MyCryptoParadise | Crypto News | Weekly 6

My crypto paradise weekly news is here and this is the final edition of MyCryptoParadise | Crypto News | Weekly 6. Crypto News Weekly 6 has all the trending news of the week.

What happened this week in the Crypto world?

As Bitcoin’s price continues to inch towards the $12,000 ceiling with added resistance, the crypto world falls further into speculations and predictions calling for the next bullish rally. Interestingly, Bitcoin’s average hash rate has crossed the 120 TH/s threshold giving the asset a whole new perspective. Despite the negative speculations, Ethereum’s exemplary performance over the week has given a newer dimension to the platform.  Countries around the world are opening up to Cryptocurrencies with newer legislations. With Russia revoking its ban on cryptocurrencies, and China announcing its digital currency, a lot is in store for the Crypto World this week.

Overview

Bitcoin’s hash rate has hit an all-time high record; however, the digital asset continues to remain in consolidation below a critical resistance around the $12,000 mark. Data suggests the average hash rate to mine blocks into the system soared at a whopping 129 Tera hashes per second (TH/s). Although Bitcoin’s attempts to break through the $12,000 is matched with rejection and resistance.

While Ethereum records a two-year high at 445$ with implications of traders remaining bullish with indications of further gains over the month, Ethereum has continuously seen strong momentum in light of the rising attention of DeFi apps and tokens. With Popular trading platforms, Dex spiking to over 68% this week, a whopping $2.4 billion was swapped on the exchange.

In other parts of the world, Korea has joined the U.S. and Germany in its recognition of cryptocurrencies. The South Korean Banking Giants have announced their plans of providing custodial services for cryptocurrency in light of the new act passed by the Korean government. Moreover, the Chinese central bank has also announced its domestic digital currency with expansions to different provinces and states. Furthermore, the Russian government has revoked its ban on cryptocurrencies, allowing Russians to mine, own, and trade cryptocurrencies, provided they do not use cryptocurrencies as a means of payment.

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Bitcoin

Bitcoin bulls continue to attempt to break through the $12,000 ceiling. However, the attempts are intrinsic with multiple rejections and risks in correspondence to the stoicism and bearish potentials displayed from resistance levels. While experts suggest that the continuous efforts of Bitcoin bulls’ ongoing efforts lead to higher chances of success, the fear levels indicate trends and market movements heading for a correction. The Crypto Fear and Greed index illustrated a score of around 80, denoting the excessive greed in crypto markets.

Interestingly, Analysts illustrate that history may repeat itself with Notable analysts from leading platforms highlighting similarities in the current Bitcoin market movement and those of 2017 when price ran to all-time highs.

Ethereum

Contrarily, Ether, the second-largest cryptocurrency by market capitalization, has shown exemplary performance over the week, rising over 7% over the week in contrast to the 1.16% rise demonstrated by its leading counterpart, Bitcoin.

Ether has hit a two-year high, recording at $445, this week with open interest in Etherem futures showing resilience after rallying to $1.5 Billion. Analyst and Traders suggest Ethereum’s cryptocurrency; Ether may not incur hard resistance until the $750 mark.

The Ethereum Platform has emerged due to the rise of the Decentralized Finance Sector. The surge in demand for Ether has resulted in soaring transaction fees on the platform. The platform’s fee has recorded an all-time high price in both $USD and $ETH resulting in a 13% surge with sentiments remaining positive.

While traders and users incline towards lower transaction fees, analysts display their anticipation of more definite bullish trends following Ether’s breakout. Interestingly, the rise of Ethereum has translated into growing acceptance for dex platforms and trading applications such as Uniswap, Kyber, and more.

Over $2.4 Billion swapped among decentralized exchanges this week, Dex trading has surged over 68% this week. With trade volumes growing,  Dex platforms hosted on the Ethereum platform has exploded in demand.

Billions in weekly trade volumes among popular exchanges were reported this week. With Uniswap leading as the most popular dex with respect to trade volume, the Ethereum blockchain has allowed unmoderated swaps between ETH and over 200 ERC-20 Tokens.

Interestingly, over 20% of dex trades were accumulated on The Curve dex based on Ethereum. Despite its launch in January 2020. The low slippage trades and fee algorithms have brought Curve into the forefront of more dex trades.

China, Russia, and Korea

In other parts of the World, the Yuan has finally settled in digital waters after the Chinese Central bank announced its expansion to wealthier states. The Chinese Ministry of Commerce announced its expanded pilot, including the likes of Hong Kong’s Greater Bay Area with cities including Guangzhou, Shenzhen, Macao, and Hong Kong under the People’s Bank of China leading the pilot.

