The cryptocurrency industry is wild. New coins come out every day and it’s hard to keep up with them all. Here’s an overview of recent developments in space.
The “cryptocurrency price forecast 2021” is a recent article that discusses the current state of affairs in the industry. The article tells how many cryptocurrencies are in circulation and what their future looks like.
This week’s crypto news is full of highs and lows, quite literally, from crypto sell-offs in this bear market to Bitcoin adoption in the Central African Republic (CAR). Here is an overview of the most recent crypto news.
Trade in red crypto market
Over the past two days, the global cryptocurrency market has been painted crimson. The largest cryptocurrency by market capitalization, Bitcoin, has fallen to levels not seen since mid-last year. Since its all-time high of $69,000 in November 2021, the asset has lost more than half of its value.
The crypto market crash has been attributed to Bitcoin’s correlation with the S&P 500 and NASDAQ. Luna Foundation Guard’s sale on Monday of its entire 42,530 BTC reserves could also be a factor.
According to Armando Aguilar, head of alternative strategies and research at Ledn, a digital asset savings and lending platform,
“The general market has noticed the high correlation with Bitcoin prices and the general stock markets. The S&P 500 and NASDAQ have the highest correlations with Bitcoin at 0.88% and 0.91% respectively.”
Bitcoin is currently trading at $31,600, down 17% from last week, while Ethereum is selling at $2,400, down 15%.
KuCoin Raises $150 Million in Pre-Series B Financing
On Tuesday, cryptocurrency exchange KuCoin said it had secured $150 million in a pre-Series B fundraising round. Worth $10 billion. Jump Crypto led the investment, with support from Circle Ventures, IDG Capital and Matrix Partners.
The money will be used to grow KuCoin’s product line and strengthen its infrastructure.
Resistance to Bitcoin Adoption in the Central African Republic
Late last month, the conflict-torn Central African country stated that lawmakers had decided to recognize Bitcoin as legal money. After El Salvador’s historic step last year, it is now the second country to do so.
The landmark move, which aims to put CAR, the world’s second least developed economy, “on the map of the world’s bravest and most imaginative nations” has been met with local and international criticism. The move was quickly condemned by the International Monetary Fund (IMF).
The measure has also been criticized by the Bank of Central African States, Banque des États de l’Afrique Centrale (BEAC). In a letter to CAR Finance Minister Hervé Ndoba, BEAC Governor Abbas Mahamat Tolli believes the action would damage the Central African monetary union.
“The main aim of this legislation appears to be the creation of a Central African currency independent of the BEAC, which could compete with or supplant the legal currency of the CEMAC and endanger monetary stability. “
The economic and other regional and global implications of this decision must be seen.
Meanwhile, the government is preparing an awareness campaign to tackle rampant crypto-illiteracy, as well as plans to “install fiber optic cable” to improve Internet access for the general public.
El Salvador buys the dip and adds 500 bitcoins.
Without including El Salvador’s latest Bitcoin purchase, our collection of crypto news would be incomplete. The Central American country took advantage of the price drop and bought 500 bitcoins for an average of $30,744 to add to its growing supply. El Salvador now holds 2301 Bitcoins.
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