In a day of unverified rumors and DOGE surge, Bitcoin could not decide whether it likes air above $28,000 or below.
The largest cryptocurrency by market capitalization recently traded at around $27,680, just below 1 percentage point in the last 24 hours. Interesting information. BTC spends the first few hours of Monday (UTC) below $28,000 before breaking above the threshold for much of midday before falling again.
Bitcoin has tenaciously stuck to this level of handhold since mid-March amid generally more favorable conditions for digital assets, despite a bank meltdown that has engulfed two crypto-friendly banks. Cryptocurrency trader and author Glenn Goodman said on CoinDesk TV’s show “First Mover” that “Bitcoin’s current situation is pretty positive. That’s the reality on the ground.”
Goodman said an “injection of new money into the economy” by the “panicked” US Federal Reserve to deal with the banking crisis has boosted liquidity for investors in certain stocks and cryptocurrencies. “People are now feeling the courage, with this new liquidity, to go back to what they see as large, profitable companies like Microsoft and Apple, and similarly in the crypto market, Bitcoin. You want what is considered a more secure cipher. [ether].”
Ether recently traded above $1,800, up slightly from the previous day after fluctuating above and below this level. Other major ciphers were mixed. The popular meme coin DOGE is an exception to the more modest price swings, gaining more than 35% for the first time since December after Elon Musk’s Twitter replaced the familiar blue bird on the social media platform on its homepage with a crypto symbol. It climbed to the top 10 cents. Shiba Inu logo (DOGE recently up 25%). Musk has outspokenly endorsed his DOGE, suggesting that Memecoin may offer better payment capabilities than Bitcoin.
Meanwhile, the crypto market pondered unconfirmed rumors interpol red notification Issued for Changpeng “CZ” Zhao, Founder and CEO of Binance Cryptocurrency Exchange. “A red notice is a call to law enforcement agencies around the world to identify and provisionally arrest a person pending extradition, extradition, or similar legal action.” Interpol websiteNeither Binance nor Interpol responded to CoinDesk’s request for comment, but The Block reported the exchange. denied the rumors By e-mail to the publication. Binance’s BNB token recently dropped 0.3%.
US stock indices were mixed, with the tech-heavy Nasdaq slipping slightly, while the S&P 500 and Dow Jones Industrial Average (DJIA) were all up a few percentage points. In early trading in Asian markets, Hang Seng fell 0.6% of him, while the Nikkei rose 0.3% of him.
In a separate interview with CoinDesk TV’s “First Mover” programme, David Duong, head of institutional research at Coinbase, said OPEC’s unexpected decision to cut oil production has affected the cryptocurrency’s ability to retain its value. It has stimulated investor interest in bitcoin because of its potential to trigger inflation again, he said.
“OPEC results also present a macro opportunity for Bitcoin as it definitely increases the likelihood that inflation will actually pick up somewhat,” said Duong. “Given what happened with SVB, we have already seen to some extent that Bitcoin is acting as an alternative to the traditional financial system. [Silicon Valley Bank] and chaos in the banking system. ”
Is Indonesia’s CBDC ready to play a more significant role?
American credit card companies pretty much dominate the global commerce pipeline. Indonesia, where tourism plays an important role in its economy, wants to change that.
Earlier this month, President Joko Widodo, better known as Jokowi (Many Indonesians have only one name), he wants the country to reduce its reliance on Visa and Mastercard in the name of national security.
Indonesia is one of the few countries or Refused to impose sanctions on Russia for the invasion of Ukraine.while weapon and oil sales, Jokowi has faced difficult choices in navigating relations with both Russia and the United States. Especially as it has to deal with the need to buy more oil and America’s desire to ally the countries of the region to offset the staggering rise in energy costs. Including China.
Bali, a popular winter destination for Russian tourists, is feeling the economic pinch of the war despite being tens of thousands of kilometers from the conflict zone.
“Many Russian tourists who were visiting Bali had to be kicked out of their hotels because they could not pay their hotel bills and their credit cards did not work,” said a communications executive at Bank Indonesia. Director Irwin Haryono said. CNBCIndonesia March.
Sanctions that Indonesia is not a party to prevent Visa and Mastercard from facilitating payments between Russian banks and Indonesian hotels. Although the transaction was not in US dollars.
“We have to remember the sanctions from the US to Russia. Visa and Mastercard could be a problem,” Jokowi said at the beginning of business matching for domestic products. CNN Indonesia.
In response, the government has highlighted several domestic alternatives to full reliance on foreign payment rails.
Jokowi hopes that Indonesia will be able to issue financial services such as credit cards on its own. QRIS).
The International Standard for Domestic Government Credit Card and Indonesia Quick Response Code System has been developed by Bank Indonesia under the coordination of the Coordinating Minister for Maritime Affairs, Mr. Ruhut Binsar Pandjaitan.
These domestic government credit cards and Indonesia’s QR code system are just payment rails, making it as easy to process CBDCs like the digital rupiah as any other fiat currency.
Indonesia is not the first country to attempt to assert financial sovereignty from Visa and Mastercard payment rails.
Russia, at the center of US sanctions, is trying to pitch its credit card competitor Mir (named after the space station) as an alternative to Visa and Mastercard.
But as Bloomberg reported last year, Countries friendly to Moscow Wary of allowing banks to process and settle transactions from cards due to the threat of reprisal sanctions from the US
Turkey, another popular tourist destination for Russians and a NATO member, will stop accepting cards in mid-2022. seeking to improve relations with the United States To counter an aggressive China, he forced the bank to abandon its relationship with Mir. Thailand is also out.
Mir is still used in Belarus, Cuba, Egypt, Kazakhstan, Kyrgyzstan, Tajikistan, Venezuela and possibly Iran.
Indonesia’s ambassador to Moscow said in January that the issue was still “under consideration.”
Mir’s failure may give Indonesia an opportunity to promote payment networks around ASEAN. Governments and central banks around the world, even those neutral to the Ukrainian war, must have felt uncomfortable working with Russia, but Indonesia has no such political burden.
Bitcoin (BTC) traded between $27,500 and $28,900 over the weekend, testing the $30,000 mark. ‘First Mover’ jumped into the market with ‘The Crypto Trader’ author Glen Goodman. Meanwhile, according to Coinbase, the cryptocurrency market has shown resilience in the face of recent upheavals in the US banking system, with Bitcoin in particular outperforming. Coinbase Institutional Head of Research David Duong attended. Polygon co-founder Sandeep Nailwal and his CEO and founder of Policy 4.0 Tanvi Ratna also joined the conversation.
