Crypto Sunday - Article 01 (6th of March)

Today we see the price of Bitcoin at exactly the same level as 7 days ago, that is $ 39,200, even if we had a very strong rise to over $ 45,000 the other day, it seems that the price went down as fast as it went up.

The dominance of Bitcoin in the market remains high at 42 percent as today we have a value of the entire crypto market amounting to $ 1.76 trillion.

All this after the last few days we were on the verge of exceeding even the threshold of $ 2 trillion.

One thing that stands out is that Tehter surpassed BNB in ​​capitalisation. The 3rd and 5th places in the top of the crypto projects are today occupied by 2 stable coins, respectively Tether and USDC which today amount to over $ 150 billion.

In these conditions it can be clearly seen that many investors are prepared with large sums of money to see what is happening and are waiting for a possible correction sooner or later.

Another interesting thing caught my attention, namely the fact that today I exceeded the number of 18,000 crypto projects listed on Coinmarketcup. Even if we are going through bad times, the crypto space continues to expand and I want to warn you that you need to document yourself very well before investing because of these 18000 projects, most likely, over 17500 will no longer exist in 2 -3 years.

The index of fear and greed remains at 22, this means a severe fear in the market and this would translate into a very good period for the acquisition.

Periods of fear are periods of accumulation and when everyone is excited and believes that the crypto market will go to heaven, then it is time to sell and make a profit.

I recommend you to invest in solid projects, which bring innovation and practical utility in our daily life. It is possible that in the coming months we will see harsh regulations on cryptocurrencies and weak projects will have a very short life.

This is how this beautiful dream with the decentralisation of cryptocurrencies is shattered. You've probably heard the phrase 'your secret phrase, your money'. But forget that Metamask recently blocked the wallets of all users in a particular country at the request of the government.

Huge amounts of Tether and USDC have been confiscated from people's wallets which, beware, can be swallowed or even confiscated from your exchange account or any private wallet. How can this be done? Very simple ! The Tether that is now in circulation is issued by a company, and that company must comply with the law because otherwise it will be closed. And so, when required, it must freeze or confiscate the money in question.

But in addition to this bad news, I have some better ones, such as the fact that Ebay, the huge marketplace, will start accepting crypto as a payment method. That would pave the way for giants like Amazon, at least to consider that possibility.

Cointelegraph states the following:

The e-commerce giant aims to become the marketplace for Millennials and Gen Z, and given their rising interests in crypto, add new payment options to lure in the customer base.

Major e-commerce marketplace eBay could integrate crypto payments soon, said CEO Jamie Iannone in a recent interview.

The internet marketplace is among the oldest e-commerce platforms, now looking to become the go-to platform for Gen Z and Millennials. The CEO said in an interview with The Street that the firm has been looking to integrate crypto payment options for quite some time and an official announcement could be made during the upcoming investor’s day on March 10.

During his interview, Iannone revealed that the e-commerce giant is looking to transition to new payment modes as they are already managing $ 85 billion of volume on its platform directly.

Related: eBay Denies Rumors It Will Start Accepting Crypto, Despite Advertising at Crypto Event.

Talking about eBay’s stance on emerging technology such as blockchain and cryptocurrencies, Iannone pointed toward the growing popularity of nonfungible tokens trading on its platform without making any official announcement regarding the same.

Iannone said that the company changed its policies last year to make the e-commerce platform a place to buy and sell anything, be it a physical or digital commodity. eBay didn’t respond to Cointelegraph’s request for comments at publishing time.

The rise in popularity and demand for cryptocurrencies has made several online platforms add crypto payments options. eBay, with its focus on capturing Millennial and Gen Z customers, aims to do the same. However, it won’t be the company’s first attempt at crypto payments - eBay first tried integrating BTC payments in 2014.

As Cointelegraph reported in May 2021, eBay was exploring Bitcoin payment integration last year as well along with NFT trading. The crypto payment integration plan now seems to be near finalised as crypto has become mainstream and more acceptable among the masses.

NFTs don't escape censorship either, and the huge OpenSea trading platform has recently blocked users in Iran. Here is what a news story tells us.

U.S.-based NFT marketplace OpenSea has begun blocking users based in Iran, according to multiple reports from frustrated collectors and creators who recently found themselves unable to access the site.

An OpenSea representative confirmed to Decrypt via email that it blocks users based in sanctioned territories:

“OpenSea blocks users and territories on the U.S. sanctions list from using our services — including buying, selling, or transferring NFTs on OpenSea — and our Terms of Service explicitly prohibit sanctioned users or users in sanctioned territories from using our services. We have a zero tolerance policy for the use of our services by sanctioned individuals or entities and people located in sanctioned countries. If we find individuals to be in violation of our sanctions policy, we will take swift action to ban the associated accounts. ”

More than five Iranian OpenSea users have reported the issue, three of whom confirmed with Decrypt that they used the site while in Iran. Nima Leo Photos wrote that their photography collection is no longer visible on the platform.

