The latest crypto, blockchain and Defi news

Let’s start the letter of the week by reiterating our invitation that you may have already received in your inbox yesterday. Rivemont is taking advantage of the arrival of spring to cordially invite you to a 5 à 7 type event at the Bonaventure Hotel in Montreal on April 14th. Throughout the event, Rivemont’s crypto strategy team will present a conference entitled “Cryptocurrencies; a digital revolution. A perfect meeting place if you are wondering about the value of cryptocurrencies as a potential investment, or simply if you want to better understand what differentiates cryptocurrencies from traditional currencies. A great opportunity to network and ask the questions that live in you to our team! Drinks and appetizers will be offered. The event is free and places are already filling up fast. To participate, just register here.

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The giant Goldman Sachs has announced that it has become the first American banking institution to complete an over-the-counter crypto exchange with partner Galaxy Digital. The bank traded a bitcoin-related instrument called a non-deliverable option. This action is considered a notable step in the development of cryptocurrency markets for institutional investors. Compared to CME Group’s bitcoin products, the bank this time takes on greater risk by acting as a principal in transactions. “This transaction represents the first step banks have taken to offer direct, customizable exposures to the cryptocurrency market on behalf of their clients,” said Damien Vanderwilt, Co-Chairman of Galaxy.

US Fed Chairman Jerome Powell addressed the subject of cryptocurrencies this morning. The latter acknowledged that “We are well on the way to a world of instant and inexpensive payments”. Unsurprisingly, he added that unregulated digital activities were bound to become unregulated eventually. He claimed the Fed is already looking into the matter, adding that current laws were not written with cryptocurrencies in mind. He also reiterated that no decision has yet been made on a national digital currency, but that any plans to do so “must be able to verify a person’s identification and maintain confidentiality” as well as be “a widely accepted form of payment”.

Crypto.com has just been unveiled as a sponsor of the 2022 FIFA World Cup. The deal comes with exclusivity for the exchange regarding the visibility of a crypto platform during the tournament to be held in Qatar in autumn. Companies in the industry have been snapping up sports sponsorships recently. They were very numerous to appear during the most recent Super Bowl. Last year, Crypto.com bought the naming rights to the stadium LA Lakers for hundreds of millions of dollars. In addition, Crypto.com has entered into sponsorship agreements with the Coppa Italia 2021the philadelphia 76ers NBA and Formula 1.

The Thai Exchange Commission has announced that it will implement a ban on cryptocurrencies as a form of payment from April 1, 2022. No, that’s not a fish! In a statement released today, the regulator said digital currencies may affect the stability of the financial system and pose risks to the country’s economy. This prohibition does not apply to cryptocurrencies used for investment purposes.

El Salvador has postponed plans to issue $1 billion bitcoin bonds due to unfavorable market conditions, the country’s finance minister announced yesterday. According to what Reuters reports, the launch was originally scheduled for March 15-20, but the war between Russia and Ukraine and its impact on the price of bitcoin caused the government to change the date. These bonds provide a coupon at 6.5% annual return. Still according to the Minister, it is not the attractiveness of the product that is lacking. He says the bond will be “significantly oversubscribed” which could reach $1.5 billion.

Non-fungible tokens continue to spill ink and steal dollars. Yuga Labs, owner of Bored Ape and CryptoPunk NFTs, just raised $450 million for a $4 billion valuation. On Friday, the company released a video promotingother sidean NFT-based MMORPG game in which players can use their NFTs as playable characters.

If he says he does not hate them, on the contrary, Vitalik Buterin nevertheless issued a warning against this craze. “The purpose of cryptocurrencies is not to play games with images of monkeys worth millions of dollars.” he said in an interview with TIME magazine. “Crypto itself has a lot of dystopian potential if implemented poorly,” Buterin said. “The peril is that you have these $3 million monkeys, and it becomes a different kind of game.” The Ethereum founder said a lot of people are buying yachts and lambos, but he hopes that at In the future, cryptocurrencies will be used for fair voting systems, urban planning, and universal basic income.

As if the universe wanted to give him a glaring example, a collector made a careless mistake costing him more than a million dollars this week. DinoDealer claims that it intended to list its “Ether Rock” for 444 ETH, which is an impressive $1.2 million worth at the current rate. Instead, it was confused with the smaller denomination of Ether, meaning it went on sale on OpenSea at just 444 WEI. Before DinoDealer could realize its mistake, a bot grabbed the stone for just $0.0012 – and instantly started offering the NFT on the market for 234 ETH. If sold, he would make a nice profit of around $650,000. A new reminder that being your own bank comes with absolute responsibility for the exchanges undertaken!

More than $500 million worth of Ethereum was withdrawn from cryptocurrency exchanges earlier this week, with investors likely looking to hold on to their crypto in anticipation of bullish price action. IntoTheBlock, a cryptocurrency market research firm, revealed that 180,000 ETH was withdrawn from exchanges on Tuesday. This figure represents the highest ETH withdrawal since October. This de facto decreases the supply of Ether available for purchase.

Despite global geopolitical events causing a wave of market uncertainty, it is still the stock market that bitcoin is primarily correlated with. The 90-day correlation between bitcoin and Wall Street’s benchmark stock index, the S&P 500, hit 0.49% on Friday, the highest level since October 2020, according to data collected by Arcane Research. “Bitcoin’s correlation with the S&P 500 has only been higher for five days in BTC history, showing that the current correlation regime is unprecedented in BTC history.”

Technically, the price of bitcoin touched highs not seen since the first days of the month. Note, however, that it missed a close above the two-week highs, which would have been encouraging for a continued rebound. The confirmation of a purchase of 3 billion BTC by the Terra protocol in order to support the stable currency TerraUSD could help to do this, especially since the co-founder confirmed that the majority of the amount remains to be purchased.

Analyst Matthew Hyland, meanwhile, believes the tide is turning for bitcoin, noting among other things an ongoing breakout attempt in bitcoin’s daily Relative Strength Index (RSI).

The latest crypto blockchain and Defi news

If the current trend is certainly encouraging, it is again and again the $45,400 mark that we will have to smash in order to officially break the long-term downtrend that began last November.

The fund remained fully invested during the week, with an overweight in ETH.

Please note that the author of these lines will benefit from a week of vacation at the end of March. This weekly communication will therefore stop next week and return on April 6th.

This article is brought to you by Fonds Rivemont. The Rivemont crypto fund is the first and only actively managed cryptocurrency fund in Canada. RRSP and TFSA eligible. Accredited investors can learn more here.

Disclaimer: This column does not necessarily reflect the opinion of CryptonewsFR and in no way constitutes investment advice or trading instructions.

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The latest crypto, blockchain and Defi news


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