The crypto-based executive order brought much-needed clarity to regulation in the US yesterday. Additionally, another inflation update is due later today. Meanwhile, South Korea elects a crypto-friendly president, and Binance looks to transform into a diversified behemoth.
All this and more in today’s Crypto Brew!
- What Biden’s executive order says
- Incoming CPI update
- Market update – BTC and Terra
- Major crypto news
- Notable Events
- Newbie Term of the Day: Algo-Trading
Executive Order recap
The much anticipated presidential executive order turned the market sentiment bullish yesterday. If you need a quick recap, the six major objectives of the executive order are:
- To protect consumers, investors, and businesses
- Protect the US and global financial stability
- Address Illicit Finance
- Reinforce US financial Leadership
- Access to Safe and Affordable Financial Services
- Support Technological Advancement
Jack Niewold does an excellent job of summarizing it in the following thread:
Incoming CPI update
CPI numbers are set to release today at 0830 EST, with the market forecasting at 7.9%, a significant rise from the previous 7.5%. Some predict the inflation tear to further depress the worst US inflation in 40 years.
Check out these rising commodities prices over the last year. The macroeconomic tensions are rising thoughts of a global recession with investors.
On a lighter note, did Elon Musk suggest that anonymous Bitcoin founder Satoshi Nakamoto took their name from a combination of tech companies? Weird. And possible.
Market update – BTC and Terra
Bitcoin (BTC), alongside the broader crypto market, climbed a significant 8.37% to 41.9K today. Bitcoin Dominance (BTC.D) jumped +1.47%, signaling new money entering the crypto markets. Bitcoin is typically the preferred choice of new crypto investors.
Terra (LUNA) has quickly ascended 86% and reached new highs versus Bitcoin (BTC) (Chart Below). Terra USD (UST), the algorithmic stablecoin behind Terra, now has a whopping $14.1B market cap.
- THORChain (RUNE) $5.55 +36%
- Waves (WAVES) $28.42 +26%
- Synthetic Network (SNX) $4.76 +22%
- Near (NEAR) $11.53 +18%
- Arweave (AR) $38.10 +17%
- Terra (LUNA) $99.43 +16%
- ICON (ICX) $0.083 +34%
- Mirror Pro. (MIR) $2.01 +33%
- AIOZ Network (AIOZ) $0.24 +25%
Bitcoin Fear and Greed Index: 28 Fear (+7)
“Bitcoin” Google Trends: 46 (+3)
“Crypto” Google Trends: 32 (+2)
Major crypto news
Conservative crypto-friendly Yoon Suk-Yeol has been elected president of South Korea. Yoon promised to deregulate the crypto industry in South Korea in an election where crypto was a prominent subject.
Crypto ecosystem giant Binance discloses a plan to purchase various traditional companies and transform them into crypto-based ventures to diversify its business.
Binance purchased a $200M stake in Forbes magazine in early February.
The EU will sanction over 160 Russian businesspeople and senators that throw crypto-related assets on the chopping block.
American Tech news website The Verge published a bombshell article accusing Tron Founder Justin Sun of various illegal activities, including fraud, pyramid schemes, exit scams, and pump-and-dumps. Justin replied to the allegations calling them “fabricated storytelling.”
- Crypto.com airdrops “Moment of Truth” NFT collection featuring Lebron James to 5,550 random Super Bowl ad viewers.
- Ethereum L2 protocol zkSync upgrades to version 2.0 that support paying gas fees with any ERC-20 token.
Newbie crypto term of the day
Algo-trading aka bot-trading
- An automated trading method of executing buy/sell orders with preprogrammed trading instructions and variables.
- Algo-trading can exacerbate moves in the market in either direction.
- A large majority of trades in modern markets are predicted to be algo-trading systems.
The US executive order brought some peace to the markets yesterday, but keep an eye on the CPI print this morning. Ran covered what the inflation number could mean for crypto. (Also keep an eye out for our article later today about why CPI might not be such a useful indicator in light of the Russian/Ukraine situation.) Meanwhile, Binance looks to engulf sectors beyond crypto-land.
Thanks for reading fam!