Crypto Morning: Bitcoin (BTC) returns to $ 29,000, falling after rising stock markets

Crypto Morning: Bitcoin (BTC) returns to $ 29,000, falling after rising stock markets

The cryptocurrency market is on a rocket, waiting for a catalyst to set the course for digital currencies this winter. Bitcoin (BTC) has fallen 3.8% in the last 24 hours to $ 29,319, according to CoinGecko data. Ethereum (ETH) is down 4.7% and is trading at $ 1,971.

In Brazil, Bitcoin fell 4.4% to R $ 142,232, according to the Bitcoin Portal Index (IPB).

Interestingly, cryptocurrencies did not follow U.S. stock indexes all Monday, despite first gains in the Asian session. The S&P 500 closed 1.8%, the Dow Jones 1.9% and the Nasdaq 1.5%, with investors slightly more optimistic about the outlook for consumption in the United States.

“We have no swings [esta semana]we haven’t had a stable currency losing $ 48 billion and we haven’t had a presidential executive order, “Mark Connors, head of research at 3iQ Digital Asset, told CoinDesk. For him, the performance of the cryptocurrency market will be maintained uncertain until the release of the US Consumer Inflation Report in early June.

Investors in cryptocurrencies seem to have slowed down. Total under-managed funds investing in cryptocurrency assets fell to $ 38 billion, the lowest level since July 2021, according to a CoinShares report. During the week ending May 20, investment products in digital assets recorded outflows of $ 141 million. Bitcoin funds were the hardest hit, with $ 154 million in withdrawals during the period.

Risk alert

Seoul Metropolitan Police intends to freeze the assets of Luna Foundation Guard after the collapse of the stable currency TerraUSD (UST), according to the KBS newspaper. Several cryptocurrency exchanges have been instructed to prevent LFG from making withdrawals. It is not known which runners received the order or whether they complied with the measure.

A Financial Times report revealed that weeks before the collapse, Binance promoted the Anchor Land loan program, which attracted many investors to UST and LUNA. On April 6, the exchange described the tokens in Telegram as “a safe and happy opportunity” to get a 20% return, without warning of the risks, according to the document.

In response to the FT, Binance said it is re-evaluating campaign campaigns like LUNA before they are promoted.

In Davos, the managing director of the International Monetary Fund, Kristalina Georgieva, clearly argued the potential of cryptographic assets, despite the recent turmoil, according to Bloomberg. The crypto world “offers everyone a faster service, much lower costs and more inclusion,” he said, stressing the need to identify risks among assets. According to Georgieva, it is the responsibility of regulators to provide protection and information to educate investors.

Gustavo Loyola, former director of the Central Bank, agrees. In an interview with E-Investidor, he defended a regulation that prevents the use of cryptocurrencies in financial crimes and offers “greater transparency about negotiations.”

undo

The merger of the Terra project ecosystem can already be considered one of the great milestones in the history of cryptocurrencies.

But at least five previously considered promising assets saw a devaluation of more than 90% until Monday (23) relative to the maximum: Internet Computer (ICP), Filecoin (FIL), EOS, dYdX (DYDX) and LooksRare (LOOKS), according to data from CoinGecko and CoinMarketCap.

The main altcoins operate in red this Tuesday (24) as Binance Coin (-0.2%), XRP (-3.6%), Cardano (-5.1%), Solana (-6.2%), Dogecoin (-3.8%), Polkadot (-3.2%), Avalanche (-8.3%) and Shiba Inu (-3.6%) show CoinGecko data.

Other highlights

GameStop Video Game Distributor launched a portfolio that will allow the storage, sending and receiving of cryptocurrencies and non-expendable tokens between various cryptographic applications. It will support NFT trading through the upcoming launch of GameStop’s NFT market, which is expected to start operating sometime in 2022.

The controversial French brand Balenciaga held its spring 2023 fashion show on the New York Stock Exchange on Sunday amid plans to begin accepting Bitcoin and Ethereum in online shopping and some brick-and-mortar stores, according to the Wall Street Journal.

Chinese Blockchain-based service network (BSN), which is funded by the Chinese government, launches open source blockchains in the international market in August. The Spartan Network tool will allow access to networks without customers being aware of the technology and with a strong element of interoperability between them, a BSN spokesman told CNBC. Because cryptocurrencies are banned in the country, networks will not have financial tokens.

The defense company Lockheed Martin and the Filecoin Foundation It could soon make an open source blockchain network accessible in space, according to an announcement at an event hosted by Filecoin on Monday on the sidelines of the Davos World Economic Forum, CoinDesk reported.

The Sumitomo Mitsui Trust plans to open a business this year to offer digital asset custody services to institutional investors, a move it considers crucial to building infrastructure to improve its position in the industry, according to Nikkei Asia.

Regulation, cybersecurity and CBDC

in the file, Judge Maria da Penha Nobre Mauro, of the 5th Business Court of the Capital of the Court of Justice of Rio de Janeiro (TJRJ), determined the suspension for 180 days of all actions and executions of debt by GAS Consultoria, a Glaidson-owned company. Acácio dos Santos, the “Pharaoh of Bitcoins”. The company has 30 days to file a legal recovery plan, according to Agência Brasil.

In response to a Federal Reserve study, Wall Street banks argue that the US government should delay the launch of a digital dollar due to the risk of exhausting hundreds of billions in the financial system. A U.S. Central Bank digital currency, or CBDC, would be a direct competitor to private bank deposits, which could reduce the supply of credit to businesses and households, according to the American Bankers Association and the Bank Policy Institute. .

For the European Central Banklinks to cryptocurrencies with banks pose a threat to the financial system, but the institution plans to launch a prototype of the digital euro by the end of 2023, according to the Financial Times.

Twelve percent of adults in the United States had cryptocurrencies in 2021, according to a Federal Reserve study. The first annual survey of 11,000 people shows that Americans have little interest in cryptocurrency as a currency and are mostly investors, according to CoinDesk. Only 3% of respondents had made payments or sent crypto the previous year, while 11% had investments in these assets.

the ECB he also published his research on cryptocurrencies. An average of 10% of eurozone households own cryptocurrencies, with 6% in France and 14% in the Netherlands, for example, according to Reuters.

Metavers, games and NFT

Enthusiastic magistrates of the Metavers they believe that the new technology could be an option for the virtual public, highlights a Folha report. Technology already allows the doors of the Judiciary to be opened to a wider audience, through conferences and visits.

The Mothers of the NGO Headquarters put up a non-expendable listing with a photo of Fabiana Esperidião da Silva, who disappeared in 1995 in São Paulo, for the most expensive price allowed on OpenSea: more than R $ 900 trillion, according to Veja. For that price, the expectation is not to sell the NFT, but to warn about the “immeasurable” value of the lives of missing children in Brazil.

The third season of the series Love, Death + Robots premiered last Friday (20) on Netflix and brought a surprise to cryptography enthusiasts: a hunt for NFT hidden in the production universe, which can be exchanged using QR codes spread in both the digital and physical worlds.

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