Crypto News Predictions for MARKETS
From time to time, especially in bear markets, crypto news predictions suggest that bitcoin tends to outperform altcoins. The primary reason is that it is an established market leader that investors trust much more than historically volatile altcoins.
Bitcoin dominance (a metric that tracks its share of the total cryptocurrency market) has increased by 1% in just the last 24 hours, reaching another peak not seen since October last year.
Meanwhile, the price of bitcoin has fallen by less than one percent over the past day, is trading at $ 29,000, and is unable to recover from the recent slump. Right now is the perfect time to invest in Bitcoin, as the price has fallen.
The altcoin market looks particularly shaky, and the growing dominance of bitcoin is clear evidence of this. The ETH graph looks particularly gloomy, as this cryptocurrency has lost about 5% in the last 24 hours alone.
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Crypto News
According to the cryptanalytic company XRP, whales are accumulating
Blockchain’s analyst firm Santiment reveals that whales holding between 1 and 10 million XRP are stocking the sixth-largest cryptocurrency by market capitalization in a current digital asset market volatility.
According to Santiment, the richest non-exchange wallets with XRP increased their collective holdings by 2.4% in just 11 days.
XPR whales are holding one to ten million XRP collectively, and right now, it is the highest percentage of this asset in the last two months. This is the most active group of non-exchange holders, and currently, they are holding 6.12% of all XRPs.
The Central African Republic is ready to become a cryptographic center
The crypto center is called Project Sango, as the president mentioned on Twitter. The tweet also included a link to the Sango.Org landing page. On this page, there is a waiting list button. Users are redirected to an online presentation that discusses the details of the project. Latest crypto news should suggest more once the project is up and running.
This documentation consists of 24 pages, which include the stated objectives of the project and shed light on the proposed goals of the Sango project. This presentation says that Sango is “the first legal crypto center recognized by the country’s parliament.”
The Central African Republic’s plan to set up a digital national bank to help purchase bitcoin and create a cryptocurrency wallet is also mentioned. Along with facilitating the purchase of land through Bitcoin, the local government will also support the provision of access to natural resources, such as gold, diamonds, lithium, uranium, and oil. The presentation also states that there will be a “citizenship through investment” program with a zero income and business tax rate.
Banks, stock exchanges, companies
JPMorgan is testing a blockchain to settle collateral in after-hours trading
The multinational investment bank JPMorgan Chase & Co is reportedly trying to use its private blockchain to settle collateral. According to Bloomberg, on May 20, JPMorgan carried out a pilot transaction in which two of its entities transferred a tokenized shareholding of Black Rock Inc. money market fund shares.
A cryptocurrency market fund is a type of mutual fund considered a low-risk investment because it exposes liquid and short-term assets such as cash, cash equivalents, and debt securities with a high credit rating.
Regarding JPMorgan’s broader vision for its private blockchain, the bank said it intended to allow investors to present as collateral a wide range of assets that could be used outside regular market hours. She pointed mainly to stocks and fixed income.
Crypto Exchange Bitso has 80 employees
According to latest crypto news the Latin American crypto exchange Bitso laid off 80 employees on Thursday. Bitso had more than 700 employees before the layoffs and still lists more than 60 vacancies on its website, according to a report quoting Bitso’s statement.
The Gibraltar-registered exchange has more than 4 million users in Latin America, Mexico, Brazil, and Argentina. It was only last week that it officially launched its business application in Colombia.
In May 2021, the company completed a $ 2.2 billion round of C-series funding. Tiger Global and Coatue Management participated in this $ 250 million round, which ended months after Bitso announced its B-Series.
CBDC, Regulation
Thailand’s central bank is in no hurry to deploy CBDC, and VAT crypto is postponed
Thai Central Bank Governor Sethaput Suthiwartnarueput said there were already plenty of payment options in the country, so “the need to implement CBDC is not so high.” He reportedly came this week in an interview with local media during the annual meeting of the World Economic Forum 2022 in Davos.
The central banker noted that BoT would continue to test the retail CBDC for the public in the fourth quarter of this year. However, it will take place on a limited scale, with deposits, withdrawals, and transfers of funds being tested by financial institutions.
The Bank of Thailand, like most banks in the region, is strongly opposed to decentralized cryptocurrencies and has promised to take action against them.
Bill banning Chinese digital yuan in US application stores
Lawmakers in the United States are trying to protect the country from the possible adverse effects of the global adoption of China’s national digital currency.
Three Republican senators, Tom Cotton, Mike Braun, and Marco Rubio, unveiled a bill on May 25 to limit the use of China’s central bank digital currency (CBDC) in the United States.
The bill is referred to as the “Defending Americans from Authoritarian Digital Currencies Act” and proposes to ban the use of China’s e-CNY digital currency payment system for US app stores and other purposes. Follow the latest crypto news to see the predictions
