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Crypto Flipsider News – Bitcoin Rockets Above $47K, Over $500 Million Liquidated, U.K. to Research CBDC with MIT, E.U. to Block Anonymous Crypto Payments, ETC Launches ETPs for AVAX, MATIC, and ATOM, Solana Overtakes Terra, Coinbase to Buy Brazil’s Largest Exchange

Read in the Digest;

  • Bitcoin Rockets Above $47k, Over $500 Million in ETH and BTC Liquidated
  • U.K. to Research CBDC with MIT, E.U. to Block Anonymous Crypto Payments, Removes PoW Ban Clause
  • ETC Group Launches New Avalanche, Polygon, and Cosmos ETPs
  • Solana Gains 22% in a Week to Top Terra (LUNA) as the 8th Largest Crypto
  • Coinbase in Talks to Buy Owner of Brazil’s Largest Crypto Exchange

Bitcoin Rockets Above $47k, Over $500 Million in ETH and BTC Liquidated

The crypto market has roared back to life, with Bitcoin jumping above $47,000 for the first time since January 3. Over the last 24 hours, Bitcoin has gained 6% to set a new 3-month high at $47,350.

The 24-hour price chart of Bitcoin (BTC). Source: Tradingview

Bitcoin’s price rise was accompanied by a spike in transaction volumes. Over the last 24 hours, over $36.7 billion worth of Bitcoin has been traded across exchanges, a rise of 105% over the previous day and the most BTC traded since February 24.

In addition, Bitcoin’s rally has served as a boost for other altcoins, with all the cryptos in the top 100 recording gains. Gnosis stands out, gaining 33% in the last 24 hours, while Holo (HOLO) and Zilliqa (ZIL) are up by 17% and 24%, respectively.

Flipsider:

  • As the crypto market rallies to new highs, more than $447 million in positions held have been liquidated in the last 24 hours.
  • Bitcoin holds the most positions lost with $171.44 million, while Ethereum and Solana follow with $139.17  and $30.12 million, respectively.

Total crypto liquidations over the last 24 hours. Source: CoinGlass

Why You Should Care

With the crypto market showing significant signs of recovery, bulls are backing the crypto to gun for even higher prices.

U.K. to Research CBDC with MIT, E.U. to Block Anonymous Crypto Payments, Removes PoW Ban Clause

After years of antagonizing the crypto industry, the United Kingdom’s apex bank, the Bank of England, has announced that it is partnering with the Massachusetts Institute of Technology to conduct research on issuing a CBDC of its own.

According to the announcement, the BoE began working with MIT in February on a 12-month research project to decide whether the banking institution should develop and launch a CBDC.

In a similar reversal of stance, the E.U. has removed its earlier clause on placing a ban on Proof-of-Work (PoW) blockchain networks. The recent vote moved that PoW will no longer be banned on the Markets in Crypto Assets (MiCA) framework.

Flipsider:

  • On the other hand, members of the European Parliament could be voting to end the anonymity of even small crypto payments by next week.

Why You Should Care

Despite its early criticisms, the crypto industry has grown to become an integral part of finance today, leading to its rising adoption.

ETC Group Launches New Avalanche, Polygon, and Cosmos ETPs

According to a post published by ETF Stream, British crypto-investment firm ETC Group has launched new cryptocurrency exchange-traded products (ETPs) for Avalanche (AVAX), Polygon (MATIC), and Cosmos (ATOM).

The ETPs will track the value of AVAX, MATIC, and ATOM. They will also be physically backed, meaning that the settlement of the crypto ETPs will be in the underlying asset rather than a cash equivalent. 

Bradley Duke, the founder of ETC Group, claims that investors are becoming more interested in gaining exposure to the hottest altcoins. The ETPs are now listed on Six Swiss Exchange and Deutsche Boerse with total expense ratios (TERs) of 1.95%.

Flipsider:

  • Crypto ETPs have not been able to replicate their popularity in the U.S., where regulations have stifled their growth.

Why You Should Care

Crypto ETPs have no exposure to stock market factors and macroeconomic performance, making them more beneficial than regular ETPs.

Solana Gains 22% in a Week to Top Terra (LUNA) as the 8th Largest Crypto

After losing its position as the 8th largest crypto to Terra (LUNA) in late February, Solana (SOL) has now overthrown Terra (LUNA). The price of Solana has jumped by 10% over the last 24 hours, outperforming LUNA’s 5% gains.

The 24-hour price chart of Solana (SOL). Source: Tradingview

In the last seven days, the price of Solana has risen by 22%, going from $89.9 to as high as $111.39 at the time of this writing. Still down by 1.2% over the last week, Terra (LUNA) concedes its position as the 8th largest crypto to Solana.

The seven-day price chart of Solana (SOL). Source: Tradingview

Solana’s impressive performance over the last week has seen its market cap rise from $28.4 billion to $36.1 billion. Terra now ranks as the 9th largest crypto with a market cap of $33.5 billion.

Flipsider:

  • Despite its recent impressive performance, Solana (SOL) is still down by 58% from its November ATH when it hit $260.

Why You Should Care

Solana’s rally is backed by positive development with CoinShares and FTX collaborating to launch a Solana ETP a week after it featured on the Grayscale smart contract fund.

Coinbase in Talks to Buy Owner of Brazil’s Largest Crypto Exchange

The biggest U.S. crypto exchange, Coinbase, is said to be in talks to acquire 2TM, the owners of Mercado Bitcoin, Brazil’s largest crypto exchange with 3.2 million users at the close of 2021.

According to the reports by a local news outlet, both parties have been in negotiation since 2021, and an agreement could be announced in late April.

2TM reached a $2.1 billion valuation in November after completing a $200 million Series B funding round. Roberto Dagnoni has explained that 2TM plans to grow in Latin America through strategic acquisitions in Argentina, Chile, Colombia, and Mexico.

Flipsider:

  • Coinbase has been beaten by its competitor Binance, which has signed an MoU to acquire Brazilian securities brokerage Sim;paul Investimentos. 

Why You Should Care

The acquisition of 2TM forms part of Coinbase’s plans for the global expansion of its crypto services. 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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