Bitcoin is currently trading around $ 30k after another slow dull day yesterday. The largest cryptocurrency by market value made a half-hearted attempt to get over $ 31, but failed. Altcoins also had some losses. More on that later.
In other news, a group of human rights activists have criticized opponents of the crypto-sectors in an open letter to the US Congress, calling them “privileged.” More on that later.
Despite the recent bearish trend that has caused the prices of major cryptocurrencies to fall, many hedge funds continue to invest in the sector. While many of these companies and their aging fund managers are hesitant about the cryptocurrency sector, they are still at least dipping their toes into the sector as the pressure from their investors increases.
The US dollar exchange rate has been rising against major fiat currencies and even cryptocurrencies for a while now. The renewed demand for the dollar came at a time when inflation levels around the world continue to rise and many see the USD as a stable alternative. However, the USD’s ever-rising exchange rate now appears to be ending, with both the euro and the GBP holding back a steady rise.
Imports of a major US state-owned central bank (CBDC) digital currency are still surrounded by much confusion at this point. This is because various elements inside and outside the government make conflicting and confusing statements about the future of CBDCs in the country. So it seems that other countries can take the lead over the United States in this matter.
In a surprising move, major South Korean crypto exchanges have removed the former top 5 crypto Litecoin from their platforms. This action is attributed to the latest privacy features activated on Litecoin, which can make it difficult to track transactions, just like with privacy coins like Monero and Dash. So it has nothing to do with the recent LUNA failure.
The International Monetary Fund (IMF) has recommended the arrival of CBDCs in the near future, but has also recommended making them environmentally friendly. The IMF is particularly concerned about the energy-intensive nature of cryptocurrencies such as Bitcoin.
Grayscale, one of the largest Bitcoin funds in the world and in the United States, has a former U.S. Attorney General hired to help advocate for Exchange Traded Funds (ETFs) for cryptocurrencies in the country. The US has been surprisingly slow on this front, after rejecting dozens of ETF applications in recent years.
The New York governor has still not committed to signing the state’s Bitcoin mining ban. The law has been passed by the state parliament and is now awaiting final approval from the governor, but she may choose to veto it.
Bitcoin price stable at $ 30k
The Bitcoin price is currently stable at $ 30ki at the time of writing after another day of slow, indecisive markets yesterday.
Bitcoin started around $ 31.5k within the last 24 hours. It traded sideways for a while before starting to fall early in the morning. It registered a large drop at. 5pm to go as low as $ 29.8 in a single trading light. Thereafter, the digital asset rose back over $ 30,000 and has been largely flat since then.
Currently, Bitcoin is consolidating around the same trading range of $ 29k – $ 30k. It is likely that this behavior will continue for some time before bulls or bears can make another crucial move.
Bitcoin’s total market value was around $ 575 billion and its share of the crypto market was 47.2%.
Altcoins records small losses
Other cryptocurrencies generally had some small losses. Solana (SOL, -3.7%), Polkadot (DOT, -3.5%), Avalanche (AVAX, -4%) and Litecoin (LTC, -3.5%) all had significant losses, while Cardano (ADA , 3.5%) ended the day on a positive note.
In other news …..
Human rights activists criticize ‘privileged’ cryptocurrencies
A group of 21 human rights activists have written an open letter to the US Congress, saying that critics of the crypto sector do not know what they are talking about.
Activists called Bitcoin critics “privileged” actors and said they were privileged enough not to be affected by the various economic problems around the world. The poor people of third world countries with little or no access to the mainstream banking system often benefit greatly from the use of cryptocurrencies.