Yearn Finance’s DeFi token YFI has surpassed Bitcoin in value, hitting a new high of $79.000, though it remains in 56th place by market cap. Brooker Group revealed it owns over 120 BTC and Palantir plans to invest in the cryptocurrency soon. These and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
Cryptocurrencies and altcoins
📍Year Finance (YFI), the token DeFi which has competed several times with the price of Bitcoin, outperforms the leading cryptocurrency by more than 30%. YFI reached a new all-time high in the $77.000, far surpassing BTC's all-time high of $64.000.
YFI's bullish momentum in recent weeks is related to the massive arrival of thousands of investors, who are looking for greater profitability for their assets. At the time of this writing, YFI is trading at a value of $75.700.
📍Bitcoin (BTC) Bitcoin remains in a secondary scenario compared to several cryptocurrencies that are providing profits to their investors and users. Although the downward trend of Bitcoin, which fell again to $54.000, may be temporary, some experts they point out that a lower level, at $40.000, is not out of the question in the short term.
At the time of this writing, BTC is trading at a value of $56.500, recovering 0,5% in the last few hours.
📍In the case of Ethereum (ETH), some analysts predict that the bullish sentiment that has been accompanying ether in recent weeks is waning. JPMorgan considers that ETH is overvalued by 75%, after performing an analysis of mining activity and the number of active unique ETH addresses. ETH is trading at a value of $4.120 at the time of this edition.
Bitcoin and Blockchain Adoption
📍Tesla is planning to integrate Dogecoin (DOGE) as a means of payment for its electric cars. On Twitter, Tesla owner Elon Musk is asking the crypto community if he should integrate DOGE as a means of payment for the company.
Musk's Twitter followers, which total more than 77,6 million users, responded with a resounding yes to the question. Last month, the American electric car manufacturer integrated bitcoin as a form of payment.
📍The Thai financial consulting company Brooker Group revealed which holds 122,3 BTC, which it invested in during the first quarter. The firm also has plans to invest $48 million in protocols DeFi and in decentralized applications (dApps) based on Ethereum, in addition to allocating funds to high-performing companies related to cryptocurrencies and digital assets.
The funds that Brooker Group plans to invest in the decentralized finance ecosystem represent 50% of its total assets, which demonstrates the confidence that the crypto industry is generating in companies in the traditional market.
📍Palantir Technologies, one of the largest American software and Big Data analytics companies for the defense industry and large corporations, will begin accepting payments in Bitcoin. The company assured The company told CNBC that Bitcoin is a store of value asset, so its inclusion as a means of payment for its products and services, and as an investment asset within its balance sheet, is something that is “definitely on the table.” It is possible that the company will invest in the cryptocurrency this quarter.
NFT and DeFi Markets
📍Projects based on NFT are giving out huge profits to their users. Recently, an Axie Infinity player revealed that the profits obtained in the digital game allowed him to buy two houses in the Philippines.
Axie Infinity is a digital universe, where users and participants can interact with each other. This metaverse allows the buying and selling of digital land, virtual objects and other products, allowing the creation of a real economy within its platform. In mid-February, a farm on Axie, called Genesis, composed of 9 plots of land, was launched. sold for 1,5 million dollars. Which gives us an idea of the value that can be moved within these digital gaming platforms.
Development and Technology
📍Cboe BZX Exchange is backing the Bitcoin ETF application filed by the firm Wise Origin in March before the United States Securities and Exchange Commission (SEC). The exchange has submitted the form 19b-4 to the SEC, for the regulator to evaluate and consider Wise Origin's ETF application within the next 45 days.
The approval of a Bitcoin ETF on US soil is something that investors and the crypto community have been waiting for for several years, and it could become a reality in the coming months with the arrival of a new administration to the regulatory body, with Gary Gensler as president.
Cybersecurity
📍Cybersecurity experts from the firm Trend Micro they warn about a new ransomware that targets the Wallets and cryptocurrency wallets. Dubbed “Panda,” the new ransomware, which primarily targets people in the United States, Australia, Japan, and Germany, seeks to steal digital wallet credentials, as well as login credentials for Discord, Telegram, and other accounts.
Ransomware spreads via spam emails containing a malicious attachment. By downloading it, users allow the malware to access sensitive information, potentially putting funds stored in cryptocurrency at risk.
Rules and Regulations
📍The United States Internal Revenue Service (IRS) will start using cryptocurrency tax services TaxBit to analyze and audit cryptocurrency transactions of companies and individuals. According to a release issued by the platform, this will help the IRS to accurately know if the tax returns made by cryptocurrency holders were made honestly.
📍A report A report by Reuters reports that the Indonesian government in Southeast Asia wants to implement new regulations that will allow it to collect cryptocurrency taxes in the country, in order to overcome the economic crisis caused by COVID-19.
According to the report, cryptocurrencies and digital assets are becoming increasingly popular in Indonesia, attracting thousands of investors to the various digital platforms that provide financial services within the country, so the government is considering a plan to tax profits and income generated by trading cryptocurrencies and digital assets.
📍Although the Central Bank of Argentina does not prohibit the purchase and sale of Bitcoin, it seems that the bank Brubank if it has done so, asking its users to refrain from buying or selling bitcoins on P2P markets.
On Twitter, a Brubank user posted an email supposedly received from the bank, which demands that he specify the origin of the funds and urges him not to continue operating with cryptocurrencies, to avoid the closure of his accounts. However, some users point out that it may be a fake.
📍In Nebraska, United States, regulators considering the approval of a new bill, which will give banks the green light to offer products and services with cryptocurrencies and digital assets. The bill, called the “Nebraska Financial Innovation Act” has the support of 39 legislators who voted in favor of continuing with its preparation and development.
📍For its part, in Kazajstán, the government is also considering the creation of new regulations that favor the growth and development of digital markets. According to a publication The country's Prime Minister, Kazakhstan, will create a roadmap where he will address the development and expansion of the crypto industry in a responsible manner.
IMPORTANT: Bit2Me News reminds you that before making an investment you must educate yourself and know where you invest your money, as well as the pros and cons of the system. Everything written here is for informational and educational purposes and should not, under any circumstances, be taken as investment advice or recommendations. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
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