Cryptos Today: Bitcoin Recovers $40K, But Could Fall Again Crypto move-to-earn skyrockets 40% and PL is ruled in Senate

After a day of decline that erased gains in March, Bitcoin (BTC) shows recovery following a day of rise on Nasdaq, in another sign of high correlation between asset classes, which has been setting the tone of the market. crypto in recent months. This morning, the cryptocurrency recovers and returns to operation above $ 40,000, with a jump of 4.3% in the last 24 hours. At 7:15 am, it was trading at $40,703.

Ethereum (ETH) follows and rises another 4.5% to $3,043, a further indication that the delay of the expected late-June update has not impacted markets as some had hoped. The price of the world’s second-largest crypto, therefore, seems to follow the same dynamics as before, mainly influenced by Bitcoin’s performance and macroeconomic factors.

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Monday’s retreat coincided with the deadline for filing income tax in the United States, which would have spurred investors to liquidate positions with the aim of declaring the possession of fewer cryptoassets to the authorities.

However, analysts do not consider the impact of these liquidations to have been so great as to cause Bitcoin to drop about 17% since last month – Americans can declare income since January.

The most dominant factor at the moment still seems to be the fear among investors that the increase in US interest rates and the reduction of the Federal Reserve’s balance sheet will hit the assets considered riskier.

So, despite the bounce today, experts are not excited about the cryptocurrency price movement, and are increasingly betting that any short-term rally now tends to be preparation for a deeper slump that is yet to come. Bitcoin’s advance, for example, would be within a price range that equates to a sideways move.

“In digital assets, a sideways market is often seen as a weak market, because if it’s not going up, it must be going down,” Jeff Dorman, chief investment officer at crypto fund manager Arca, wrote in a newsletter released today. “Traders who are bored in the digital asset markets become impatient, which leads to a lot of pressure at once,” Dorman said.

In participation yesterday during Cripto+ (watch in the player below), trader Vinícius Terranova pointed out that the cryptocurrency has several resistance levels (area with high selling interest) ahead, and that it is increasingly difficult to believe that the price will climb hard. Most likely, he stated, is that BTC will retrace back in the next few days to below $40k, with the next target possibly at around $37k.

Despite this, the long-term outlook for the cryptocurrency remains bullish for those who follow the market closely, and even the more than 40% drop from the $69,000 high should not scare investors away with a longer-term eye.

“History shows that if you have the appetite for risk and the stomach to handle volatility, in less than two years, overall, [o investimento em Bitcoin] pays itself even if you buy it at the worst time,” said Alexandre Ludolf, investment director at QR Asset, in an interview with Cripto+.

  • Watch: How long will Bitcoin and cryptocurrencies fall? experts answer

Despite the uncertain scenario for Bitcoin, some altcoins are gaining momentum and showing some independence from the performance of the main cryptocurrency on the market. The highlight of the day is again Stepn (GMT), a cryptocurrency project that pays users who practice physical exercises. The token has skyrocketed by 41.7% in the last 24 hours.

Also, after days of sharp decline, Terra (LUNA) is up 14.5% today amid strong adherence to Terra USD (UST), which has overtaken Binance USD (BUSD) to become the world’s third-largest stablecoin. The issuance of UST reflects the burning of LUNA, removing units of the currency from the market.

Check out the performance of the main cryptocurrencies at 7:15 am:

cryptocurrency Price Change in the last 24 hours
Bitcoin (BTC) US$ 40,703.56 +4.3%
Ethereum (ETH) US$ 3,043.38 +4.5%
Binance Coin (BNB) US$ 420.36 +4.6%
XRP (XRP) US$ 0.770341 +4.4%
Solana (SOL) US$ 101.89 +5.3%

Cryptocurrencies with the biggest gains in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Stepn (GMT) $3.28 +41.7%
FraxShare (FXS) US$ 34.81 +17.2%
THORChain (RUNE) $8.59 +16.4%
Earth (MOON) $89.97 +14.5%
Zcash (ZEC) US$ 157.66 +14.7%

Cryptocurrencies with the biggest drops in the last 24 hours:

cryptocurrency Price Change in the last 24 hours
Chain (XCN) US$ 0.109110 -2.1%
Stacks (STX) $1.21 -1.2%

