Crypto Morning: Bitcoin returns to $ 29,000 as China withdraws, but Cardano (ADA) and Solana (SOL) continue to rise

The reaction on Bitcoin (BTC) on Sunday was short-lived and the largest cryptocurrency is trading below $ 30,000, but some altcoins are holding back profits. For the past 24 hours, BTC has been trading with little change, trading at $ 29,777, according to CoinGecko data. Ethereum (ETH) is also showing stability, trading at $ 2,026.

In Brazil, Bitcoin remains on the sidelines, trading at R $ 151,595, according to the Bitcoin Portal Index (IPB).

Most cryptocurrencies rose in the Asian session, but after the release of China’s economic data, the US futures continued. The Covid Zero policy of the world’s second largest economy has wreaked havoc. In April, Chinese industrial production fell by 2.9% year-on-year, while sales fell by 11.1%.

The cryptocurrency market has shrunk by $ 326 billion in the last seven days to about $ 1.33 trillion, according to CoinGecko data. And Bitcoin has fallen 57% from its November high last year.

The main Altcoins are heading in the opposite direction this Monday Binance Coin (+ 0.9%), XRP (+ 0.1%), Cardano (+ 5%), Solana (+ 5.3%), Dogecoin (-0.6%) , Polkadot (-0.1). %, Avalanche (-2.7%) and Shiba Inu (-1.1%), according to CoinGeck.

Earth (MOON)

The announcement of a plan to turn around the founder of Do Kwon Terra does not seem to have given investors enough confidence. Analysts say the market is waiting for more specific actions from blockchain developers – such as LUNA’s large-scale burns, which now span more than 6 trillion tokens – before establishing a more consistent trajectory on cryptocurrency.

Although cryptocurrency investors seem to have already digested the impact of the collapse of the TerraUSD stablecoin, challenges remain, such as rising global interest rates and tighter liquidity conditions, Bloomberg noted.

Bitcoin’s current support is $ 27,000, “likely to stabilize price action in the coming days,” said Edul Patel, CEO of Mudrex, an algorithm-based cryptocurrency investment platform.

In a column by E-Investidor, Fabricio Tota, Director of Mercado Bitcoin, points out that the crypto market is becoming less and less dependent on Bitcoin. To the executive, tokenization allows for the democratization of investments that were previously limited to a select group. “For those who are still passionate about cryptocurrency, tokens are good gates because a lot of them are tied to real products.”

Other highlights

Brazil is among the five countries with the largest number of crypto-investors. There are more than 10 million Brazilians, about 5% of the population, behind India, the US, Russia and Nigeria alone, according to Forbes. According to Reinaldo Rabelo, CEO of Mercado Bitcoin, companies operating in the sector will increasingly be service providers to easily access crypto assets and the applications that use them, and not just the commercial markets.

Looking at this expansion of the Brazilian market, foreign exchange prepares strategies to earn a share. Hello, a Hong Kong digital banking bank that recently landed in the country plans to hire a manager in the country this year and has marketed $ 500,000 to become a well-known brand, according to InfoMoney.

Despite the reduction in financial volume negotiated in the first quarter, B3 expects a recovery in the coming months. The group’s chief financial officer, André Milanez, said in a profit call that the Brazilian stock market intends to launch “bitcoin futures in the next three or six months,” according to Valo.

Nubank will allow it Purchases of Bitcoin, but withdrawals of cryptocurrencies acquired by banking applications will not be available, according to information confirmed by the Bitcoin Portal. “(…) The customer, however, can withdraw in real time in the real-time budget and transfer it from the Nubank digital account to the desired platform,” says a note in an email.

Founder of FTXSam Bankman-Fried told the Financial Times in an interview with the Financial Times that Bitcoin has “no future” as a payment network and criticized digital currency for its “inefficiency and high environmental costs”. But the CEO of the cryptocurrency exchange believes BTC may still have a future as an asset, commodity and “store of value” as gold.

Grayscale It is preparing an index fund (ETF) for companies representing the “Future of Finance” in Europe, the world’s largest crypto asset manager said in a statement on Monday. The ETF will begin trading on May 17 in the UK, Italy and Germany, according to Reuters.

Goldman Sachs and Barclays According to Bloomberg, he was involved in a $ 70 million round of funding for Elwood Technologies, a cryptocurrency trading platform created by billionaire Alan Howard.

The 11 million richest in the crypto-assets industry Forbes estimates that $ 60 billion has been lost in recent weeks. Changpeng Zhao Binance CEO suffered losses: His money went from $ 65 billion in March to $ 17.4 billion in March.

Regulations, Cybersecurity and CBDCs

Chief tax and financial authorities A group known in the UK, the US, Canada, Australia and the Netherlands, known as J5, have identified more than 50 avenues for illegal activities with digital assets that could lead to investigations in the coming weeks, including a possible financial pyramid scheme. $ 1 billion, according to Bloomberg.

EuropeThe cryptocurrency regulation project has flaws, says Karel Lannoo, president of the Center for European Policy Studies in Brussels, in an article in the Financial Times, stressing that the proposed rules make investors vulnerable and increase misinformation.

In Brazil, the bill was approved by the Senate – Waiting for the green light from the Chamber of Deputies – Amends the Penal Code to introduce crimes of cryptocurrency fraud. In an interview with Folha, Julien Dutra 2TM, Director of Government Relations at Bitcoin Market, emphasized the importance of balancing innovation promotion with consumer protection: , the public behind the stand will be clear ”.

Focusing on Brazilian regulation, Central Bank’s agenda begins to include meetings with cryptocurrency exchanges. On Friday, BC President Roberto Campos attended a video conference with Binance CEO Changpeng (CZ) Zhao, according to the Bitcoin Portal. Video conferences with Coinbas and Bitso executives are scheduled for this Monday (16), according to the agenda.

Less than a month left For the 2022 Income Tax Return period, many crypto investors are still in doubt. The e-book prepared by Ana Paula Rabello in collaboration with Mercado Bitcoin provides information on cryptocurrencies and can be downloaded free of charge here.

Metaverse, Games and NFTs

Milton Birth He takes advantage of his stage farewell tour, “The Last Music Session,” with a handwritten recording of the singer’s debut as a singer in the world of non-fungal tokens, according to Estadão. The first show of the international tour will take place on June 11 in Rio de Janeiro, in a special session for friends, artists and those who buy the NFT Ticket Pass.

An NFT from the famous Bored Ape Yacht Club collection (BAYC) was sold on Sunday (15) for 200 USDC stablecoin tokens, the equivalent of 200 USD. Part of the crypto community suspects that the mistake of bargaining is just a tax evasion scam.

Specializes in organizing large events For the virtual world, the Brazilian startup Transformación Digital (TD) is now opting for metaverse-related tools. Last week’s TD Web Conference tested a meta-human presenter named K1M, according to Forbes.

Silicon Valley (BSV) conference in Brazil this Monday and Tuesday brings together about 700 entrepreneurs and investors at the Computer Museum in Mountain View, California. “We have defined macro issues that will shape the future of technology around the world. Artificial intelligence, the scale of innovation, the future of investment – where cryptocurrencies go -, metabersion and Web 3.0, and the future of climate, ”said Valori Karine Yuki, of BSV’s content team. Marcelo Sampaio, co-founder of Hashdex, and Manuel Bronstein, head of the Roblox product, are among the event’s panelists.

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