Interestingly, Korea has also dived into digital waters with its largest banks entering crypto space. South Korea’s largest banks have announced compatibility with cryptocurrency services in the succession of the country’s crypto regulation expecting operation next year. As the emergence of cryptocurrencies and the industry trickles down to traditional financial systems, banks and institutes worldwide show a keen interest in the industry.

Korea’s Banking giants have announced their plans of establishing cryptocurrency services in light of the country’s new policies coming into effect next year. The set of policies will moderate and regulate the South Korean crypto industry in compliance with the standard set by the Korean Government. Shinhan bank is the leading bank in South Korea with assets accumulating $482 Billion, while Woori is the 5th largest back in the country.

Moreover, NH Nonghyu Bank has announced its inclinations towards a cryptocurrency custody service that’ll allow banks to store and manage customer’s crypto assets. Interestingly, the fourth largest South Korean bank, NH Nonghyu’s development team, expects to deliver soon.

Furthermore, the KB Kookmin Bank, the second-largest bank in Korea,  has shown their interest by applying for a patent for several crypto services, including training, financial report, asset management, consultancy, brokerage, and custody.

Banks and leading transactions giants worldwide are showing acceptance for the emergence of cryptocurrencies, with the U.S. government recently encouraging national banks to store and provide cryptocurrency services, mainly custody in compliance with their policies the acceptance continues to emerge in the States. Additionally, in Germany, 40 banks have also applied for the country’s financial regulator, BaFin, to provide cryptocurrency services in light of the newfound acceptance.

However, the Russian government thinks so differently. The Russian government signed a new law that put stringent restrictions on the use and adoption of cryptocurrencies as a form or replacement for monetary currencies. The law passed in the succession of the former regulatory filing that primarily associated cryptocurrencies and the activities surrounding it, as a criminal offense. The previous filing imposed several cryptocurrency implications under the anti-money laundering regulations.

Interestingly, starting next year, Cryptocurrencies will be allowed in Russia; however, they may not replace monetary currencies. While there may be more impositions yet to occur, Russians can enjoy mining, trading, or owning cryptocurrencies without any legal issues as long as they don’t use it as a means of monetary payment.

Contrarily, Russian banks were allowed to provide cryptocurrency services under the supervision of the central bank. In light of the adamant regulatory filing on the complete ban of cryptocurrencies, this law has indicated a more liberal side of the Russian government.

The Russian government’s attitude towards cryptocurrency as ‘criminal’ isn’t new and follows trends shown previously. While the publicly distributed ledger allows for digitization and mass adoption, however, the anonymity and decentralized nature of cryptocurrencies have been somewhat limiting.

The decentralized nature of cryptocurrencies has shown opposition from Russia’s central bank with letters warning of criminal acts associated with cryptocurrencies and how they could be used for money laundering and funding terrorism.

However, the opposition of cryptocurrencies closely correlates with Russia’s attempts to centralize everything. Russia has also imposed strict regulations on the Internet to centralize the Russian Internet to create a firewalled intranet similar to China. While the new law has resulted in an uproar from the community, foreign service providers are forced to open data centers in the country to ‘moderate’ data and traffic from Russian netizens.

Similarly, the recent cryptocurrency law shows traits of the heavy centralization of the decentralized platform. However, attempts to centralize the mass adoption of the platform will counter cryptocurrencies.

Celebrities and Cryptocurrencies

Akon, the Senegalese-American singer, and entrepreneur recently announced the progress of Akon City. The construction of the $6 billion ‘Akon City’  is expected to adopt cryptocurrencies and empower Africans with futuristic concepts and technologies similar to the fantastical city, Wakanda.

The star’s Wakandan inspired city raked in investments from investors and partners around the world. The project is reported to be almost complete, according to the Senegalese-American Star. The award-winning singer announced the completion of the first phase by 2023, with cryptocurrencies running the entire city by 2029.

Akoin, Akon’s cryptocurrency, aims to be implemented as a universal payment method between the African continent so that citizens and entrepreneurs can adopt the economy’s digitization of the economy through their hands. The Akoin cryptocurrency is expected to have its wallet with multiple features to allow direct transfers, trades, and more, according to the asset’s website. The Grammy Nominee has been vocal on platforms about the Akoin Cryptocurrency, and it’s potential to empower Africans and reiterate perceptions of universal Financial mediums, especially in contrast to the rampantly inflated African currencies.