French President Emmanuel Macron Supports a European Metaverse and Regulated Digital Assets

Jenson Nunez
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French President Emmanuel Macron Supports a European Metaverse and Regulated Digital Assets

Two days before the second round that would ratify him or not in the presidency, Emmanuel Macron spoke about digital assets and NFTs. The leader also backed up the MiCA regulation and the digital euro plans.

The current president of France, Emmanuel Macron, has long talked about Blockchain, a technology that, according to him, can put France at the forefront of improvements in many sectors. In 2017, when he got elected, he presented himself as a liberal and even photographed himself with a hardware Bitcoin wallet.

This Sunday, April 24, Macron gets ready to go to the second round of the presidential elections, where he competes with the right-wing candidate, Marine Le Pen, but it seems that he has the lead, according to the polls. This situation would ratify a new presidential term until 2027.

The leader gave some highlights to the local media to share his thoughts on the digital economy, a topic that he has spoken about much less than expected recently, in response to a series of questions about the digital economy, Web 3.0, and digital assets, made by The Big Whale.

Unicorns’ Growth

The interview reveals that Emmanuel Macron is quite happy with the growing number of French unicorn companies⁠, which experienced growth from 3 to 26 during his presidential term. In contrast, investments general in French startups quintupled. The president also talked about raising expectations regarding 100 French entities with unicorn status and ten becoming European giants by 2030.

According to the French leader, one way to do that transformation would be to expand code as an educational model in public schools to prepare at least 400,000 to 500,000 developers for the years to come.

European Metaverse

The president also pointed to the European metaverse, saying it is vital that European players do not rely on American or Chinese tech giants to master the technology components linked to Web3.

Macron and his Stance Regarding Crypto Regulation

Pointing at the European Parliament’s recent crypto regulations, Macron backed up the current measure and specifically directed his support to the European Commission’s MiCA framework. He expressed that the new policies should not represent an obstruction to the ways to innovate in the tech field.

The French leader highlighted that he does not trust a self-regulated financial field. This action would not be sustainable or a move under democratic standards. He said it is the public entity’s duty to determine the right conditions to allow the sector to develop with confidence while creating an innovative tech environment.

The politician also openly backed up the digital euro project, which french citizens have recently rejected.

Macron concluded that he would continue to defend technology if he got elected. He expressed that it would be absurd to oppose the transformations, but he had a duty to prepare and train all french citizens to master these new advances.

By: Jenson Nuñez

Binance Denies Giving Private Data about Its Users to the Russian Government

Alexander Salazar
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Binance Denies Giving Private Data about Its Users to the Russian Government

The cryptocurrency exchange rejected the accusations by Reuters and said that they would formally complain. An alleged terrorist foundation supporting Russian opponent Alexei Navalny accepts donations in BTC through Binance.

Bitcoin (BTC) exchange Binance is currently facing accusations for allegedly disrespecting the privacy of its users. Reuters stated that the company gave data about its clients to the Russian politician Alexey Navalny, a fierce opponent of President Vladimir Putin. The exchange responded by dissociating itself from the remarks made by the international news agency.

Reuters said that the Russian government pressured Binance to provide them with sensitive data about their users under the excuse of fighting crime. The media outlet considers that this left its directors without many options but to yield to the State.

Rosfinmonitoring, an agency aiming to combat money laundering and other crimes, was responsible for that pressure. That organization is a subsidiary of the FSB, Russian intelligence, one of the successors of the now-defunct KGB.

That agency intended to track the millions of US dollars in Bitcoin raised by Navalny through his Foundation. The Kremlin described that network as a terrorist organization. The opponent, who is now in prison, said that they would use those funds to expose the alleged corruption of President Putin.

The Foundation has urged people to donate cryptocurrencies through Binance since Navalny went to jail in January 2021. They presented it as the safest way to do it since nobody would know the data about the donors.

Amid pressure, Gleb Kostarev, the head of Binance for Eastern Europe and Russia, had to share sensitive data about its clients with Rosfinmonitoring. The agency stated that it had access to data that confirmed it, to which Kostarev reportedly responded that he did not have many options.

