News updates May 07, 2022
1. Bitcoin Trades At Lowest Since February After Suffering Further Losses.
Bitcoin prices pushed lower today, building upon the notable declines they experienced the day before.
The digital currency fell below $35,400 today on TradingView, at which point it reached its lowest point since February.
2. UAE Paves the Way for Crypto Exchanges, Plotting to Become Worldwide Crypto Hub.
Dubai and Abu Dhabi are vying for the title of crypto capital. Popular crypto exchanges are setting up an expansive base in Dubai, including FTX, Binance, and Kraken.
UAE Regulators and Businesses are Embracing Cryptos
Recent news reports show that multiple international crypto exchanges have obtained commercial licenses and are shifting their main offices to Dubai and the UAE. Moreover, various local entrepreneurs and investors alike have made their debut to anyone wishing to fill their wallets with virtual currencies.
Dubai’s renowned and leading property developer Damac Properties, declared on 27th April, that virtual assets such as bitcoin would be accepted for property purchases.
On April 25, ADGM announced that Kraken had been granted a license to operate a regulated virtual asset trading platform in the financial-free zone.
3. The Role of Africa in Cryptocurrency Adoption. Africa is the second largest continent in terms of population. According to Worldometer, its population is about 1.34 billion. In the Cryptocurrency space, numbers play an important role in determining a lot of data that is essential for the survival of a project.
According to available data, over $105 billion in transactions were sent into Africa in 2021. When the present total market capitalization of about $1.8 trillion is considered, we can see that Africa has been positioned as an important continent in the crypto space.
Between June 2020 and June 2021, the rate of Cryptocurrency adoption in Africa has grown by 12times. This is a big growth that has a great impact on the market.
Some of the roles that Africa can provide in crypto adoption include:
- Avenue for growth of Cryptocurrency Laboratories.
- Avenue for the adoption of projects with real-life application
- Avenue to source for experts
4. US Senator Introduces Bill Prohibiting Labor Department From Interfering With Crypto in Retirement Accounts
A U.S. senator has introduced a bill to prohibit the Labor Department from issuing a regulation or guidance that limits the type of investments investors can choose in their retirement plans, including cryptocurrency. “Today, the Biden administration is targeting cryptocurrency. Which investment class is next?” the lawmaker stressed.
The issue of what investments Americans can put in their retirement accounts has become a hot topic in Washington. In March, the Department of Labor issued guidance warning employers and investment firms against allowing cryptocurrency investments in retirement plans.
Responding to the Labor Department’s crypto warning, U.S. Senator Tommy Tuberville (R-AL) introduced the Financial Freedom Act Thursday. The lawmaker described the bill as “legislation to prohibit the U.S. Department of Labor (DOL) from issuing a regulation or guidance that limits the type of investments that self-directed 401(k) account investors can choose through a brokerage window.”
5. Crypto Sell-Off Is Incoming, Bitcoin Price Show No Sign Of Recovery
Bitcoin (BTC) was basically unchanged on Friday, settling at $36,000. In comparison to yesterday’s steep price drop, the cryptocurrency has traded with less volatility in the last 24 hours.
The price of Bitcoin is falling, which is forcing the rest of the crypto market to plummet as well. Now that Bitcoin has fallen below $37,000, Peter Schiff expects a massive crypto sell-off.
“Malinvestment”
Peter Schiff, the chairman of SchiffGold and an economist and investor, took to Twitter to remark on the present slump of the cryptocurrency market, forecasting widespread dumping of crypto and predicting the collapse of blockchain-related equities.
Schiff predicted that the world’s most popular cryptocurrency would fall below the $30,000 support level in early January. BTC’s price has dropped to $36,362 as a result of the Federal Reserve’s recent interest rate hike of half a basis point (the largest increase in 22 years).
6. South Korean Government Holds Off On Capital Gains Tax On The Crypto Market.
On Tuesday, South Korean president-elect Yoon Suk-yeol expressed his desire to delay crypto gains taxation. The newly elected leader is convinced that the tax rule, which lawmakers deferred last November to 2023, should come to play only after clear rules have been passed to ensure user protection in the developing market.
