Crypto Morning – Pessimism about the economy contaminates the market and Bitcoin loses the level of $ 30,000

Charlie Taylor

Investors return to avoiding risky assets this Thursday (2) and the cryptocurrency market returns most of the gains recorded over the weekend. Over the past 24 hours, Bitcoin (BTC) is trading down 5.3% at $29,969, data from CoinGecko shows. Ethereum (ETH) is down 6.1% to $1,823. In Brazil, Bitcoin is down 4%, trading at R$144,975, according to the Bitcoin Portal Index (IPB). Bitcoin follows the downturn in the US stock market and seems to have felt the impact of the pessimistic statements about the global economy by JPMorgan Chase CEO Jamie Dimon. During a conference on Wednesday (1), the CEO said that a “hurricane is on the way”, but he still does not know if it will be a storm without major consequences or a “Superstorm Sandy”, a cyclone that caused destruction and deaths in countries of America. Central and US in 2012. The CEO of JPMorgan Chase made reference to the economic consequences of the war in Ukraine, the rise in fuel prices and the decreasing number of publicly traded companies. The largest cryptocurrency ended the month of May with a drop of almost 16%, data from Valor Econômico show, breaking the tradition of positive performance that month. Humberto Andrade, trading analyst at Mercado Bitcoin, told Valor that the higher correlation between BTC and Nasdaq put this tradition in check, mainly due to the complicated macro scenario. Joe DiPasquale, CEO of cryptocurrency fund manager BitBull, stated in a note to CoinDesk that he is not surprised by the current price of Bitcoin. “In addition to facing pressure from traditional markets, it also has difficulty breaking the $31,000-$32,000 resistance zone, resulting in a breakout of the established range over the weekend.” Bitcoin miners are already feeling the effects of the crypto winter and are starting to sell their tokens as mining the cryptocurrency has become less profitable in the face of falling prices, according to CoinDesk. And with the current bear market, some miners may have to resort to mergers and acquisitions to survive.

Off air

Solana (SOL) has plummeted 12% in the last 24 hours. The network went down on Wednesday with the production of new blocks on the blockchain entirely halted. The Solana team explained on Twitter that block production has been suspended because of a bug that caused “nodes” to generate different results for the same block. Validators restarted the network after four hours of downtime, but some exchanges are still reporting problems with deposits and withdrawals, according to CoinDesk. Other altcoins also recorded losses this Thursday (2), such as Binance Coin (-4.6%), XRP (-5.4%), Cardano (-5.3%), Dogecoin (-4.9%), Polkadot (-7.1%), Avalanche (-7.7%) and Shiba Inu (-5.7%).

Other highlights

The Brazilian investment portfolio tends to gain a greater role for the dollar in the next ten years, said Roberto Lee, founder and CEO of Avenue, a Brazilian platform for investments abroad, during a live by Valor and the Pipeline website. The company recently opened a cryptocurrency vertical, started offering 20 coins and is considering working with tokens soon.

Principal Global Investors Director and Portfolio ManagerMarc Dummer, an American asset manager with $580 billion in assets, told Valor that digital assets improve overall portfolio performance and an allocation of 3% to 5% can decrease its volatility.

The Vórtx QR tokenized asset trading platform, the first regulated by the CVM, officially kicked off its operations on Wednesday (1), with an issue of debentures and a Credit Rights Investment Fund (FIDC), reported Valor Investe.

chipotle, the popular Mexican-style fast-food restaurant chainwill now accept cryptocurrency payments in US units through Flexa, a platform that handles around 98 cryptos, including BTC and ETH, as per The Block.

With greater focus on cryptocurrencies and non-fungible tokensUS video game retailer GameStop increased sales by 8% in the quarter ended in April to $1.38 billion, above analysts’ estimates, Bloomberg reported.

FTX has overtaken Coinbase in May as the second-largest cryptocurrency exchange centered on market share, according to data compiled by The Block Research. Binance remains in the lead with a 64.1% share, followed by FTX (10.8%) and Coinbase (9.6%) last month. Cryptocurrency trading volumes rose 19.6% in May to a total of $830.4 billion, The Block volume index shows.

