When the Bulls Return, Crypto Onramps Will be Ready 3.10
Crypto Onramps | Rate Hike Delay? | Market Update | Crypto News | Meme of the day
This article was originally posted at CryptoBanter.
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Crypto prepares for the bulls with fiat onramps, the bears take back yesterday's optimistic gains, and there are whispers of delaying rate hikes.
All this and more in today’s Crypto Brew!
Fiat Onramps
Rate Hike hold-off
Market Update (BTC and ZEC)
Major Crypto News
Crypto Meme of the Day
Cryptocurrencies have been facing a significant hurdle, on and offramps to the traditional financial markets. Today, several entities took steps to make the process easier for customers.
If we rewind two years, the cryptocurrency market experienced a strong bull cycle with few on/offramps, and $1.4 trillion directly entered the crypto markets since the last Bitcoin halving (May 2020). The number is staggering to think about with the lack of systems to transfer fiat into the space. Other than a handful of exchanges and bitcoin ATMs, onramps were practically non-existent. Now that regulators are accepting the emerging asset class and onramps are beginning to improve on all corners (a major one today), imagine the speed and amount of liquidity that will transfer onto the blockchain when the market sentiment turns bull again. Just some food for thought.
The Romanian Central Bank has approved Elrond Network’s strategic acquisition of e-money institution Twispay. The move helps establish a bridge between traditional finance and crypto across Europe for the Layer-1 network.
Global payment giant Stripe and Crypto Exchange FTX partner to create payment processing software for Bitcoin and other cryptocurrencies. Stripe supports 45 types of fiat currencies, and the partnership could birth applications to allow users to manage payments, pay bills, earn interest, and transact in a seamless manner.
Narratives begin but with a drop.
The notion of delayed rates hikes is taking hold, and it will be interesting if this narrative has the potential to change the Fed's direction of certain hike rates this month in the wake of the Russian/Ukraine War.
Market Update
Bitcoin’s (BTC) pump on the release of Biden's positively received executive order was returned to the bears today. Still, volume increases quietly, which bodes well with the price hovering around at the 37K support level. Increasing volume hints at accumulation. BTC finished the day down -5.77% to 39.2K.
https://www.tradingview.com/chart/v7j9tiND/
With privacy becoming a hot priority for Russian citizens, ZCash (ZEC) has bucked the market direction today and climbed by +31% to $155.98. However, the question remains whether ZEC can maintain the strong sentiment or if the temporary jump is similar to past pumps.
https://www.tradingview.com/chart/v7j9tiND/
Notable Gainers (24h)
Stacks (STX) $1.44 | +30%
eCash (XEC) $0.000081 | +8%
Mirror Pro. (MIR) $2.13 | +10%
Astroport (ASTRO) $1.81 | +8%
Bitcoin Fear and Greed Index: 28 Fear (+7)
“Bitcoin” Google Trends: 46
“ZCash” Google Trends(24h) | Russia : 69
Major Crypto News
A new bill introduced by US GOP senators titled "Say No to the Silk Road Acts" targets the Chinese digital Yuan. The senators worry about the weaponization of the newly introduced CBDC as a tool to evade future sanctions. Therefore, the bill would force the State Department to issue warnings about the currency and require foreign countries that receive financial assistance from the US to report the use of the new Yuan.
US Inflation printed near-consensus estimates of 7.9%, a 40-year high. The expected number left the traditional markets quiet, but analysts continued the protest.
Hedera’s HBAR foundation launches a $100M Sustainable Impact Fund, " a critical step in furthering environmental markets and establishing the global sustainability economy on Hedera."
Israel-based Ethereum layer-2 firm Starkware raises a $100 million fund at a $6B valuation.
Onlyfans donates 500ETH to decentralized organization UkraineDAO to help fund aid for the country during the war.
Meme of the Day
My Take
We all know the story of inflation by now, and things will likely get worse for the FED before the situation improves. The market continues to hold-fast during turbulent times, but crypto entities are preparing the fiat gateways for the future bulls. The question is, will you be prepared when the market turns?
Thanks for reading Crypto Brew. Enjoy your weekend fam!
