CryptoMorning: Bitcoin (BTC) returns to $ 29K, falling after stock market rise

CryptoMorning: Bitcoin (BTC) returns to $ 29K, falling after stock market rise

The cryptocurrency market is stagnant, with digital currencies waiting for a catalyst to set a course this winter. Bitcoin (BTC) is down 3.8% at $ 29,319 in the last 24 hours, according to data from CoinGecko. Ethereum (ETH) is trading at 9 1,971, down 4.7%.

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 indices throughout Monday, despite initial gains in the Asian session. With the S&P 500 up 1.8%, the Dow Jones up 1.9% and the Nasdaq up 1.5%, investors are a little more optimistic about the prospects for spending in the US.

“We have no swing [esta semana]”We haven’t lost a stablecoin of $ 48 billion and we don’t have a presidential executive order,” Mark Connors, head of research at 3iQ Digital Assets, told Koindesk.

Cryptocurrency investors seem to have actually hit the brakes. According to a report by CoinShares, the total under management of investing funds in crypto assets has dropped to $ 38 billion, the lowest level since July 2021. For the week ended May 20, digital asset investment products recorded an outflow of $ 141 million. Bitcoin funds suffered the most, withdrawing 154 million during this period.

Risk alert

Seoul Metropolitan Police According to the KBS newspaper, TerraUSD (UST) wants to freeze the assets of the Luna Foundation Guard after the fall of Stablecoin. Several cryptocurrency exchanges have been instructed to refrain from withdrawing LFG. It is unknown at this time what he will do after leaving the post.

A Financial Times report revealed that just weeks before the fall, Binance Terrer promoted the anchor lending program, which attracted many investors to the UST and LUNA. On April 6, the exchange described the tokens in a telegram as “a safe and happy opportunity,” according to the paper, to achieve a 20% return without risk aversion.

In response to the FT, Binance said it was re-evaluating their campaigns before promoting projects like LUNA.

In Davos, the managing director of the International Monetary Fund, Crystalina Georgieva, has made a clear case for the potential of crypto resources, despite recent unrest, according to Bloomberg. Crypto World “provides fast service to all of us, much lower costs and more inclusion,” he said, highlighting the need to identify risks in assets. According to Georgieva, regulators have a responsibility 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 prohibits the use of cryptocurrencies in financial crime and provides “greater transparency about negotiations.”

Melted

The melting of the Terra Project ecosystem can already be considered a major milestone in the history of cryptocurrency.

But at least five assets previously considered promising registered more than 90% depreciation as of Monday (23): Internet Computer (ICP), Filecoin (FIL), EOS, dYdX (DYDX) and LooksRare (LOOKS), CoinGecko and CoinMarketCap. According to information from.

This Tuesday (24) major altcoins work in red, such as Binance Coin (-0.2%), XRP (-3.6%), Cardano (-5.1%), Solana (-6.2%), Dogecoin (-3.8%), Polkadot ( -3.2%), Snowfall (-8.3%) and Shiva Inu (-3.6%), show data from CoinGecko.

Other highlights

Video Games Retailer GameStop Has launched a wallet that will allow the storage, sending and receiving of cryptocurrency and non-fungible tokens between different crypto applications. It will support NFT Trading through Gamestop’s upcoming NFT Marketplace launch, which is expected to begin operations in 2022.

Controversial French brand Balenciaga According to the Wall Street Journal, its Spring 2023 fashion show took place on the floor of the New York Stock Exchange on Sunday, with plans to start accepting Bitcoin and Etherium in online shopping and some brick-and-mortar stores.

Chinese blockchain-based service network (BSN), funded by the Chinese government, launched an open source blockchain in the international market in August. The Spartan Network tool will allow customers to access networks without being aware of the technology and without a strong element of interaction between them, a BSN spokesperson told CNBC. As cryptocurrency is banned in the country, there will be no financial tokens in the networks.

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

Sumitomo Mitsui Trust Nikkei Asia, which plans to open a company this year to provide digital asset protection services to institutional investors, said it was important as a step towards building infrastructure to improve its position in the industry.

Regulation, Cyber ​​Security and CBDC

In orderJudge Maria da Penha Nobre Mauro, from the 5th Business Court of the Capital of Justice of Rio de Janeiro (TJRJ), has granted a 180-day suspension of all activities and debt execution of GAS Consultoria, a company owned by Glaidson. “Pharaoh of Bitcoin”. According to Agency Brasil, the company has 30 days to present a judicial recovery plan.

In response to a Federal Reserve study, Wall Street banks argue that the introduction of digital dollars should be delayed because of the risk of hundreds of billions of U.S. government liquidation. According to the American Bankers Association and the Bank Policy Institute, a US central bank digital currency, or CBDC, will be a direct competitor to private bank deposits, which could reduce the supply of credit to businesses and households.

For the European Central BankLinks to crypto assets with banks pose a threat to the financial system, but the company 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 Owned cryptocurrency in 2021, according to a survey by the Federal Reserve. The first annual survey of 11,000 people shows that Americans have very little interest in crypto as a currency and that they are primarily investors, according to CoinDesk. Only 3% of respondents paid or sent crypto in the previous year, while 11% invested in these assets.

ECB Also published his research on cryptocurrencies. 10% of households in the eurozone have an average cryptocurrency, with 6% in France and 14% in the Netherlands, for example, according to Reuters.

Metavers, Games and NFT

Enthusiastic magistrate of Metavers Believing that the new technology could be an option for virtual audiences, Folhar highlights a report. Technology already allows the judiciary to open its doors to a wider audience through lectures and inspections.

The Mothers of the See NGO A non-fungible token with a photo of Fabiana Esperidião da Silva, who went missing in Sওo Paulo in 1995, is on sale for the most expensive price approved at the opensi: more than R $ 900 square according to Vega. For this price, the expectation is not to sell NFT, but to warn of the “immeasurable” value of the lives of missing children in Brazil.

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

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