Binance Dissociates Itself from the Accusations by Reuters

After the Reuters report, Binance dissociated itself from those accusations and refuted them. The firm said that it did not provide any information about its clients to the Russian government.

On its official blog, the company described the article by Reuters as a false narrative. They defended that this media outlet has falsely portrayed that Binance has close ties with FSB-controlled agencies and Russian regulators.

Binance denied sharing data about its users, including Alexei Navalny, with agencies controlled by the FSB and Russian regulators.

The head of Binance for Eastern Europe and Russia, Gleb Kostarev, defended himself. He posted on Facebook that neither he nor Binance has leaked data about Navalny and other users to Rosfinmonitoring.

According to Binance, Russia pressured exchanges operating in the territory due to the development of a regulatory framework. They ended those talks when the invasion of Ukraine by the Eurasian country broke out.

Instead, the cryptocurrency exchange became the only one implementing a package of measures against Russian account holders. They recently restricted its users, complying with the sanctions imposed by the European Union for the events in Ukraine.

Binance said they would formally complain about Reuters publishing an article that contradicts its reputation as a news agency. They highlighted that it does not represent their experience working with many journalists in their organization.

By Alexander Salazar

Morgan Stanley Predicts a Greater Prominence of Cryptocurrencies as a Payment Method

Alexander Salazar
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Morgan Stanley Predicts a Greater Prominence of Cryptocurrencies as a Payment Method

Physical stores are essential in the evolution of Bitcoin as payment, as a significant part of sales occur in those places. The volatility associated with cryptocurrencies has discouraged their use, but their price would stabilize if merchants accepted them as payment.

Few people buy goods with cryptocurrencies because transaction fees are high, and merchants do not accept them as payment. However, the global financial services company Morgan Stanley considers this situation has changed.

Morgan Stanley said that many stores and restaurants in the US would soon accept BTC as a payment method. The payment company Strike partnered with a point of sale provider to allow them to process transactions through the Lighting Network.

The financial institution stated that commercial associations with physical stores are crucial in the evolution of Bitcoin as payment. That is because a significant part of sales in the US occurs in those places rather than online platforms.

The volatility associated with commodities traded in Bitcoin has discouraged the use of cryptocurrencies. However, Morgan Stanley believes that the price of crypto assets would stabilize if merchants accepted them.

The fee for sending a BTC transaction on the Lightning Network is near zero. In other words, it is more convenient for users to make small-amount payments with it than with a debit card.

Morgan Stanley commented that there needs to be a variety of payment options since more brands are venturing into the Metaverse.

Thailand Bans Using Cryptocurrencies as a Payment Method

In March, the Thai SEC announced that the authorities would ban cryptocurrencies as a payment method from April 1st.

That is not an outright ban on trading or holding crypto assets, which are relatively popular in Thailand. However, the new regulations on cryptocurrencies hurt their use as an alternative to cash payment.

The Thai SEC said that alleged financial stability risks and money laundering concerns led to the ban on cryptocurrencies. However, they made it clear that the authorities see the advantages of the technologies behind crypto assets.

TripleA data indicates that Thailand occupies 14th place in the ranking of countries globally for the number of cryptocurrency users. Furthermore, the Asian nation was one of the first to start a Central Bank Digital Currency (CBDC) pilot project.

German Bank Commerzbank Applies for a Local Cryptocurrency License

In early 2022, German leading banking institution Commerzbank confirmed that it applied for a license to provide cryptocurrency services. That would be the first time a leading bank in Germany has taken a step that proves its interest in crypto assets.

Commerzbank confirmed to local media outlet Börsen-Zeitung that they applied for a crypto custody license in the first quarter of 2022. If approved, the bank could offer exchange services alongside the custody and protection of crypto assets.

The financial institution has over 18 million individual clients and over 70,000 institutional clients. A spokesperson stated that the transactions with cryptocurrencies would go to its institutional client base.

Since January 2020, the companies or institutions interested in offering cryptocurrency-related services in Germany must apply for approval from the Federal Financial Supervisory Authority (BaFin).