Binance Labs, the venture capital arm of Binance, said on Wednesday that it has raised $500 million for its investment fund focused on companies dedicated to blockchain and Web3, Reuters reported. The fund is supported by DST Global Partners, Breyer Capital and Whampoa Group, as well as other private equity firms and family offices.

The 2TMparent company of the Bitcoin Market, announced on Wednesday (1) the cut of about 90 employees. According to the company, the objective is to reduce expenses to face a difficult time on the world stage: “The change in the global financial scenario, high interest rates and inflation, has had a great impact on technology-based companies, the so-called Growth Techs. This new reality requires that 2TM also seek a new growth and investment equation”, says the statement. The brokerage also highlighted that the process “was guided by transparency and respect, in order to honor the legacy of each employee who helped us get here.”

Global layoffs at tech startups rose to the highest level in more than two years, with 20,514 cuts since April, according to Nikkei Asia, citing data from Layoffs.fyi.

Regulation, Cybersecurity and CBDCs

Nate Chastain, Former Product Manager at OpenSea Non-Fungible Token Marketplacewas charged by the US Department of Justice on Wednesday with wire fraud and money laundering related to insider trading about which NFTs were about to be featured on the platform’s website, the agency said in a press release.

Madison Cawthorn, Republican Representative North Carolina, is being investigated by the U.S. House Ethics Committee for undisclosed trades in its cryptocurrency wallet, CoinDesk has learned.

Speculation with cryptocurrencies and others risky investments are part of a series of new videos from the US Securities and Exchange Commission (SEC) aimed at educating investors. “Investing is not a game,” reads a video released Wednesday by the SEC, which recommends research before making investments.

Legal proceedings to recover losses with investments in cryptocurrencies are on the rise in the US, highlights article from the Wall Street Journal. Many of the cases are opened by investors according to which some digital currencies were promoted under false bases.

Andrew Hauser, Chief Markets Officer, Bank of England, told a panel on Wednesday that stablecoins like TerraUSD and Tether do not provide enough real-time information about their value and details on how they maintain convertibility, Bloomberg reported. In an editorial, the news outlet warned that stablecoins need to be regulated to avoid a collapse even worse than the one caused by the Earth system and a financial crisis.

And the South Korean government plans to form a specific committee to oversee the digital asset market after the Earth ecosystem collapses, according to local newspaper NewsPim.

Venezuelans who trade cryptocurrencies on exchanges and wallet providers – or other platforms in the sector that do not have authorization to operate from the government of Venezuela – could become the target of punishment, revealed the website CriptoNoticias. International exchanges not regulated in the country, such as Binance P2P, have many customers in the region.

The development of digital currencies and technologies payments could change the way the Federal Reserve conducts monetary policy and the composition of its balance sheet, issues the central bank will need to work to understand, New York Fed President John Williams said, according to Reuters.

Metaverse, Games and NFTs

The goal, which owns Facebook, announced on Wednesday (1) a benefit for company employees who identify as transgender people, in addition to their dependents, Forbes reported. “Transgender Health Coverage and Support in Meta for Latin America” includes medical and ancillary services, such as coverage of gender transition costs. The benefit is already available in Brazil and Mexico and will also be offered in Argentina and Colombia. THE Meta’s COO Sheryl Sandbergranked No. 2 after CEO Mark Zuckerberg, announced that it will leave the company after 14 years to focus on its philanthropic projects.

A growing number of artists are looking for music platforms that use blockchain technology to improve income distribution and relationship with fans, highlights Exame. Singer Zeca Baleiro is now part of the Brazilian platform Tune Traders, specializing in the tokenization of music royalties. “As an independent artist, I’m interested in knowing about the possibility of broadcasting/commercializing my music through the new tools that the digital world offers”, said the singer.

With an empire of 45 branded stores and 19 product lines that generated more than US$ 4 billion (R$ 18.9 billion) in revenue, Paris Hilton, once queen of the parties, now reigns in the metaverse, according to a report by Forbes. The “Neon Carnival” held in its metaverse, Paris World, was attended by 400,000 people and, according to her, the event in the real world received around 10,000.

Kanye West’s Yeezus Brand filed for 17 trademark applications, a sign of a possible debut in the non-fungible token universe, according to The Block. Orders were shipped on May 27. In February, West criticized the NFTs on Instagram. The post has been deleted.

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