Bitcoin Crypto Week in a Moment: Bitcoin Relief Rally, $ 10,000 Predictions and Crypto Boost from South Africa

The track for Bitcoin (BTC) caused crypto traders, investors and enthusiasts to guess when an emergency rally on July 15 peaked at $ 21,140. Bitcoin continues to trade in the range of $ 20,000-22,000. US CPI data, which set its quarterly inflation at 9.1%, the highest in 40 years, did not appear to have affected markets yet. BTC and other cryptocurrencies are driving global stock indices, which have been in the green for the second half of the week.

On a weekly basis, however, BTC has fallen 4.7% and over 50% from a year ago. Celsius Network’s bankruptcy petition sent chills early in the week, although there were some positive developments along the way. This week’s story may well be that South Africa is ready to regulate crypto as a financial asset. We discuss it and other stories from the week below.

South Africa’s crypto signal to India

The announcement by the South African Reserve Bank (SARB) that it will start regulating cryptocurrencies as a financial asset in the coming year is expected to have some in India. The Indian government has “exercised caution” while a regulatory code to make things easier for crypto investors and companies is being drafted.

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SARB said that cryptocurrencies, especially Bitcoin, provide many benefits to the monetary system. With about six million South Africans owning cryptocurrencies, the nation has become a pioneer in cryptocurrency adoption.

South Africa’s National Treasury Budget Review published in February 2022 recently introduced the decision to declare cryptocurrencies as financial products. The state also plans to improve monitoring and reporting of cryptocurrency transactions to comply with changing rules in the country.

Central banks face important decisions about digital currency

In a related development, international agencies are proactively asking central banks to consider interoperability early in the design of central banks’ 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 former EU 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 that may arise. The most important aspect that central banks will have to plan and manage will be cross-border access to the digital version of their currencies in order to serve as a means of payment.

International collaboration on CBDC design is needed to overcome the challenges of cross-border payments, and many CBDC design features remain unresolved in the many CBDC projects currently underway.

Bitcoin price prediction: Is $ 10,000 in sight?

If you look at the polls, here are two results that indicate that Bitcoin will bottom out at $ 10,000.

At least 40% of respondents to a survey on Chinese social media platform Weibo said they had seen a price line of $ 10,000 for Bitcoin in the near future. Another Bloomberg MLIV Pulse survey saw 60% of respondents asking for a similar price. The surveys, one in Asia and the other on Wall Street, yielded strikingly similar results, reflecting the bearish sentiment of crypto traders. However, analyzes of on-chain activity also suggest that U.S. traders were relatively more optimistic than their Asian counterparts in June 2022.

Disney accelerator program for developing AR, NFT and AI

In the world of entertainment, Disney announced the 2,022 participants in their accelerator program, which begins this week, and the only blockchain-based platform chosen among 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 seeks to address some significant limitations of Ethereum.

This business and development program, designed to promote the growth of innovative companies, 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 (18:00, 16 July 2022)

Lido DAO (LDO): 59.49%

Quantity (QNT): 34.83%

Serum (

): 20.76%

Top losers this week (from 16 July 2022 at 14.00)

STEPN (GMT): -12.44%

Ghost (FTM): -10.75%

Chain THOR (RUNE): -10.64%

Note: The analysis includes only the top 100 cryptocurrencies.

Source: Coinmarketcap

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