🚨🤔Digital currencies where?🤔🚨
🚨 Hello Crypto Banter community 🚨
Global markets witnessed a relative calm during the short week of work that included Good Friday and Easter Sunday.
However, on Wednesday this week, the markets saw a renewed sense of excitement after the release of the US Consumer Price Index (CPI) for March.
This month's measurement showed that the annual CPI was 5% lower, 10 basis points lower than analysts expected!
Clearly, inflation has not reached the level targeted by Jerome Powell and the rest of the Fed officials, but the latest figure was the lowest measured reading since May 2021!
The good news about this is that obviously this could be the first step towards finishing the interest rate hikes that have been going on for the past year. However, some analysts predict that the Federal Reserve will likely raise interest rates again in May.
Bitcoin valuation is heading up!
Meanwhile, for the cryptocurrency market, Bitcoin breached the $30,000 resistance level, setting a new record high for the year. The last time bitcoin traded at this level was in June 2022.
Bitcoin proved to be among the best assets to invest in during 2023 in the cryptocurrency sector as many other digital assets greatly underperformed Bitcoin:
Despite the sharp rise in prices since the beginning of the year, sentiment among investors remains somewhat positive, which could be a sign that valuations are poised to go higher.
🆗🆗🆗🆗🆗🆗🆗🆗🆗🆗🆗🆗🆗
Bitcoin's weak correlation with traditional assets
It is worth noting that Bitcoin has decoupled from traditional stocks and is now more closely related to movements in the price of gold.
Although these two assets clearly represent opposite ends of the risk spectrum, both assets are also far from fragility, a characteristic that was needed at a time when talks of a recession and banking crisis were on everyone's lips.
🆗🆗🆗🆗🆗🆗🆗🆗🆗🆗🆗🆗
Correlation between Bitcoin vs. Gold and US Stocks
Image source: Kaiko
Factors leading to industry shake-up
Hong Kong's largest virtual asset bank providing cryptocurrency settlement services
Recently, Hong Kong has made great strides to regain its glory as a hub for digital assets. The effort appears to be paying off, as the city's largest virtual bank, ZA Bank, is now offering cryptocurrency settlement services to small and medium-sized local internet companies. As a cryptocurrency settlement bank, the bank announced that it will support withdrawals in the form of US dollars or Chinese yuan.
Germany plans to issue electronic shares on the blockchain
According to a recent bill called "Future Funding Act", which was introduced by the German Finance Ministry on April 5, the government is calling for more favorable regulations for financial innovation startups in the country. The proposed legislation has several key goals, such as the digitization of capital markets through the use of blockchain technology for electronic issuance of securities and the transferability of crypto assets.
Hacks in the cryptocurrency market increased by 192% year-on-year, according to a report by Immunefi
According to research by Immunefi, the number of attacks in the cryptocurrency industry increased by 192% year-on-year, rising from 25 to 73 in the last quarter. Despite this significant increase, the total money lost actually decreased by 64.4%, which is likely due to market conditions. The research also revealed that the BNB chain was the primary target for exploits and scams, accounting for 73.3% of all rug checkouts surveyed by the security firm.
So what do you think about that 🤔💡.......
In the comments.......
@HLSPORTRAIT
