Weekly Crypto Market Overview
Hello everyone!✌️ We hope you had a great weekend! We’re back with some of the most interesting stories from this week! ⭐️ We hope you will enjoy! 😊
We start off with a bullish article from Newsbtc.com likening cryptocurrency adoption to that of the internet. To many hard core enthusiasts this may not come as a surprise, but to others it does. There is a typical adoption curve for any new technology, which starts with early adopters and the laggards coming towards the end; this correlates to a number of factors, but perhaps most significantly is age. The amount of users of crypto remains relatively low in relation to the potential, with billions of users left to adopt!
🤔Hong Kong established an interesting relationship with mainland China, to say the least. As such, they received unique benefits (and risks) for investing in cryptocurrency in comparison to the rest of their Chinese comrades. However, it seems as if Hong Kong is going to follow suit as mainland China with a plan to ban bitcoin mining. That even signalling that crypto market is maturing, as they plan to take a more regulated approach that is more protective in nature.🤷
We continue with some worrying news from India: Anurag Agarwal, chief executive officer of the Investor Education and Protection Fund Authority refereed cryptocurrency to a “ponzi scheme” and believes it should be banned. The comment was made in light of investor protection, as they feel the position is prudent, and could be the nail in the coffin for widespread crypto adoption in India.
https://www.ccn.com/cryptocurrency-is-ponzi-should-be-banned-indian-govt-watchdog
🤠It is too easy to get blinded by the price movements in the volatile crypto world, but this article takes a closer look at all of the fundamentals that are developing along side. For instance, bitcoin miners are on average 3.5x more profitable than they were 2 years ago. Similarly, adoption and development are increasing by leaps and bounds for retail payments, hash rates, and by many other indicators.
https://offthechain.substack.com/p/bitcoin-fundamentals-continue-to
In a brief moment of scrutiny Japan’s regulatory body has chosen to do a surprise onsite inspection of the exchange Huobi to determine, whether or not they have been taking adequate steps to protect their customers. As well as to check for legal compliance. This news is potentially part of the reason for the recent dip in price, although nothing adverse has been reported thus far. 🧐
https://www.ccn.com/japan-regulator-n-site-inspections-crypto-exchanges
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