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Crypto Morning: Bitcoin (BTC) Below $40K, Bitcoin Close to Buying Twitter, and Ridley Scott Film About Ethereum

The cryptocurrency market is still digesting signs of monetary tightening from the Federal Reserve and reacting to the prospect of a slowdown in the Chinese economy. Bitcoin (BTC) is down 3.2% in the last 24 hours to $39,451, data from CoinGecko shows. Ethereum (ETH) is down 4.6% to trade at $2,872.72.

In Brazil, Bitcoin dawns down 2.6%, quoted at R$ 186,631, according to the Bitcoin Portal Index (IPB).

Investors remain wary of assets seen as riskier, such as stocks and digital currencies. The correlation between the US stock market and cryptocurrencies was again evident on Friday, with drops of nearly 3% for both the Dow Jones Industrial and Nasdaq.

The Federal Reserve’s determination to fight inflation with higher interest rates brings the prospect of less liquidity in the financial market. And that can translate into fewer resources invested in crypto assets.

The worsening of the Covid pandemic and lockdowns in China make investors even more nervous, as they increase the risk of a global recession. Chinese stock indices have even dropped to their lowest level in nearly two years, Bloomberg data show.

On Bitcoin, “We continue to see levels of $38K acting as support, but continued testing of this range could result in a drop to $32K to $35K. On the upside, $42K remains strong resistance.” Joe DiPasquale, CEO of fund manager BitBull Capital, told CoinDesk.

“As it becomes more valuable to hold dollars, some investors may reallocate (resources from) Bitcoin or gold to the dollar,” Nydig staff note in a report on Friday.

Interest in Bitcoin

Bitcoin has been trading in a narrow margin this year, between $35,000 and $45,000. But 35 crypto experts polled by Finder.com remain optimistic, according to a survey conducted from March 28 to April 11, 2022 and published by E-Investidor. The group’s forecast is that Bitcoin will end the year at $65,100, but the biggest cryptocurrency by market cap could hit a record $81,600 before that, the report predicts.

Amid bullish forecasts, interest in Bitcoin has been waning among retail investors, according to Google Trends data published by CoinDesk. As of April 22, worldwide searches for the term Bitcoin have reached mid-2020 levels, indicating the mark of “17” – on a scale of 0 to 100 – in the week of April 17 to 23, compared to “76” in May. 2021. Data suggests that most searches for bitcoin originate in Nigeria, followed by El Salvador and Austria.

The main altcoins operate with devaluation this Monday as Binance Coin (-3.3%), XRP (-7.3%), Solana (-5.4%), Terra (-2.8%), Cardano ( -4.6%), Polkadot (-7.6%), Avalanche (-5.7%) and Shiba Inu (-4.7%), according to data from CoinGecko.

Dogecoin, Elon Musk’s preferred token, has lost 4% in the last 24 hours. According to the Wall Street Journal, Tesla’s CEO is negotiating a deal with Twitter that could be announced as early as this week, people familiar with the matter said. 10 days ago, Musk made an unsolicited offer for the platform worth $43 billion.

On Friday, Twitter and digital payment processor Stripe announced that they will test cryptocurrency payments for select users of the social network’s content monetization products, according to Reuters.

elections in France

Emmanuel Macron won the second round of the French presidential election for another five-year term. Exit polls indicated a significant margin over far-right rival Marine Le Pen. Macron’s government promised to make France a leader in blockchain, but the issue was virtually ignored in the presidential race, CoinDesk points out.

On a risky and secret visit to Ukraine, US Secretary of State Antony J. Blinken and Defense Secretary Lloyd J. Austin III met with Ukrainian President Volodymyr Zelensky on Sunday. The authorities announced the reopening of the American embassy in Kiev and more military aid to Ukraine, the New York Times reported. Since Friday, purchases of cryptocurrencies with the hryvnia, the official Ukrainian currency, have been banned, according to a statement from the central bank.

Other highlights

Abu Dhabi Global Market (ADGM) agency said on Monday (25) that it has granted a license to the Kraken group to operate a regulated platform for trading virtual assets in the financial free zone. Kraken is the first global digital asset exchange in the UAE to receive a full financial license from ADGM, as per Reuters.

Anthony Scaramucciwhose interest in cryptocurrencies began during his brief stint in the Washington government, now wants to redouble his SkyBridge Capital’s bet on digital assets after years of focusing on high-profile hedge funds, Bloomberg notes.

Grayscale asset manager has again applied to the SEC for authorization to transform Bitcoin Trust, the world’s largest cryptocurrency investment vehicle, into a fund traded on major Wall Street exchanges, according to the Financial Times.

Training

The Infinite Machine (“The Infinite Machine”), a book by journalist and cryptocurrency expert Camila Russo that details the creation and rise of the Ethereum network, will receive a film adaptation produced by Ridley Scott — director of hits such as “Blade Runner” and “Alien ”, according to information from the website Deadline.

In addition to the trophy and prize of R$ 150 thousand reaisDavid Junior, winner of the second season of “The Masked Singer Brasil” (Globo), also won BRL 100,000 in cryptocurrencies, according to Folha.

Regulation, Security and CBDCs

In an interview with Sheet, Isaac Costa, former Capital Markets analyst at CVM, highlighted the “paradox of total transparency” in operations involving digital currencies. Although the visibility of transactions can be justified for the prevention of money laundering, it can also bring problems in the management of an authoritarian government, explains Costa.

In April 2021, for example, Russia’s financial intelligence agency reportedly met in Moscow with the regional head of Binance to have the world’s largest cryptocurrency exchange deliver customer data, including names and addresses, according to a Reuters report. The agency sought to track millions of dollars in bitcoins raised by Russian opposition leader Alexei Navalny. Binance told Reuters it was never contacted by Russian authorities about Navalny.

in south korea, UpBit, the largest cryptocurrency exchange in the country, announced the implementation of the anti-money laundering system imposed by the FATF/FATF (Financial Action Group against Money Laundering and the Financing of Terrorism). The system, known as the “Travel Rule”, requires companies in the industry that transact cryptocurrencies to share user data if the transaction exceeds $1,000.

in Panama, The Legislative Assembly’s economic affairs committee on Thursday passed a bill that would regulate the use of cryptocurrencies in the country, according to CoinDesk. The bill still needs to go through two more rounds of debate before presidential sanction.

Metaverse, Games and NFTs

The non-fungible token market must go through a moment of consolidation in the midst of the boom in creations, which appear by the thousands every two or three days, according to a report by Estadão. “There is no room for all of this, from the point of view of an asset that will appreciate in value and be an investment”, highlights Bruno Milanello, New Business executive at the Bitcoin Market.

João Doria Netoson of the former governor of São Paulo and current PSDB candidate for the Presidency, João Doria, sold in mid-March the most valuable item in his collection of NFTs with a profit of more than R$ 200 thousand, according to the Bitcoin Portal.

The São Paulo developer Habitram, by businessmen Raymond and Tony Shayo, “built” a decorated plant in the metaverse, according to Estadão. With virtual reality glasses, the future resident will be able to observe details and experience the sensations of being inside the apartment.

The Metaverse Hype studyconducted by the Gartner Institute, and published by Forbes, points out that by 2026 more than 25% of the global population will spend at least 1 hour in the metaverse.

Starts this Monday (25th) the event “Talk of the Tribes – Digital Economy Boosting the Future”, promoted by Algar Telecom and with free registration by Sympla. On Thursday (28), Humberto Andrade, trading analyst at Mercado Bitcoin, participates in the panel “Top Techs: Digital Currencies + Blockchain”.

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