Following the president-elect’s statements, the tax rule will likely become enforceable in 2024 instead of 2023, as agreed in November. The continued postponement of the tax rule has led to lawmakers clashing on two tax principles. Supporters of the continued delay in taxing the nascent market have pitched their tents under the “principle of taxation after maintenance first.” In contrast, those opposed have argued that “where there is income, there is tax.”
7. Spanish Securities Regulator Orders Binance to Stop Offering Cryptocurrency Derivatives
The CNMV, which is the Spanish securities regulator, is putting more pressure on exchanges offering cryptocurrency-linked derivatives in the country. Binance, one of the biggest exchanges in the world by volume traded, has been required to drop the offer of cryptocurrency-related derivatives, like futures contracts, for customers in the country, according to local media.
The purpose of the measure is ostensibly to protect investors using such products as investment tools. The regulator warned last year about the danger of derivatives, stating they increase the complexity of trading operations, and also can cause investors to lose even more than the initial investment capital.
Binance has reportedly withdrawn all of its derivatives offerings from its investments page for Spanish users, preventing them from opening new operations. However, the operations that were already open are being maintained in the same state, as the exchange awaits more feedback from the regulator.
8. Georgia to Unveil New Cryptocurrency Law by This Fall
Authorities in Georgia are now holding discussions with industry representatives to finalize a bill designed to regulate coin trading, among other crypto-related activities. The legislation will be presented to the Georgian society this fall at the latest, a top central bank official announced.
9. Bitcoin, Ethereum, Tezos, and Pancake Swap Daily Price Analyses.
BTC below $36K
Even though various tech experts had hinted at Bitcoin turning to ‘Proof-of-Stake,’ it seems unlikely in the ongoing situation. The leading coin in the market has been through tough situations and might continue to face hard times. It has been a key competitor to replace gold, but the price fluctuations haven’t let it replace gold successfully.
The latest data regarding Bitcoin shows that it has shed 0.82% over the last 24 hours. If we compare its performance for the last seven days, it has shed 7.13%. The current data shows that its losses might be on the way to reduction, but there are chances that their pace might increase in no time.
The current price value for Bitcoin is in the $35,988.28 range. If we compare the market cap value, it is estimated to be $684,955,547,688. In contrast, its 24-hour trading volume of it is about $37,020,850,587.
BNB improving value
Binance Coin has also improved in value after facing a backlash from the investors. Binance is facing problems in Spain, where the security regulator stopped it from offering derivatives on cryptocurrency. The current data says that it has been able to get relief from the investor side.
The situation of Binance Coin has improved as it has gained 0.89% over the last 24 hours. If we compare its performance for the last seven days, it has shed 4.27%. It will gradually reduce the weekly losses if the performance remains stable.
The current price value for Binance Coin is in the $378.99 range. If we compare the market cap value, it is estimated to be $61,880,345,492. As there has been an improvement in the influx value, the trading volume has also enhanced and is currently about $163,276,975 BNB.
XTZ is on its way to gains
Tezos is also following the example of Binance Coin as it has also continued to add to its gains. The latest data shows that it has gained 2.15% over the last 24 hours. If we compare its performance for the last seven days, the losses are about 6.87%.
The decrease in losses has helped it improve the price value. Comparing the current price value has enhanced to $2.53 after the latest increase in value. The market cap value for XTZ is estimated to be $2,258,123,194. In contrast, its 24-hour trading volume of it is about $101,452,872.
CAKE fluctuates
Pancake Swap is in a bearish situation compared to Tezos. It has been through losses and has shed 0.15% over the last 24 hours. While if we compare the weekly performance, it has shed 4.95%. The losses might come to further lows, thus helping it enhance the price value.
Its current price value is in the $7.43 range and has been through fluctuations like other coins in the market. If we take a peek at the market cap value for CAKE, it is estimated to be $2,194,700,429. In contrast, its 24-hour trading volume of it is about $160,233,739.
