First Mover Asia: Bitcoin Stays Rooted Near $23.5K

Good morning. Here's what happens:

Price: Bitcoin has roots close to the $23.5k mark. Ether and many other major cryptocurrencies are constantly traded.

Insight: Developers in China can interact with the Conflux Level 1 blockchain, but connecting the protocol to the country is complicated.

the price

The price of bitcoin is around 23.5 thousand dollars

Bitcoin continued to camp near $23,500 over the weekend as investors spent another day grappling with stubborn inflation and the prospect of the US Federal Reserve raising interest rates more aggressively than expected.

The largest cryptocurrency by market cap recently traded at $23,481, unchanged in the past 24 hours, but down more than $25,000 from last week's high – jobs data and prices surprisingly strong as markets expected a rate cut of 50 basis points. An increase of 25 basis points.

“Markets have been bullish for longer than expected as inflation looks more stubborn,” writes Brent Shaw, CEO and founder of bond market platform Web3. Send an email to CoinDesk. A 50 basis point hike is now likely.

However, Shaw hopes that the cryptocurrency markets “have not seen a major decline… Twitter's more cautious crypto analysts have warned.”

“I think we haven't seen a huge pullback because the compulsive sellers have already sold,” he wrote. We are in a phase and I think we need to prepare for a side step for a while.

Ether was nearly flat, changing hands at around $1,630. Polygon's second-tier platform MATIC token and AAVE's decentralized financial protocol MATIC have been flat or slightly lower recently, with most other major cryptocurrencies down around 3%. The CoinDesk market index, which measures the overall performance of the cryptocurrency market, fell by around 0.36%.

After a week of oblivion, stock markets are back to winning ways, but only slightly. The Nasdaq, S&P 500, and the tech-focused Dow Jones Industrial Average (DJIA) jumped a few percentage points. Treasury yields have declined, but have fallen sharply above $3.90 in 10 years.

Of course, some cryptocurrency news was negative for markets on Monday, with none other than cryptocurrency manager CoinShares, reporting that its short bitcoin fund gained $10 million in the week ending Feb. 24 and its long bitcoin fund lost. $12. Third million weekly live streams. Earlier in the day, cryptocurrency exchange Coinbase tweeted that it will suspend trading of Binance USD (BUSD) from March 13 because the stablecoin does not meet listing requirements, the latest blow to the statcoin sector.

However, another analyst felt at least partially positive about how cryptocurrency prices are moving forward. Bruno Ramos de Sousa, Head of Emerging Markets at Hashdex, a crypto asset manager, said in an interview with CoinDesk TV that the markets are "already in the recovery phase... if we break through the bottom." Ramos de Souza noted that interest from institutional investors has grown in recent months.

"They've been educated in this field," he said, "and they're looking for interesting windows to enter." "These are hedge funds, family offices, people who deal with depth and compromise."

maximum profit

Property	Serum	will come back	DACS sector
Earth	moon	+1.1%	Smart contract platform

The biggest losers

Property	Serum	will come back	DACS sector
ribbed	not shiny	-3.6%	Smart contract platform
Snowfall	fax	-2.8%	Smart contract platform
connecting chain	connection	-2.6%	To calculate

vision

The first layer of the Conflux blockchain has a complex relationship with China.

Beijing is pro-blockchain but anti-cryptocurrency. Hypertext Transfer Protocol (HTTP) sees the former as an important technology in the 21st century as it was in the 20th century. The latter is a speculative asset that rules the worst parts of capitalism.

Meanwhile, banners with the words "China" are raised. “China” in the price because most of the projects like NEO, VeChain (VET) and Conflux (CFX) are trying to limit their exposure to China. They have a development team in China, but the company is registered overseas.

Not just signs, you can use technology in the country. A version of NEO is available on the Chinese blockchain services network, but exists as a separate universe that the rest of the world considers NEO compliant with local laws.

In many cases, these signs separate from the project. You cannot see Chinese on-chain data and you might suspect why the token is growing.

Conflux CFX Token is an exception.

Can Conflux CFX token be traded in China? NO.

Can anyone in China join the western part of the Conflux Chain? And no, these parts are separate.

But at the same time, CFX is the link between the two.

“We only have one chain, but we have two,” Conflux co-founder Van Long told CoinDesk in an email. "You can think of slots as independent chains, but they share the same consensus engine. There is no security risk in moving resources into two slots."

In China, CFX is based on the Conflux sponsorship system, which allows ordinary users to interact with smart contracts without holding cryptocurrencies. Aside from the gas bill, things are still up in the chain.

Developers of decentralized applications such as the Chinese version of Instagram purchase "Little Red Book" CFX directly from Conflux. They pay in cash and receive an official receipt. In many ways, this would be similar to paying a hosting bill for a cloud service.

“The public chain must have native tokens to manage the gas assets and since China does not encourage anything related to tokens, we prefer third parties to manage the CFX tokens,” he said.

You can see how CFX is used in the series. The following shows the on-chain activity of digital collectors on the Instagram version, the Chinese version of non-perishable tokens (called "digital pools" and tolerance if there is no speculation).

In many ways, CFX can be seen as an indicator of Conflux's success in China. But is there enough interest in CFX tokens to drive and sustain triple-digit growth?

an important event

ETHDENver 2023

Bear Research Annual Conference: New Digital Technologies and the Future of Finance (BoE Conference Center)

00:00 HKT/SGT (16:00 UTC) China Manufacturing PMI (January)

Coin Desk TV

In case you missed it, here is the latest episode of “First Mover” on CoinDesk TV:

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This story first appeared on Coindesk