Until now, only four German companies have received approval from BaFin. The Federal Financial Supervisory Authority has also stated that over 25 applications from firms seeking to operate with cryptocurrencies are pending.

By Alexander Salazar

Bitcoin Is Visiting a Relevant Support Zone, but Nobody Knows Where It Will Head Next

Alexander Salazar
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Although there has been sideways behavior, the previous bearish bias indicates that the value of BTC could break through the support level. The price must hold at USD 39,200 to avoid selling at around USD 36,000, where there could soon be significant buying pressure.

Following a volatile week that sought to encourage investors, Bitcoin (BTC) sellers put pressure again. In that way, they prepare a weekly forecast in which the odds are somewhat bearish.

Bitcoin is trading at around USD 39,460 and has accumulated a 0.6% loss over the last 24 hours. Its trading value is above USD 16.64 billion, and its market capitalization is about USD 750.59 billion, according to CoinGecko.

The recent selling has led a slightly bearish direction, which could cause problems further problems in the coming hours/days.

The weekly metrics summary by CryptoQuant indicates that the scenario is not yet worrying enough. Most indicators have been neutral over the past week, but the second-largest group shows bullish signs.

The reserves on cryptocurrency exchanges remain at a minimum of three years. While two out of five technical oscillators are bullish, two out of four metrics tracking the behavior of the whales also show positive signs.

Even though the market sentiment is mainly neutral, it tilts slightly to the downside, given the signal from the leverage ratio.

The Weekly Technical Analysis of the BTC Price

The daily BTC/USDT chart shows a short-term bearish bias, which seems to be gaining bearish momentum.

The Bitcoin value is currently visiting the nearest support zone at around USD 39,200. Besides, there has been sideways behavior since April 12th. However, the previous bearish bias indicates that the price will likely breach that support level in the coming hours/days.

BTC has developed some aversion to seeking lower levels, leading to a slightly bullish bias in the medium term. For that reason, this weekly forecast could change views if the bulls defend the price soon.

Before trusting in a bullish scenario, the price must break through resistance at USD 41,500 in the short term. If that did not happen soon, there would likely be further selling toward USD 36,000.

The Weekly Chart of the Price of Bitcoin

The weekly chart shows an optimistic forecast for Bitcoin, as the bulls have continuously defended its price. As they do it every time a sharp drop occurs, there is still bullish hope.

The Bitcoin price needs to hold at USD 39,200 to avoid selling toward the next relevant support zone around USD 36,000. That area will likely see significant buying pressure in the short term.

Buyers maintain the long-term trend, which would only be at risk if the price lost support at USD 32,000. That will very unlikely happen at the moment.

Despite another bearish week, the bulls could dominate the market again. However, it is a matter of time to see the price of Bitcoin resume the upward trend.

The pioneering cryptocurrency has undergone severe crises but has overcome them and reached new all-time highs. For that reason, many investors still believe in Bitcoin as a store of value and a hedge against inflation.

By Alexander Salazar

Binance CEO CZ Says Exchange Confiscated $5.8M from Axie Hackers

Jenson Nunez
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0

Changpeng Zhao, CEO of Binance, spoke about the small percentage recovered from the Axie Infinity attack.

The CEO of cryptocurrency exchange Binance, Changpeng “CZ” Zhao, expressed that his team managed to recover the amount of $5.8 million from North Korean attackers who extracted $600 million from the well-known game Axie Infinity last month.

After the attack, US regulators detected the hackers and identified them as Lazarus Group, a group based in North Korea linked to its ruling regime.

CZ expressed in a Twitter post that the exchange managed to recover $5.8 million from attackers who had migrated a piece of the stolen funds to Binance and distributed them across 86 user accounts.

The DPRK (Democratic People’s Republic of Korea) hacking group started migrating their stolen funds from Axie Infinity today. Some of these movements happened through Binance, spread across more than 86 accounts. $5.8 million got already recovered.

Also recently, security firm PeckShield highlighted the way hackers managed to launder at least 7.5% of extracted funds through Tornado Cash, an Ethereum mixer tool that blurs transactions. The Block expressed that the hackers’ efforts focused on turning the extracted currencies into fiat money through centralized entities like Binance.

