Crypto morning: Market out of boredom and Terra (LUNA), Solana (SOL), Cardano (ADA) and XRP see strong rally

Charlie Taylor

The two largest cryptocurrencies gain strength again this Tuesday (19) and are accompanied by altcoins. After falling to its lowest level in a month, Bitcoin is up 4.3% in the last 24 hours to $40,866.11, data from CoinGecko shows. Ethereum gains 4.4% to trade at $3,039.49. In Brazil, Bitcoin also recovers and advances 2.9% to 190,565.19, according to the Bitcoin Portal Index (IPB). In a weak session of US stock indexes on Monday, the cryptocurrency market also saw little movement. Bitcoin has been trading in the range between $36,000 and $48,000 for months, according to CoinDesk. In a newsletter, Jeff Dorman, chief investment officer at crypto manager Arca, said that “in digital assets, a bored market is often seen as a weak market, because if it’s not going up, it has to go down.” Bitcoin’s recent devaluation can also be attributed to swings in the mining industry, which has put more pressure on prices, according to data from The macro scenario doesn’t help. European stock markets opened lower Tuesday after the holiday, and US futures indexes point to slight gains. On Monday, the chairman of the Federal Reserve of St. Louis. James Bullard, has not ruled out a 75 basis point interest rate hike to fight inflation, according to Bloomberg. In the geopolitical field, Russia has intensified attacks in eastern Ukraine.

Terra (LUNA) the third largest stablecoin

Luna, the Terra ecosystem governance token, has jumped 17% in the last 24 hours. TerraUSD (UST), the Terra blockchain stablecoin, is now the third largest on the market after Tether’s USDT and Circle’s USD (USDC). UST’s market cap has increased from $180 million in early 2021 to over $17 billion as of April 18, according to CoinMarketCap. For Paolo Ardoino, Tether’s chief technology officer, the UST’s growing popularity carries some risks because of its reliance on algorithms to stay pegged to the dollar. In an interview with CoinDesk, Ardoino said that the higher the capitalization, the greater the risk. In fact, Do Kwon, CEO of Terraform Labs, the company behind the Terra network, has become the “whale” most followed by the market due to increasing purchases of Bitcoin with the aim of accumulating reserves for its stablecoin, points out Bloomberg. Tuesday morning is also a rally for major altcoins like Binance Coin (+5.5%), XRP (+4%), Solana (+5.6%), Cardano (+5.3%), Avalanche (+6.2%), Polkadot (+5%), Dogecoin (+3.2%) and Shiba Inu (+3.5%), according to data from CoinGecko. Other highlights Thales Araujo de Freitas is the new country manager of Bitso in Brazil, according to an announcement by the Mexican cryptocurrency exchange on Monday. Previously on the Global66 international remittance platform, the executive also worked at Citibank and HSBC. In an interview with the Bússola platform, Freitas said that the company intends to launch other services in Brazil, such as the purchase of tickets for football matches with cryptocurrencies. Fernando Beyruti, global head of Itaú Private Bank, said in an interview with Forbes that he bets on digital transformation. Itaú is considering expanding its options for investing in cryptocurrencies beyond index funds (ETFs). Beyruti stated that there is an increasing demand for the recommendation and direct sale of crypto products. The talks with banks for an initial public offering later this year, people familiar with the matter told Bloomberg. In March, the cryptocurrency wallet service said it was valued at $14 billion in a funding round. The Ethereum Foundation holds $1.3 billion in ETH, more than $300 million in investments that do not involve cryptocurrencies, and $11 million in other crypto assets, according to the entity’s fiscal year 2021 financial report released on Monday. (18). As of March 31, 2022, the foundation’s Ethereum balance amounted to almost 0.3% of the entire ETH supply available on the market. Regulation and CBDCs This Tuesday (19), the Senate has scheduled the vote on the bill (PL 3.825/2019) to regulate the cryptocurrency sector, authored by Senator Flávio Arns (Pode-PR) and which has Senator Irajá (PSD-TO) as rapporteur, according to the Senate Agency. Pablo Cerdeira, partner at Galdino & Coelho Advogados, explains that the text approved by the CAE dialogues with the bill 2302/15, voted and approved in the Chamber of Deputies last year, and which should be absorbed by the Senate, according to the Value Invest. BNDES and the Federal Audit Court (TCU) entered into a partnership to create the Brazil Blockchain Network, as published in the Official Gazette. The project will be carried out through a Cooperation Agreement, in which there is no transfer of resources between the entities. The deadline for creating the network will be four years and two months and, as the DOU points out, there is no possibility of extension. In the US, lobbyists are worried with proposals to regulate the crypto asset market that do not identify the sector as such, as signaled in the two proposals presented by the SEC. One of them doesn’t even mention the terms “blockchain”, “crypto” or “decentralized finance”, according to a report by CoinDesk. In Japanthe government plans to follow the central bank’s digital currency model developed in stages like Sweden’s, rather than the large-scale pilot tests carried out by China, Kazushige Kamiyama, head of the BOJ’s payments system department, said in an interview with Bloomberg. Central Bank President Roberto Campos Netosaid on Monday that the different technologies adopted by the countries are a challenge for the functioning of a cross-border payment system, according to Folha. In a letter seen by Reuters and sent to 27 EU finance ministers on April 13, more than 40 companies in the cryptocurrency sector asked authorities that the privacy of transactions be maintained and that the rules fall within the scope of the Global Financial Action Task Force ( FATF), which already sets standards for combating money laundering. Various US agencies warned on Monday that North Korean hackers linked to the Lazarus group are targeting diverse segments of the crypto universe, such as blockchain companies, cryptocurrency exchanges, decentralized finance (DeFi) protocols, play-to-earn games and individuals with large amounts of money. cryptocurrency volumes or NFTs, as per CoinDesk. The US government has linked Lazarus to the theft of cryptocurrencies from the Ronin network, connected to the game Axie Infinity. Metaverse, Games and NFTs Bitcoin Market executives will be present at the Wired Conference Brazil 2022, event held online from 9 am this Tuesday (19). MB also stands out as the sole sponsor of the Wired conference, one of the main communication vehicles about technology, innovation and geek culture. The 9th edition of the Game Brazil Survey (PGB), The main survey of the sector, reveals a growth of 2.5 percentage points compared to the previous year with 74.5% of the sample of the population of Brazil claiming to play in 2022, according to Forbes. With record trading volume, Moonbirds, a new collection of non-fungible PFPs (Profile Pictures) tokens, has risen to the top of the OpenSea NFTs marketplace ranking since its launch on Saturday (16), according to CoinDesk. The collection of 10,000 owl digital artwork has amassed 69,000 ethers in total sales, or about $207 million.

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