), Polkadot (-4.3%), Avalanche (-4.8%) and Shiba Inu (-3%), according to data from CoinGecko. Dogecoin, Elon Musk’s preferred token, is down 1.6%. The exception amid the drops is ApeCoin (APE), which follows the positive trajectory, up 15% in the last 24 hours and 63% in seven days, in anticipation of the launch of the Otherside metaverse this Saturday (30) by Yuga Labs, creator of the Bored Ape Yacht Club collection.

Bitcoin Jesus is back

After a year of silence on social media, Roger Ver – who earned the nickname Bitcoin Jesus for his evangelical defense of Bitcoin – also made a point of publicly supporting Musk’s takeover of Twitter. In an interview with Bloomberg, Ver said he is optimistic that Musk will end “censorship” on the platform. And speaking of censorship, Twitter reversed the account suspension of Stani Kulechov, CEO of decentralized financial platform Aave, for sending a “joke” tweet that he had been named interim CEO of the platform.

PL of cryptocurrencies

The bill to regulate cryptocurrencies in Brazil could stimulate the development of funds that invest in crypto assets and also facilitate venture capital investment in new brokerages that emerge in the country, according to lawyers and experts in the sector consulted by Valor. And investors who have cryptocurrencies on foreign exchanges may be prevented from converting digital assets into reais if these brokers do not comply with the new rules provided for in the PL approved by the Senate, explained the lawyer and professor at Insper and Ibmec, Isac Costa, to InfoMoney CoinDesk. . The professor also warns of the need to adapt investors who already have assets in foreign service providers that intend to meet the new requirements. Binance, which only recently announced plans to open offices in the country, is one of the companies expected to make this transition. Asked by InfoMoney CoinDesk, Binance did not make it clear whether or not it already reports trading data to the IRS. With the advancement of the regulatory framework, several exchanges announce plans to land or expand in Brazil. One of them is the Spanish Bit2Me, which on Thursday (28) reported that it is landing in the country. The platform will be led by Ricardo Da Ros, ex-Binance, who assumes the position of country manager of the exchange in Brazil. The company highlights that it will have a compliance department exclusively dedicated to the Brazilian market. Coinbasefor example, the largest US crypto platform listed on the stock exchange, hired Flavio Tonetto Plein, formerly of PicPay and Uber, to take over the company in Brazil, according to the Broacast agency of Estadão. another broker with expansion plans is Bybit, based in Dubai, which is going to invest around US$ 50 million in the Brazilian market, according to InfoMoney. However, the exchange said it will not have a physical headquarters here. many exchanges have also chosen Dubai to grow in the digital asset market. Three Arrows, a crypto trading platform and venture capital investor, has decided to move its headquarters to Dubai with the tightening regulatory environment in Singapore. The company is also preparing its first fund with capital from outside investors, sources told CoinDesk. Amidst the watchful eye of global regulators over the crypto industry, Panama also passed a bill to regulate the use of cryptocurrencies in the country. “This will help Panama to become a center of innovation and technology in Latin America,” said congressman Gabriel Silva, who introduced the bill, in tweet On thursday. The law exempts cryptocurrencies from capital gains taxes. In the USA, the cryptocurrency industry’s effort to wrest jurisdiction out of the hands of the SEC gains momentum. A proposal by a bipartisan House of Representatives group would place exchanges under direct supervision of the Commodity Futures Trading Commission (CFTC). In the Central African Republic, one of the poorest countries in the world, the adoption of Bitcoin as a legal tender surprised the cryptoverse. Analysts and crypto market players told Reuters that low internet usage, widespread conflict, erratic electricity and a population unfamiliar with cryptocurrencies are challenges ahead.

Other highlights

Fidelity Investment’s plan allowing the inclusion of bitcoin in company-managed 401(k) retirement accounts worries the US Department of Labor, which regulates corporate retirement plans. “We have serious concerns about what was done by Fidelity,” Ali Khawar, acting assistant secretary of the Employee Benefits Security Administration, said in an interview with the Wall Street Journal. The crowdfunding, or crowdfunding of investments, gained more flexible rules. On Wednesday (27), the Securities and Exchange Commission published Resolution CVM 88, which triples the funding limit from R$5 million to R$15 million. The rules come into effect on July 1, according to the Block News portal. The mining difficulty Bitcoin hit a record high by rising 5.56% in the periodic adjustment on Wednesday (27). The increase in difficulty means that more miners around the world are competing to find the blocks on the Bitcoin network, which strengthens the ecosystem and reinforces security. Until October, cryptocurrency mining is expected to consume about 25% of all electricity supply in Argentina’s Tierra del Fuego province, according to a report by state-owned electric company Cammesa. The Goldman Sachs offered its first Bitcoin-backed credit line. A spokeswoman for the bank told Bloomberg that the deal is interesting for its infrastructure and 24-hour risk management. The 550 million users worldwide Telegram users can now send and receive Toncoin cryptocurrency (TON) to their contacts in the messaging app. The user can also buy Bitcoin through a new Telegram bot, although it is not yet possible to transact the cryptocurrency with other contacts. Sam Bankman-Friedco-founder and CEO of FTX, joined Gisele Bündchen — the cryptocurrency exchange’s leader of environmental and social initiatives — at the Crypto Bahamas 2022 conference to announce the launch of the “In On” campaign, in addition to the $1 billion donation to social causes related to climate change mitigation and pandemic prevention.

Metaverse, Games and NFTs

Margaret Atwood is best known for portraying dystopian societies, mainly in her book “O Conto da Aia”. Now, the Canadian author and poet plans to explore the potential of utopia in a new online course and then turn the results into non-fungible tokens. The rapper Emicida, in an interview with Valor, talked about his participation in the game “Fortnite”, his involvement with digital technology and how online games already inhabit the digital “metaverse”. “The gamer community is already inserted, in a way, within a universe that resembles what has been called the metaverse, with the ambition to expand social networks itself into this reality.” Diego Maradona’s heirs announced the launch of the star’s first official collection of NFTs. Under the name D10Snft, it will be sold in a limited edition of 5,000 pieces, which will include highlights from Shirt 10, according to Forbes.

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