Iran-based OpenSea user Arman wrote that he also received an error 404 message when trying to access the marketplace. And Arefeh Norouzii reported that today, their verified account had been removed "with no explanation."

An OpenSea Discord server moderator known as RyanW — who often answers support requests in the server — previously said this morning that he was "not aware of any Iranian account bans."

OpenSea has faced many frustrated users in recent months. With a recent $ 1.7 million external phishing attack, a lawsuit over an allegedly “stolen” Bored Ape NFT, and $ 1.8 million refunded to users who lost NFTs from an OpenSea listing exploit, the site continues to face challenges despite seeing billions in monthly sales.

Editor's note: This article and its headline were updated after publication to include and reflect comments from OpenSea confirming the block.

Another breaking news comes from Virginia in the United States and tells us so.

US Virginia Senate allows state banks to offer crypto custody services

Delegate Christopher T. Head introduced the bill back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services.

The Senate of Virginia in the United States unanimously approved a bill amendment request that now allows traditional banks operating in the Commonwealth of Virginia to provide virtual currency custody services.

Delegate Christopher T. Head introduced the bill (House Bill No. 263) back in January 2022, seeking an amendment to allow eligible banks to offer crypto custody services:

"A bank may provide its customers with virtual currency custody services so long as the bank has 26 adequate protocols in place to effectively manage risks and comply with applicable laws."

The bill passed the Senate with a sweeping 39-0 vote and is waiting to be signed into law by Virginia Governor Glenn Youngkin. Banks that intend to offer this service to clients will need to adhere to three specific requirements mentioned in the bill - implement effective risk management systems, possess adequate insurance coverage and launch an oversight program to address risks associated with cryptocurrencies.

However, the Senate will require the banks ’customers to retain direct control of their public and private keys associated with their virtual currency, adding:

"Acting in a fiduciary capacity, the bank shall require customers to transfer their virtual currencies to the control of the bank by creating new private keys to be held by the bank."

Other states such as Wyoming have also recently seen an introduction of legislation for a state-issued stablecoin.

Related: US lawmaker pushes for state-level regulations on stablecoins at hearing on digital assets

Just last month, the House Committee on Financial Services had a discussion about whether regulations on stablecoins and digital assets should be addressed at the state or federal level.

In this regard, North Carolina Representative and ranking committee member Patrick McHenry asked the committee to consider state-level regulatory frameworks in lieu of a comprehensive federal law on stablecoins.

Quoting a report from the President’s Working Group on Financial Markets, Jean Nellie Liang the undersecretary for domestic finance at the Department of Treasury, said that U.S. dollar-pegged stablecoin issuers - both state and federally chartered banks - should be held to the same standards as insured depository institutions.

I also want to present to you a pertinent analysis made by those from cointelegraph.

Bitcoin returns to test $ 40K as macro factors pile up to squash BTC bulls

Bitcoin price action goes from $ 45,000 to $ 40,800 in 48 hours thanks to an increasingly volatile macro environment.

Bitcoin bended to new macro pressures on March 4 after bulls failed to hold $ 42,000 for long.

Europe stocks sink on Friday open

Data from Cointelegraph Markets Pro and TradingView showed BTC / USD reaching lows of $ 40,800 on Bitstamp Friday after a major options expiry event.

Overnight performance, initially showing a recovery, had been stymied by worries over a nuclear power plant fire in Ukraine.

Stocks futures fell on the news, the severity of which was subsequently questioned.

In Germany, the DAX index hit a one-year low on the daily open, with the S&P 500 yet to start trading.

“From recent high, index has lost 17%, way more than S&P 500,” market commentator Holger Zschaepitz noted.

"Investors are turning their backs on Europe as the risk of stagflation increases. This means that Europe "s comeback has failed yet again."

In Europe, the spotlight was also on commodities with gas prices again touching new highs on March 3. So, too, was inflation.

A cautious Crypto Ed thus laid out the near-term prognosis for Bitcoin with some trepidation.

“So, really need that 5th leg. A deeper drop from here is bad news for the possibility of that 5th leg ..... Especially when losing 40k again, we can skip the bullish vibes and start looking for shorts, ”he warned on the day.

"Bullish above 42, bearish below 40k."

No let-up for short-term altcoin performance

Altcoins characteristically suffered as Bitcoin continued to dip, with attention focused on Ether and its trend vs. BTC

Already struggling, sentiment took a further hit from the news that Metamask was preparing to block ETH transactions in Venezuela in order to comply with government regulations.

"By default, MetaMask accesses the blockchain via Infura, which is unavailable in certain jurisdictions due to legal compliance," a blog post announced Thursday.

The top ten cryptocurrencies by market cap were led by Solana in terms of daily losses, down nearly 7%.

I am very curious what your opinion is about the current market situation and where do you think things will go in the short term.

A huge food crisis is expected in Europe but also an oil crisis in the world .

I believe that the spills will continue to come upon us and will be seen most in fuel and food. I invite you to our free telegram group where we can develop constructive discussions, but also on all the pages of our social networks. You can find the link down below:


Recent Posts

See All