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XRP, DOGE Rise, Ether Burn Falls to Record Low as Traders Eye This Week’s U.S. Data

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Bitcoin (BTC) topped $87,000 early Monday with solana (SOL), xrp (XRP) and dogecoin (DOGE) adding more than 4% to start the week in the green as traders eyed the release of further U.S. economic data for cues on further positioning.

Bitcoin mostly hovered around $85,000 over the weekend, restrained by concern over inflation and the broader U.S. economy. SOL led gains among major cryptocurrencies with a 5% bump in the past 24 hours, while tron’s TRX led losses, dropping 4% to further pare gains after a memecoin-led price bump last week.

A risk-off mood persists, but is weakened amid reports suggesting that the U.S. tariffs due April 2 might be more measured than initially expected.

“Investors are remaining cautious on the upcoming price moment due to the uncertainty,” Nick Ruck, director at LVRG Research, said in a Telegram message. “This week’s U.S. economic reports on consumer confidence, personal spending, and PCE may show whether American consumers can cope with these economic changes or are preparing for less spending and more budgeting.”

Consumer confidence measures how optimistic Americans are about the economy — high confidence means more spending, low means more saving. Personal spending tracks how much people buy, which is a big driver of economic growth. PCE, or Personal Consumption Expenditures, is a key inflation gauge, showing price changes in goods and services.

These reports can affect crypto markets. Strong consumer confidence and spending suggest a healthy economy, which might boost crypto prices as people invest more in riskier assets. High PCE (rising inflation) could worry investors, pushing them toward crypto as a hedge against a weaker dollar. But if confidence drops and spending slows, it might signal a downturn, making investors cautious and dragging crypto prices down.

Some traders, however, say the U.S. economy is stronger than thought, making current price levels a good area to buy for those bullish in the medium to long term.

“U.S. ‘hard’ economic data remains robust and in contrast with the soft sentiment, suggesting an over-extrapolation of the current weakness versus underlying fundamentals,” Augustine Fan, head of insights at SignalPlus, told CoinDesk in an email. “Macro observers have generally been more precarious in their assessments than the actual reality, and we believe that the underlying economy remains stronger han feared.

“Crypto markets had a similar quiet week, with prices largely rangebound and rebounding off recent lows as a mirror move of the equity action. Technically speaking, prices remain on a negative downward trend but are stabilizing around key support levels, with ETH settling at the highs of the 2022 range and the next big support level at around the 1500 area,” Fan said.

Ether’s outlook comes as the blockchain saw one of its lowest 24-hour revenues in recent months, sending daily burns to a record low.

A burn permanently removes a token from circulation by sending it to an address not controlled by anyone. Ether burns started in August 2021, when Ethereum’s EIP-1559 upgrade occurred, stemming from the network burning all base fees charged to users per transaction.

Transactional activity has declined over the past few months amid a rising preference for cheaper networks such as Solana and Tron and a general taper-off of speculative trading activity since late January.

Just 50 ETH was burned on Sunday, data shows, a record low and a nearly 99% drop from the record 71,000 ETH on May 1, 2022. Daily burns have been gradually declining since early 2023, ranging between 500 ETH to more than 3,000 ETH.

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FalconX Said to Have Suffered Wave of Senior Staff Departures, Including General Counsel, European Head

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Crypto prime broker FalconX has seen the departure of several senior staff recently, according to three people with knowledge of the matter.

Among those resigning was Tommy Doyle, FalconX’s European head, according to the sources.

The global chief compliance officer, general counsel, and head of credit at FalconX have also resigned, the sources said, who spoke on condition of anonymity as the matter is private. Two traders also exited the business, the people added.

Two of the people said the total number of departures was a combination of resignations and firings, and numbered between 10 and 15 people.

«Our headcount approximately doubled last year and we continue to grow. We do not comment on personnel matters,» a FalconX spokesperson said in an emailed comments.

Doyle declined to comment.

Prime brokers are essential to financial markets. They provide trading, financing and custody services to large institutions.

Before this wave of exits, Brian Strugats, head of trading at FalconX, had recently left the business, as reported by CoinDesk. He had worked for the firm for more than three years and was based in New York.

FalconX describes itself as the largest, most reliable digital assets prime brokerage for the world’s leading institutions. The company employed 243 people as of February 2023 according to PitchBook data.

The crypto firm was founded in 2018 and was valued at $8 billion at the time of a mid-2022 funding round.

Read more: Binance, FalconX and the Curious Case of 1.35M Missing Solana Tokens

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Now Is ‘Really Good Time’ to Buy Bitcoin, Says Trillion Dollar Investment Manager

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In a conversation at the Exchange conference in Las Vegas, which has brought together about 2,000 investment advisors and asset managers, Dominic Rizzo, global technology portfolio manager at R. Rowe Price—the firm that handles over $1 trillion in assets—said that now is a good time to have exposure to bitcoin.

He likened the price of bitcoin to a commodity and how investors should think about investing in it. “Bitcoin itself has traded very close to its average cost of mine. So if you think about it like a traditional commodity, that’s actually historically a really good time to have exposure to it when it’s close to its cost of mine,” he said.

In traditional commodity investing, when the cost of mining or extracting a commodity is close to the spot price, it often signals that the commodity’s price might have found the floor or has a limited downside. This is something contrarian investors look for when investing in commodities, as the bearish sentiment could be priced in when such an event occurs. Rizzo seems to be alluding to such a dynamic in play for bitcoin as well if one compares commodity cycles to bitcoin price.

According to MacroMicro blog, the current average price of mining bitcoin is around $84,770, while the spot price is hovering near $87,000.

How to play blockchain and AI revolution

Rizzo also said that he sees blockchain and digital payments as an integral part of fintech and artificial intelligence (AI).

“The world is getting more global, we’re moving from cash to digital payments … so, I think digital payments is really at the nexus of moving money cheaply and taking a software-driven approach to areas that have historically been not software-driven,” according to Rizzo.

He said part of this movement is blockchain, which he believes every investor should have some exposure to, whether through holding stocks of companies like Coinbase (COIN) or Robinhood (HOOD) or those of crypto miners profiting from the evolution of AI.

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SEC’s Crypto Task Force Will Host 4 More Industry Roundtables

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The U.S. Securities and Exchange Commission’s (SEC) Crypto Task Force will host four more roundtable discussions with the industry this spring, on topics ranging from tokenization to decentralized finance (DeFi).

The Crypto Task Force’s first roundtable discussion — the kick-off to what Commissioner Hester Peirce, the task force’s leader, has dubbed the SEC’s “Spring Sprint Toward Crypto Clarity” — was held in Washington, D.C., last Friday. A dozen industry lawyers spoke about issues related to the security status of tokens.

Read more: SEC ‘Earnest’ About Finding Workable Crypto Policy, Commissioners Say at Roundtable

“The Crypto Task Force roundtables are an opportunity for us to hear a lively discussion among experts about what the regulatory issues are and what the Commission can do to solve them,” Peirce said in a Tuesday announcement.

The roundtable discussions are just one example of the SEC’s radical overhaul of its approach to crypto regulation. As the agency moves away from the so-called “regulation by enforcement” practiced by former Chair Gary Gensler, its new leadership — including Pierce and Acting Chair Mark Uyeda — have signaled a desire to improve their working relationship with the crypto industry and provide clearer regulatory guidelines to industry participants.

The next roundtable discussion in the series, “Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading” is slated for April 11. The following discussions will cover topics including crypto custody (April 25), tokenization (May 12), and decentralized finance (June 6). Each of the roundtable discussions will take place in Washington, D.C., and will also be livestreamed.

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