Cryptocurrencies accelerate gains this Tuesday (17th), against future US indices, indicating an opening in the red. Global investors are reacting to cautious comments from officials and CEOs about the direction of interest rates and the slowdown in China’s GDP.
Bitcoin (BTC) price increased by 1.9% over the past 24 hours, reaching $21,195.91. In fact, BTC is gaining 1.7%, quoted at R$109,401.67, according to Bitcoin Gateway Index (IPB).
The price of Ethereum (ETH) is up 1.6%, and is trading at $1,566.46, according to data from Coingecko.
Altcoins are trading in positive territory or with little divergence, with the focus on BNB (+1%), XRP (+1.3%), Cardano (+0.9%), Dogecoin (+0.6%), Polygon (+2.8%), Solana (+2%), Polkadot (+3.8%), Avalanche (+2.9%).
Shiba Inu (SHIB) stock is up 1.3% over the past 24 hours. The memecoin developer team plans to “soon” release the beta version of Shibarium, a second layer network running on top of the Ethereum blockchain. Shibarium’s goal is to reduce costs and increase the speed of transactions with the SHIB cryptocurrency, though the exact number of transactions per second has not been revealed.
FTT, a native token of the crashing FTX exchange, lost 7% in 24 hours, after accumulating nearly 200% gains in two weeks, though analysts can’t explain why, noting that the gains may be the result of speculation alone.
Bitcoin today
Despite the US holiday on Monday (16), bitcoin and most cryptocurrencies remained in the blue. Part of the gains reflects expectations of a more positive macro scenario.
“We see the main driver behind BTC’s 20% increase over the past week as some macroeconomic concerns subside, with positive US economic data including lower inflation stats and strong job growth numbers (…)”, as well as the reopening in China. Bradley Duke, co-CEO of ETC Group, a provider of exchange-traded products (ETPs), wrote in an email to CoinDesk.
In the options market, traders are betting on Bitcoin gains in the next six months, reflecting the pessimistic perception of the largest cryptocurrency.
Cryptocurrency apps could also herald a “golden age,” according to a report by investment manager Bernstein released by InfoMoney. Cryptocurrency app revenue is likely to grow 1,600% over the next 10 years, reaching $400 billion by 2033.
Bradesco and cryptocurrency
Bradesco is preparing to enter the cryptocurrency market with full force. According to Valor Economico, the bank has ambitious plans to tokenize debt securities and manage cryptocurrency-related funds.
Moreover, the financial institution does not rule out offering cryptocurrency trading. “This market has already arrived and is here to stay. Opening up to cryptocurrency trading is something in our plans. CVM [Comissão de Valores Mobiliários] “Funds licensed to invest in cryptocurrencies, and Bradesco is one of the largest fund managers in Brazil,” said Andre Bernardino, Equity and Custody Manager at Bradesco, in an interview.
Other advantages of cryptocurrency
Another company that is also upping the ante in the crypto industry is Cryptum, a startup founded last year to offer “blockchain as a service” (BaaS) infrastructure, Valor reported. The platform promises to facilitate the migration of projects in the so-called web2, which is centrally engaged in distributing services and products over the Internet, to the automated and decentralized environment of web3 crypto assets.
At the World Economic Forum in Davos, who attended is the Brazilian startup Green Mining. A finalist in the second Ecoa Award, the company is a leader in smart blockchain-based reverse logistics, which has already recycled more than 5 thousand tons of packaging, according to information from the Ecoa portal, from UOL. The head of the startup, Rodrigo Oliveira, will participate in two sessions at the event to present the company’s projects.
Also present at Davos is Tom Duff GordonThe vice president of international policy at brokerage Coinbase highlighted that the recent cryptocurrency rally is welcome, but that in the long run, adoption of crypto assets depends on greater regulation of the sector that can “build trust” among retail investors, according to an interview with CoinDesk.
Jeremy Allaire, CEO of Circle, the USDC stablecoin issuer, was another who drew attention to the importance of regulation. “The new definitions … will help provide more clarity as to which regulators are involved in what activities,” Allaire told Reuters while attending the World Economic Forum.
Crypto industry heavyweight Anthony Scaramucci, founder of SkyBridge CapitalHe said in Davos that Bitcoin could reach $35,000 this year, while acknowledging that his predictions may be overly optimistic. The company, which has already invested in Bitcoin, Ethereum and altcoins such as Solana, intends to focus on the structured credit market in 2023, according to Reuters.
Scaramucci has confirmed that he intends to buy back a 30% stake in SkyBridge Sold to FTX. The CEO, who was very close to Sam Bankman-Fried, founder of FTX, said he felt “betrayed”. “I considered him a friend,” he said during the Blockchain Hub event in Davos.
Central FTX asset sale planInc., an online brokerage firm in Japan, is looking to unite the country’s bankrupt empire. “Overall, we are naturally interested,” Aoki Matsumoto, CEO of Monex Group, told Bloomberg in response to the possibility of buying FTX Japan.
Seek to gain the trust of institutional investorsAnd Binance that their collateralized cryptocurrencies, used in leveraged positions, are being taken off the exchange, according to CoinDesk. Investors will be able to deposit collateral into Binance Custody, a corporate platform that holds assets in cold (offline) crypto wallets.
A Sao Paulo judge ordered Binance to pay moral damages To prevent the customer from making withdrawals, according to the information published on the Metropoles portal. According to the portal, in July last year, a freelancer filed a lawsuit against B Fintech – a Binance company that was sued instead of the brokerage – claiming that he was prevented from withdrawing R$75,000. The decision refers to the three-week period in which the brokerage halted withdrawals due to a conflict with Capitual.
Animoca Brands founder Yat Siu helped design the merger of two startups backed by his company with the goal of creating a data and news service, according to Bloomberg. Data tracker CryptoSlam and Forkast.News will team up to create Forkast Labs, a provider of news and tools for investors to track digital assets. The terms of the agreement were not disclosed.
Microsoft plans to add a ChatGPT AI bot, from OpenAI, to cloud-based Azure service “soon”, based on an existing agreement between the two companies. Microsoft is in talks to invest up to $10 billion in OpenAI, people familiar with the plans told Bloomberg last week.
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