James Rubin is CoinDesk’s West Coast U.S. News Editor.
Good morning. This is what happened:
Price: Bitcoin got off to a promising start before sinking with other cryptocurrencies.
Insights: Chinese universities continue to teach blockchain technology, but employers, teachers and students are also looking outside educational institutions to advance their interests. (This story is part of the CoinDesk Education Week series)
Watch the latest episode of CoinDesk TV for insightful insights on crypto industry leaders interviews and analysis. And sign up to Forerunner, our daily newsletter that puts the latest developments in the crypto market in context.
● Bitcoin (BTC): $19,103 −1.3%
● Ether (ETH): $1,334 −0.6%
● CoinDesk Market Index (CMI): $953 −0.8%
● S&P 500 daily closing price: 3,647.29 −0.2%
● Gold: $1,634 per troy ounce +0.6%
● Daily closing price of 10-year Treasury bond yield: 3.96% +0.09
Bitcoin, Ethereum and Gold prices are calculated around 4:00 PM New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX Spot Price. For information on CoinDesk indices, visit coindesk.com/indices.
The Rise and Fall of Bitcoin and Other Cryptocurrencies
In bumpy Tuesday trading, Bitcoin and other cryptocurrencies rallied early before crashing.
The largest cryptocurrency by market cap recently traded at just over $19,100, down about a percent in the past 24 hours. BTC surged above the psychologically important $20,000 threshold for the first time in nine days this morning (UTC) before falling to recently familiar levels.
Bitcoin’s rise and fall came as investors may have initially tried to predict a bullish October in the cryptocurrency’s history by accumulating their holdings. And two unexpectedly strong economic indicators may have boosted their morale. But investors later backed down on inflation and recession fears that have plagued asset markets across a wide range of sectors for months.
Ether recently changed hands at around $1,330, unchanged from the previous day and its highest level in more than a week. Most other major cryptocurrencies have spent the day in the red zone, with UST down around 7% recently and XRP down more than 5%. Celsius’ native token, CEL, surged late Tuesday after reports that FTX’s Sam Bankman-Fried could bid for the assets of the failed crypto bank. The coin tumbled early on Tuesday following the unexpected departure of Celsius CEO Alex Mashinsky.
The CoinDesk Market Index (CDI), an index that measures the performance of cryptocurrencies, has declined slightly recently and has been in the market for most of the past week has been in decline. The Fear and Greed Index, which measures market sentiment toward cryptocurrencies, remains in extreme fear territory.
The cryptocurrency price pattern coincides with the stock market jumping before plunging earlier in the day. The Dow Jones Industrial Average (DJIA) entered bear market territory a day ago, meaning it fell at least 20% from its previous high and closed down several percentage points. The S&P 500 also edged lower, but the tech-heavy Nasdaq gained 0.2%.
Investors remain concerned about inflation and persistent central bank hawkishness seems increasingly likely to tip the global economy into recession. An unexpectedly strong durable goods orders report (which fell less than expected) and housing starts could encourage the Fed to continue its recent aggressive rate hikes.
In an interview with The Wall Street Journal, Minneapolis Federal Reserve Bank President Neil Kashkari reiterated The bank restored its “price stability” commitment.
Earlier in the day, at an event hosted by the Bank of France on Tuesday, Federal Reserve Chairman Jerome Powell said that given the decentralization DeFi has limited impact on financial markets and needs to be regulated “with caution and thoughtfulness.” real economy. Powell told a panel that “the DeFi winter…has not had a significant impact on the banking system and broader financial stability” because of the lack of connection between them.
As Bitcoin climbs above $20,000 on Tuesday, Oanda senior market analyst Edward Moya calls its resilience “impressive” . But Moya is not optimistic about the recent surge in prices. “There are no catalysts for Bitcoin to rise further, but stability is a welcome sign for long-term bulls.
Biggest Winner
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How Chinese Universities Teach Blockchain
October. February 24, 2019, marking the beginning of the structural reform of blockchain education in China.
In his speech at the Politburo of the Communist Party of China Central Committee in Beijing that day, President Xi Jinping said that the country needs to “seize the opportunities offered by blockchain technology.” These words will illuminate China’s ambitious agenda to take a leadership role in the global development of this emerging technology.
Education Week
Chinese universities have received a resounding and clear message. In 2020, 14 Chinese universities have set up undergraduate degree programs in blockchain technology, and Chengdu University of Information Technology established the nation’s first university a few months before Xi Jinping’s speech. A blockchain technology college.
But Xi Jinping’s ambitions were and continue to be inherently contradictory. Although blockchain technology is popular with Chinese people , but its most popular application, cryptocurrencies, is now illegal. Over the past decade, China has banned crypto trading (2013), initial coin offerings (2017), cryptocurrency mining ( Gradually increasing from 2019 to 2021) and – the final blow – cryptocurrency trading, in 2021. As a result, blockchain in China is unlike anywhere else in the world.
“When discussing blockchain, we can’t look at it from the perspective of cryptocurrency,” said Chen Jianhai, an associate professor at Zhejiang University’s School of Computer Science. It was featured in CoinDesk’s 2022 Blockchain Most 24th among the best universities. Instead, he goes through a needle to teach that blockchain should only be used for legally approved uses. “We want to What we do is to empower the industry with blockchain technology and solve existing problems,” Chen said.
How can Chinese universities use blockchain to educate students and meet the government’s wishes? Teachers, students and employers describe the push towards massive technological proficiency that has left those excited about the transformative potential of blockchain technology frustrated, ignored and forging their own paths outside of institutionalized education.. …
Smartcon Web3 Chainlink Conference (New York)
In case you missed it, here is the latest episode of “Forerunner” on CoinDesk TV:
Bitcoin (BTC) strengthened early Tuesday, holding steady during the recent slump in fiat currencies against the U.S. dollar. Glen Goodman, advisor to eToro Crypto, gave his market outlook. Additionally, FTX won a bidding war to acquire the assets of bankrupt Voyager Digital. Join Pioneer with Gemini Chief Strategy Officer Marshall Beard to discuss a partnership with Betterment.
Christie’s Auction House announced the launch of the NFT art platform: Christie’s 3.0 Partners with Chainalysis, Manifold and Spatial to Sell NFT Artwork on Ethereum .
California regulators target 11 A cryptocurrency exchange that operates like a ‘Ponzi scheme’: California financial regulators take enforcement action against 11 small businesses – prominent crypto firms on Tuesday, claiming they Steal client funds or operate like a Ponzi scheme.
Crypto Exchange FTX is converting Its U.S. headquarters moved from Chicago to Miami: The exchange has been steadily expanding its presence in southern Florida, including the $135 million purchase of the NBA’s Miami Heat Arena in 2021 naming rights.
Blockchain Infrastructure Project Eclipse Raises $15M to Build ‘Universal Layer 2’: $9M seed round was co-led by Tribe Capital and Tabiya and raised an earlier $6M USD pre-seed funding.
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James Rubin is CoinDesk’s West Coast U.S. News Editor.
James Rubin is CoinDesk’s West Coast U.S. News Editor.
