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CRYPTO MARKET OUTLOOK – TRENDS OF EVENTS 11TH MARCH 2024

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TRENDS OF EVENTS

Here is an account of a few events within the crypto ecosystem in the past 24 hours.

Ethereum and Bitcoin ETNs are to be used by the London Stock Exchange

The London Stock Exchange announced that it will start accepting applications for Bitcoin (BTC $71,790) and Ether (ETH $4,035) crypto exchange-traded notes (ETNs) in the second quarter of 2024. On March 11th, the exchange confirmed this, stating it would accept applications following the guidelines specified in its crypto ETF fact sheet. However, it did not provide the exact date for starting to accept applications.

In the fact sheet, the exchange stated that crypto ETNs must be physically backed and non-leveraged. Moreover, they must have a publicly available market price or value measure of the underlying asset, which has to be BTC or ETH. Additionally, the exchange highlighted that the underlying crypto assets should be “wholly or principally” held in a cold wallet or similar storage by a custodian subject to AML laws in the UK, EU, Switzerland or the US.

Furthermore, the exchange defined ETNs as “debt securities which provide exposure to an underlying asset.” As a result, these crypto ETNs allow investors to trade securities tracking the performance of crypto assets during exchange trading hours. An ETN is widely considered a soft alternative to exchange-traded funds. Unlike ETFs backed by a pool of assets, an ETN is a debt instrument backed by its issuers. In contrast, ETFs often focus on esoteric debt strategies that do not easily fit into funds.

READ ALSO:CRYPTO OUTLOOK – TRENDS OF EVENTS 5TH MARCH 2024

Blockchain Payment System to Be Developed by BRICS

Russia, a BRICS alliance member, declared its groundbreaking development of a new payment system using blockchain technology to transform trade settlements. This system aims to serve as an autonomous mechanism for facilitating transactions among BRICS member nations.

Blockchain Development Plans

The BRICS alliance, which includes Brazil, Russia, India, China, and South Africa, is actively planning to collaborate on the development of a payment system using blockchain technology and digital innovations. This move is part of a broader strategy aimed at enhancing BRICS’ influence within the international monetary framework.

On Tuesday, Kremlin aide Yury Ushakov announced the initiative in an interview with TASS, a Russian news agency. Ushakov stressed the significance of this project, stating, “We believe that creating an independent BRICS payment system is a crucial goal for the future, based on cutting-edge tools like digital technologies and blockchain.”

Underscoring the importance of this endeavour, Ushakov highlighted the necessity for a system that is not only convenient for governments, businesses, and the general population but also free from political influence and economically efficient.

Furthermore, he emphasized the objectives outlined in the 2023 Johannesburg Declaration, which focused on increasing settlements in national currencies and diversifying correspondent banking networks to ensure the security of international transactions. However, Ushakov did not disclose a timeline for the launch of the new BRICS blockchain payment system.

BRICS Aims Towards De-Dollarization

The BRICS group actively pursues de-dollarization, exploring alternatives to the U.S. dollar in international settlements. Beyond the payment system, they’re dedicated to advancing the Contingent Reserve Arrangement, utilizing currencies other than the U.S. dollar.

Ushakov stressed ongoing efforts, stating, “We will persist in developing the Contingent Reserve Arrangement, with a focus on using currencies different from the US dollar.”

This shift to a blockchain-based payment system aligns with global financial trends. In a letter to G20 finance ministers, Klaas Knot, Chair of the Financial Stability Board, recently highlighted the top priorities for maintaining global financial stability, including crypto assets, tokenization, and artificial intelligence.

A TASS report reveals that the Russian Finance Ministry, collaborating with the Bank of Russia and other BRICS partners, actively works on the “BRICS Bridge” multisided payment platform. This platform aims to improve the effectiveness and accessibility of the worldwide monetary system.

Tether Set to Launch USDT On EVM-Compatible Celo Blockchain

Tether, the creator of the biggest stablecoin, USDT, just launched the asset on Celo, an eco-friendly and open Ethereum Virtual Machine-compatible network.

In a statement to CryptoPotato, Tether revealed that by teaming up with Celo, USDT might serve as a gas currency on Celo’s network. This collaboration aims to simplify transactions and boost efficiency on decentralized applications (dApps) concentrating on payments, lending, and other services

Tether to Launch USDT On Celo

Celo, designed for real-world use cases and fast, low-cost payments, operates as a mobile-first network spanning over 1,000 projects in more than 150 countries. With its carbon-negative status, the network aims to foster a more inclusive financial system.

Tether believes that launching USDT on Celo will grant users access to numerous benefits, such as low sub-cent transaction fees, of approximately $0.001. On Celo, USDT will join stable assets like eXOF and cREAL, pegged to the CFA Franc and the Brazilian Real, respectively. This integration expands the use cases of stable assets, encompassing savings, lending, remittances, and cross-border payments.

