Will a new bull market now follow?

Digital Asset News

Is the next 5% jump coming?
The narrative around Bitcoin has thus gained another important player after Terra co-founder Do Kwon revealed that the US dollar stablecoin TerraUSD (UST) will be backed by BTC and the company’s own cryptocurrency LUNA.
The investment required would be on the order of $3 billion, as leaked last week in a Twitter conversation with bitcoin influencer Udi Wertheimer. The bulk of the investment is yet to be made.
An analysis of the wallet in question supports this thesis, as USDT 125 million was transferred to Binance for the first time on March 21, after which BTC/USD climbed by a whopping 5.5%. These adaptation steps ensure that more investors also enter the market, which leads to a jump in the price.

The dreaded ban on cryptocurrencies based on the Proof-of-Work (PoW) consensus process in the European Union (EU), which would very likely have also seen a ban on market leader Bitcoin (BTC), is now finally off the table.
On Thursday, the European Parliament would have had the last chance to stop the current draft of the bill called “Markets in Crypto Assets” (MiCA), which in its amended version just no longer contains the controversial ban.
First, two different versions of the draft had to be negotiated in the responsible parliamentary committee before the next instance of so-called trilogue negotiations between the European Parliament, the European Commission and the Council of the European Union will decide on the previously selected version. This is an important signal in the direction of digital assets and clearly shows how advanced this technology is and how there is a clear majority of supporters within the EU.

Larry Fink, the managing director of the world’s largest asset management company BlackRock, believes that the Ukraine conflict has highlighted the need for digital currencies as an alternative financial instrument in international payments. As indicated in a circular to shareholders, Fink points out that the war will inevitably force governments of all countries to rethink their dependencies on national currencies. This, in turn, would open the door for digital payment networks to succeed.

Janet Yellen, the U.S. Treasury Secretary, commented on a range of issues yesterday, Friday, on CNBC’s financial show Sqauwk Box. In doing so, she not only talked about the detachment from Russian energy supply and rising inflation, but also about her current stance on cryptocurrencies.
Meanwhile, the senior policymaker acknowledges that the crypto industry has provided certain technical and social advances in recent years, which is why she is now taking a friendlier tone than before. For example, Yellen believes that crypto “plays an important role, not as a transactional tool, but as an investment product for many Americans.” To that effect, the U.S. Treasury secretary states, “There are certain benefits of cryptocurrencies, and we think innovation in the payments industry is a healthy thing.”

Leumi Bank, one of Israel’s largest banks, has now started trading Bitcoin (BTC) and Ether (ETH), according to media reports.
As Reuters reported accordingly on Thursday, Pepper Invest, the bank’s digital trading platform, has partnered with blockchain service provider Paxos to launch crypto trading. So far, there is no concrete launch date for the new service, as regulatory approval is still pending. To that effect, the report states:
“Pepper automatically collects taxes from crypto trades to comply with Israeli tax authorities and so that customers don’t have to deal with the tangles of taxation.” Thus, another institution will soon offer customers simple and direct ways to invest in digital assets.