Check out how cryptocurrency ETFs closed on the last trading session:

ETF Price Variation
Hashdex NCI (HASH11) BRL 34.68 +0.96%
Hashdex BTCN (BITH11) BRL 44.55 -1.65%
Hashdex Ethereum (ETHE11) BRL 41.80 -0.11%
Hashdex DeFi (DEFI11) BRL 41.50 +8.63%
Hashdex Smart Contract Platform FI (WEB311) BRL 48.50 +24.83%
QR Bitcoin (QBTC11) BRL 12.05 +0.83%
QR Ether (QETH11) BRL 10.11 -2.12%
QR DeFi (QDFI11) BRL 6.87 +0.14%

See the main crypto market news for this Tuesday (19):

Exchange Bitso hires new executive for Brazilian operation

The Mexican cryptocurrency exchange Bitso announced yesterday the hiring of Thales Araújo de Freitas for the position of national manager of its operation in Brazil.

Prior to joining Bitso, Freitas served as country manager in Brazil for Global66, an international money transfer platform based in Chile. Previously, he held leadership roles at Citibank and HSBC.

The executive arrives with the challenging task of making Bitso the largest cryptocurrency exchange in Brazil by the end of 2022, as the company recently declared to CoinDesk.

In the last six months, Bitso has doubled its user base in Brazil, but does not detail the number of clients it has registered in the country.

As one of the growth strategies, the crypto exchange bets on hiring more people in Brazil and on making it possible to buy football tickets with cryptocurrencies. The company, it is worth remembering, is one of the sponsors of São Paulo Futebol Clube.

The exchange has more than 4 million users spread across Mexico, Brazil, Argentina and Colombia, just over the 3.4 million that Mercado Bitcoin has in the national market. The CEO of the Brazilian exchange, Reinaldo Rabelo, said at an event yesterday that the company will begin expansion in Latin America through acquisitions.

PL that regulates cryptocurrencies is discussed in the Senate

Bill 3825/209, authored by Senator Flávio Arns (Podemos-PR), which deals with the regulation of the cryptocurrency market in Brazil, was scheduled for today’s plenary session of the Federal Senate.

Previously scheduled for last week and postponed to this week, the PL brings as last-minute changes an article that places under the responsibility of the Securities and Exchange Commission the supervision of public offerings of crypto-assets “that generate the right to participate, partnership or remuneration , including those resulting from the provision of services, whose income comes from the efforts of the entrepreneur or third parties”.

In addition, the text reinforces the separation of customer funds from exchanges, making it clear that cryptos deposited in companies belong to users and cannot, for example, be used as collateral for loans or blocked in court.

According to experts, the PL is a good first step towards broader regulation of the crypto market in the country.

If approved in the Senate, the bill goes to the Chamber of Deputies. If it is also approved and there is no request for an amendment, the project then proceeds for presidential sanction.

Monero program update for July

The Monero privacy protocol will undergo an interim hard fork in July with the aim of implementing network security improvements and fee changes, the developers confirmed in a GitHub post yesterday. The launch of a testnet (test network) is planned for May.

No separate coins will be issued after the mainnet hard fork at the time of the 2,668,888 block issuance, which is expected to take place in July. Hard forks refer to a change in a blockchain protocol that makes older versions invalid.

Monero is a privacy-centric protocol that masks users’ wallet addresses, making transactions difficult to track. It works differently from Bitcoin and most other cryptocurrencies in that wallet addresses and transactional behavior can be analyzed to determine the identity of its users.

$770M in BNB Tokens Are Burnt

BNB Chain executed burning over 1.8 million units of Binance Coin (BNB) in its first burn this quarter, tracker data shows.

The burn was carried out automatically on BNB Chain at 5:23 am today through the address “bnb1ultyhpw2p2ktvr68swz56570lgj2rdsadq3ym2”, linked to cryptocurrency exchange Binance, the data shows.

“$741,840,738 worth of BNB will be taken out of circulation soon,” confirmed Binance CEO Changpeng Zhao in a tweet this morning. The burning would be carried out at an average price of US$403 per BNB.

Cryptocurrency burning is a process that involves sending assets to a “dead” wallet, inaccessible even to the creators, so they go out of circulation altogether. Burning is a common strategy of crypto projects to stimulate price rises.

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