Axie is no Longer a Favorite Game in the Market

The Axie team previously expressed that it works hard and closely with digital currency exchanges to follow any trace of the extracted funds left behind during the attack.

On the other hand, Binance led a $150 million funding fund with Sky Mavis, intending to return the hack victims their stolen assets. Also, from the beginning of Axie, Binance was very supportive: in Latin America, for example, it offered tons of scholarships to players.

It is worth noting that the events that have occurred have lessened the popularity of Axie Infinity, which is no longer among the favorite Play-to-Earn games of users but ranks 11th.

Capitalists Pumped Millions into Blockchain Games

The sector’s growth got fueled by the popularity of Play-to-Earn (P2E) games that leverage non-fungible tokens (NFTs). According to the report, Ethereum sidechain-based games such as Polygon contributed to the growth, accounting for more than half of the 1.22 million UAW.

Specifically, according to the data, platforms like Crazy Defense Heroes, Pegaxy, Arc8, and Aavegotchi spurred a 219% increase in Polygon gaming activity since the beginning of 2022.

Blockchain games have also attracted considerable money from venture capitalists and other investors. According to the report, the entire sector collected $2.5 billion in funds during the first quarter of 2022, 150% more than in the same period of the previous year.

Major deals highlighted in the report that Animoca Brands raised $360 million, bringing its valuation to a total of $5 billion and positioning the company as a leading Web3 brand.

On the other hand, Yuga Labs, creators of the famous Bored Ape Yacht Club (BAYC) NFT collection, received at least $450 million in a round involving The Sandbox, FTX, and Coinbase.

By: Jenson Nuñez

According to IMF Director, the Entity Did not Know the Consequences of Printing Money

Jenson Nunez
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0
According to IMF Director, the Entity Did not Know the Consequences of Printing Money

The director of the IMF acknowledged that there had been too much money circulating since 2020. This situation is a consequence of unlimited printing of banknotes, a practice that the Bitcoin network radically avoids.

Kristalina Georgieva, the director of the executive board of the International Monetary Fund (IMF), revealed a controversial stance during a live interview led by the CNBC network. She spoke about the unlimited printing of banknotes driven since 2020 by the pandemic, which has caused sudden inflation worldwide, including in Europe and other areas in the United States of America.

The IMF representative highlighted that she believes they are not paying enough attention to the unexpected consequences of their moves. Even though their actions have a goal in focus, she expressed during the interview that they are finding it harsh to resolve the unexpected impact they caused with these moves.

Faced with the massive decision to spend to sustain the economy, the director recognized that there was undoubtedly a lot of money and too few goods. An unexpected statement from the director of the IMF shows that she is sorry for the number of bills that countries printed due to the outbreak caused by COVID-19.

This situation is a topic Bitcoin (BTC) enthusiasts discussed in their forums. Unlike banknotes, the issuance of BTC is relatively unlimited, and it does not rely its control on a central entity.

The network permits a maximum rate registered at 21 million bitcoins issued through bitcoin mining. That is why defenders of the crypto environment believe that the adoption of cryptocurrency could end the increase in inflation caused by the excessive printing of banknotes.

The Printing of Money Does not Serve to Cover the Actual Economic Crisis

The director of the IMF highlighted that the printing of banknotes does not solve the situation. It causes struggles that could even get worse. She maintained that they did not think about the possible consequences of this action.

The director also warns that she was not well informed of the possible impact. Likewise, she clarified that in the face of something that hits them, they forget about other crises and that, for her, is incredibly worrying.

The director also mentioned that when the armed conflict began, a week later, her daughter called her asking what happened to the covid-19 pandemic; that topic vanished from the media, and the entity ignored it. As a reflection, she added that there are unintended consequences of the actions taken, and they do not have enough space to cover the whole situation.

The reflection of the director of the IMF arrived before the deployment of Russia’s war against Ukraine, an unexpected situation that inflicted severe damage on the world economy. This aspect was estimated by analysts and Georgieva herself, who expressed days ago this month: that there is a crisis on top of an already existing problem. In economic terms, growth is slowing, and inflation is rising.

By: Jenson Nuñez

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