Paolo Ardoino, Tether’s CEO, expressed, “At Tether, we are committed to providing accessible and reliable digital currency solutions to users worldwide. Integrating Tether USDT on the Celo platform, tailored for the real world, marks a significant step forward in our mission. Leveraging Celo’s unique capabilities allows us to enhance the usability and accessibility of Tether for millions of people.”

15 Networks Now Have USDT Available On Them

Furthermore, Tether announced a groundbreaking alliance with Celo, signifying a crucial milestone for both entities and paving the way for a new era of accessibility and utility for crypto users. This collaboration is set to accelerate the adoption and utilization of USDT, thanks to the presence of innovative projects and services like Opera MiniPay’s stablecoin wallet, SocialConnect, and FiatConnect.

Rene Reinsberg, co-founder and president of Celo and Celo Foundation, emphasized the alignment of this integration with their mission to create a digital economy fostering prosperity for everyone. He expressed excitement about the increased options for fast, low-cost payments and access to robust stablecoin use cases that will benefit users globally.

As a result of the launch of USDT on the Celo blockchain, the stablecoin is now accessible on 15 networks, including Ethereum, Tron, Polygon, Avalanche, and Algorand.

United States Former President Donald Trump Assures That He Will Let People Pay Through Bitcoin Sometimes

Donald Trump, the former US President, has changed his viewpoint on Bitcoin. Initially branding the largest asset by market capitalization as a “scam,” Trump now acknowledges its widespread use. He expressed his revised opinion during a recent CNBC interview.

On Monday, the price of Bitcoin reached a peak at $72,226. During a CNBC Squawk Box interview, the 45th US President, Trump, expressed a newfound openness towards Bitcoin. In 2021, he labelled Bitcoin a “scam” and asserted that the cryptocurrency posed a threat to the US Dollar’s standing as a global reserve currency.

Trump’s recent comments on Bitcoin build upon his earlier statements, where he acknowledged that BTC has gained momentum and suggested that regulatory measures might be necessary.

In a conversation with CNBC over the phone, Trump acknowledged the widespread use of Bitcoin, stating,

“There has been a lot of use of that, and I’m not sure I’d want to take it away at this point.”

Trump also mentioned that he is willing to accept Bitcoin as a form of payment, noting that he would “sometimes let people pay” through BTC.

The Former President’s Coin “Trump Coin” Experiences Massive Surge

During a CNBC Squawk Box interview, the 45th US President, Trump, expressed a newfound openness towards Bitcoin. In 2021, he labelled Bitcoin a “scam” and asserted that the cryptocurrency posed a threat to the US Dollar’s standing as a global reserve currency.

Trump’s recent comments on Bitcoin build upon his earlier statements, where he acknowledged that BTC has gained momentum and suggested that regulatory measures might be necessary.

In a conversation with CNBC over the phone, Trump acknowledged the widespread use of Bitcoin, stating,

“There has been a lot of use of that, and I’m not sure I’d want to take it away at this point.”

Trump also mentioned that he is willing to accept Bitcoin as a form of payment, noting that he would “sometimes let people pay” through BTC.

CRYPTO MARKET OUTLOOK

The global crypto market cap is $2.71 trillion, going up by 3.46% in the past day. The total crypto market volume in the last 24 hours is $150.55 billion, showing a 48.67% increase. The volume in DeFi is $13.16 billion, accounting for 8.74% of the total crypto market 24-hour volume. Stable coins’ volume is now $136.29 billion, making up 90.52% of the total crypto market 24-hour volume.

Bitcoin’s dominance is presently 52.44%, rising by 0.37% during the day.

BITCOIN MARKET

On Monday, March 11, 2024, bitcoin (BTC) surged to a new peak, reaching $72,372 per coin and marking a historic high in its price. This achievement propelled BTC to become the world’s eighth-largest asset by market cap, surpassing silver’s total valuation.

BTC’s market capitalization now hovers around $1.41 trillion, slightly exceeding silver’s market value of $1.38 trillion. In recent times, BTC systematically outpaced the market capitalizations of leading global entities like TSMC, Berkshire Hathaway, and Meta (formerly known as Facebook).

However, bitcoin still lags behind gold, with a market capitalization of $14.7 trillion. BTC now constitutes 9.59% of gold’s total market value, bringing it closer to the market caps of Microsoft at $2.99 trillion and Apple at $2.67 trillion.

In November 2021, when BTC reached its previous all-time high (ATH), it held the eighth position in the global market cap but did not surpass silver’s market valuation at that time. Additionally, gold’s market cap was considerably lower in 2021, standing at $11.6 trillion compared to its current $14.7 trillion. Market caps for both Microsoft and Apple were also lower during that period.

The future remains uncertain regarding whether BTC will surpass its record and climb beyond the eighth position, as it aims to overtake Alphabet’s (Google) market cap of $1.712 trillion.

Among the top ten assets, excluding gold and silver, BTC stands out as the only entity without the backing of a corporate structure, lacking a company board, free from third-party control, and devoid of any form of government support.

 

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