Bitcoin breaks the losing streak and costs over $ 47

Bitcoin broke losing streak last week and rose on a Sunday night. The world's largest cryptocurrency bounced back in March. It started last week below $ 41, but is now selling for around $ 000 - an increase of nearly 47%.

It bounced back last night to around $ 44 for the better part of the week. It has now hit a three-month high and is close to recovering from all losses in 000. With a BTC price of $ 2022, all eyes will be on the level it hits this week.

In the meantime Ethereum also took a jump. During the week it was below $ 2900, on Sunday it was traded to around $ 3100. But it also soared overnight and is currently trading at nearly $ 3400.

The strong rebound in most major crypto assets is now particularly encouraging in the face of rising interest rates and global geopolitical uncertainty - both tend to move investors away from risky assets and into safe havens. Interest rates in particular can have a drain on capital markets, so seeing strong cryptocurrency performance despite this is testament to the organic strengths investors now see in the future of cryptocurrencies.

The Luna Foundation builds up BTC reserves

Luna Foundation has accumulated reserves of approximately 24 bitcoins worth approximately $ 955 billion. The foundation behind the TerraUSD stablecoin (UST) and its blockchain is the accumulation of bitcoins to stabilize UST. Cryptocurrency community detectives have followed the trail of bitcoin purchases in recent days, with the result that the wallets likely come into the Foundation's possession. Terra's founder, Do Kwon, made some very pro-bitcoin comments in the media recently, and now there is speculation that such large deals are starting to positively impact the cryptocurrency market over time. Previously, he bought bitcoin worth around $ 1,1 billion, which means the Foundation is now a serious player in the market.

It's hard to judge what this says about other cryptocurrencies. Terra is ultimately a competitor to the likes of Ethereum and has thus built up a significant DeFi ecosystem in a short space of time. The goal of the Terra Foundation is to build a $ 10 billion bitcoin bank, so the support this movement is providing to the markets may continue for some time to come.

Vitalik Buterin admits that Ethereum fees are a problem

Founder of the second largest blockchainu in the world has admitted that the high fees on the Ethereum platform are a serious challenge. Vitalik Buterin confirmed that high fees create usage problems, especially apart from purely financial transactions. He also accused his own blockchain network of "social" problems that hold back important technical changes. In addition, he warned that the network could be used by dishonest players for personal gain.

 Statements like this from the founder of such an important network as Ethereum are disturbing. Ultimately, however, much of its functions are beyond Buterin's control and managed as it was designed - in a decentralized fashion. Work is underway on important updates to improve the performance of areas such as fees and staking. This could have a positive effect on the price as fees will drop and the token will become deflationary.

Rio ready for cryptocurrency payments in taxes

Brazilian city Rio de Janeiro claims it will soon be able to accept cryptocurrencies as payment of taxesranging from real estate tax payments. However, to convert cryptocurrencies paid for tax purposes back to Brazilian reales, the city will use the services of cryptocurrency companies.

Cities around the world seem to be seriously competing to be seen as leaders in accepting and accepting cryptocurrencies. From Miami to Denver, Rio to other cities, the ability to pay taxes - the most basic of fees - is becoming a reality.

The potential benefits of this phenomenon cannot be underestimated. One of the problems with cryptocurrencies is the currently limited ability to manage actions between owners and one of their largest creditors - the state. We pay taxes to our governments in many ways, so making cryptocurrency an acceptable form of payment is of the utmost importance. Although Rio is only one city, it is only a step towards the adoption of cryptocurrencies throughout Brazil - a huge nation with tremendous potential in terms of accepting cryptocurrencies.