However, on a weekly basis, BTC is down 4.7% and more than 50% from a year ago. Celsius Network’s bankruptcy petition caused shivers at the start of the week, although there were some positive developments along the way. The story of the week may well be that South Africa is ready to regulate crypto as a financial asset. We discuss those and other stories of the week below.
South Africa’s crypto signal to India
The announcement by the South African Reserve Bank (SARB) that it will regulate cryptocurrencies as a financial asset in the coming year is expected to have some in India. The Indian government has “be careful” while drafting a regulatory code to make it easier for crypto investors and businesses.
The SARB said that cryptocurrencies, especially Bitcoin, bring many benefits to the monetary system. With approximately six million South Africans owning cryptocurrencies, the nation has become a pioneer in cryptocurrency adoption.
South Africa’s National Treasury Budget Review, released in February 2022, recently introduced the decision to declare cryptocurrencies as financial products. The state also plans to improve the monitoring and reporting of cryptocurrency transactions to comply with the changing regulations in the country.
Central Banks Face Important Digital Currency Decisions
In a related development, international agencies are proactively asking central banks to consider interoperability early in the design of central bank digital currencies (CBDCs). Interestingly, the Union Ministry of Finance had asked the Reserve Bank of India to come up with 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 “plan ahead” to address any interoperability issues. The most important aspect that central banks will have to plan and manage is cross-border access to the digital version of their currency to serve as a means of payment.
International collaboration on CBDC design is needed to meet the challenges of cross-border payments, and many CBDC design features remain undecided in the many CBDC projects currently underway.
Bitcoin Price Prediction: Is $10,000 In Sight?
Judging by the polls, here are two results indicating that Bitcoin will bottom out at $10,000.
At least 40% of respondents to a survey on the Chinese social media platform Weibo said they had seen a $10,000 price line for Bitcoin in the near future. In another Bloomberg MLIV Pulse survey, 60% of respondents asked for a similar price. The surveys, one in Asia and the other on Wall Street, yielded strikingly similar results, reflecting bearish sentiments among crypto traders. However, analysis of on-chain activity also suggests that US traders were relatively more optimistic than their Asian counterparts in June 2022.
Disney accelerator program to develop AR, NFT and AI
In the world of entertainment, Disney announced the 2,022 participants of its accelerator program starting this week and the only blockchain-based platform chosen from the six companies is Polygon.
Formerly known as Matic Network and renamed in 2021, Polygon is a scaling and interoperability framework for building Ethereum-compatible blockchains that seeks to address some key limitations of Ethereum.
Designed to encourage the growth of innovative companies, this business and development program is part of Disney’s efforts to develop new technologies in augmented reality (AR), non-fungible jets (NFT) and artificial intelligence (AI).
Top winners this week (at 6 p.m., July 16, 2022)
Lido DAO (LDO): 59.49%
Amount (QNT): 34.83%
Top losers this week (starting July 16, 2022 at 2 p.m.)
STEPN (GMT): -12.44%
Spirit (FTM): -10.75%
Necklace THOR (RUNE): -10.64%
Note: The analysis only includes the top 100 cryptocurrencies.