Crypto News Round-Up: Industry Landscape These Days 

The cryptocurrency industry is a wild one. There are new coins coming out every day, and it’s hard to keep track of them all. Here’s an overview of recent developments in the space.

The “price prediction cryptocurrency 2021” is a recent article that discusses the current state of the industry. The article talks about how many cryptocurrencies are in circulation and what their future looks like.

This week’s crypto news is full of highs and lows, literally, from crypto sell-offs in this bear market to Bitcoin acceptance in the Central African Republic (CAR). Here’s a look at the most recent top crypto news.

 

Crypto News Round-Up: Industry Landscape These Days 

 

Red Crypto Market Trading

Over the last two days, the global cryptocurrency market has been painted crimson. The biggest 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 crash of the crypto market has been attributed to Bitcoin’s correlation with the S&P 500 and NASDAQ. Luna Foundation Guard’s Monday sell-off of its entire 42,530 BTC reserves could also be a factor.

According to Armando Aguilar, the Head of Alternative Strategies and Research at Ledn, a digital asset savings and lending platform,

“The overall market has noticed the high correlation to Bitcoin prices and the general equities markets. The S&P 500 and NASDAQ have had the largest correlations to Bitcoin with 0.88% and 0.91%, respectively.”

Bitcoin is presently trading at $31,600, down 17% from last week, while Ethereum is selling at $2,400, down 15%.

 

KuCoin Secures $150 Million in Pre-Series B Funding

On Tuesday, cryptocurrency exchange KuCoin said that it had secured $150 million in a pre-Series B fundraising round. At a $10 billion value. Jump Crypto led the investment, with backing from Circle Ventures, IDG Capital, and Matrix Partners.

The cash will be utilized to grow KuCoin’s product line and strengthen its infrastructure.

 

Backlash Against Bitcoin Adoption in the Central African Republic

Late last month, the conflict-torn Central African country declared that lawmakers had decided to recognize Bitcoin as legal cash. Following El Salvador’s historic step last year, it is now the second country to do so.

The historic move, which aims to place CAR, the world’s second-least developed economy, “on the map of the world’s bravest and most imaginative nations,” has been received with local and international criticism. The move was swiftly 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’s Minister of Finance, Hervé Ndoba, BEAC Governor Abbas Mahamat Tolli believes the action would harm the Central African monetary union.

“This legislation seems to have as its major goal the establishment of a Central African currency independent of the BEAC, which might compete with or supplant the CEMAC’s legal currency and imperil monetary stability.”

The economic and other regional and worldwide repercussions of this decision need to be seen.

Meanwhile, the government is preparing a public awareness campaign to address rampant crypto illiteracy, as well as plans to “install fiber optic cable” to improve internet access for the general public.

 

El Salvador purchases the dip and adds 500 bitcoins.

Without including El Salvador’s newest Bitcoin purchase, our roundup of crypto news would be incomplete. Taking advantage of the price drop, the Central American country purchased 500 bitcoins for an average of $30,744 to add to its expanding stockpile. El Salvador now has 2301 Bitcoins in its possession.

The “cryptoglobe” is a blog that covers all the latest crypto news. The blog has been around for quite some time and is one of the most popular blogs in the industry.

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