bitcoin: Cryptouke at a glance: Bitcoin relief rally, $ 10K predictions and crypto increase from South Africa
On a weekly basis, however, BTC is down by 4.7% and by more than 50% compared to a year ago. Celsius Network’s bankruptcy petition dampened the mood at the beginning of the week, although there has been a positive development along the way. This week’s story may well be that South Africa is ready to regulate crypto as a financial asset. We discuss this and other week’s stories below.
South Africa’s cryptocurrency for India
The South African Reserve Bank (SARB)’s announcement that it will start regulating cryptocurrencies as a financial asset in the coming year should have some in India. The government of India has “stepped in cautiously” while working on a regulatory code to make things easier for crypto investors and companies.
SARB said that cryptocurrencies, especially Bitcoin, offer many benefits to the money system. With an estimated six million South Africans owning cryptocurrencies, the nation has emerged as a pioneer in the use of cryptocurrencies.
South Africa’s National Treasury budget review published in February 2022 formally introduced the move to declare cryptocurrencies as financial products. The government also plans to improve the monitoring and reporting of cryptocurrency transactions in order to comply with the country’s currency regulations.
Central banks are facing important decisions about digital currency
In a related development, international agencies proactively ask central banks to consider interoperability early in the design of central banks’ digital currencies (CBDC). Interestingly, the Union’s Ministry of Finance had asked the Reserve Bank of India to provide a digital currency in the previous Union budget.
The Bank for International Settlements, the International Monetary Fund and the World Bank have urged CBDCs to “program in advance” to address any interoperability issues that may arise. The main aspect that central banks need to anticipate and manage will be cross-border access for the digital version of their currencies in order to serve as a means of payment.
International collaboration on CBDC design is needed to overcome cross-border payment challenges, and many CBDC design features remain undecided in the many CBDC projects currently underway.
Bitcoin Price Prediction: Is $ 10K on the Stairs?
If research is anything to go by, here are two results that say Bitcoin will reach the bottom of $ 10,000.
At least 40% of respondents in a survey on the Chinese social media platform Weibo said they saw a price line of $ 10,000 for Bitcoin in the near future. Another survey conducted by Bloomberg MLIV Pulse found that 60% of respondents asked for a similar price. The surveys, one in Asia and another in Wall Street, have drawn strikingly similar results that reflect the bearish sentiments of crypto traders. However, the activity analysis on the chain also suggests that US traders have been relatively more positive than their Asian counterparts in June 2022.
Disney Accelerator Program to develop AR, NFT and AI
In the world of entertainment, Disney announced in 2022 the participants of its accelerator program starting this week, and the only blockchain-based platform chosen from the six companies is Polygon.
Formerly known as the Matic Network and rebranded in 2021, Polygon is a scaling and interoperability framework for building Ethereum-compatible blockchains that seek to address some of Ethereum’s significant limitations.
This business and development program, designed to stimulate the growth of innovative companies, is part of Disney’s efforts to develop new technologies in augmented reality (AR), non-fungible tokens (NFT) and artificial intelligence (AI).
Top winners this week (from 18:00, 16 July 2022)
Lido DAO (LDO): 59.49%
Number (QNT): 34.83%
Serum (
): 20.76%
Top losers this week (from 14.00, 16 July 2022)
STEPN (GMT): -12.44%
Phantom (FTM): -10.75%
THORChain (RUNE): -10.64%
Note: The analysis includes only the top 100 cryptocurrencies.
Source: Coinmarketcap
