crypto is certainly not lost, as reports and data show that exchange rate prices are not affecting the growing network and users.
In addition to the network growing, the available crypto ATMs continue to grow like a bomb, also making it easier for consumers to convert hard cash to virtual currency. In addition, the ener largest crypto currency has not been idle either as it has announced a major merge making it even more accessible to the general public it is said. Binance the largest exchange in the world has not been idle either as it has partnered with the government of Nigeria to create a virtual free zone making it more interesting for investment from abroad.
To paint a better picture, here we have some articles around crypto regulation and current issues that are currently in play.
Despite the rally of 2021 when the most valued crypto bitcoin had reached its all time high it has subsequently experienced a massive decline that no one expected. Compared to bitcoin in 2021 the price then also dropped to $30,000 and then rose to $68,700 in the 2022. After which bitcoin dropped heavily again to a level below $30,000 in 2022 while there is much more going on in 2022 than in the year 2021. The war in Ukraine, high inflation and fear of a recession that could possibly come at the end of the year and the effect of the collapse of one of the largest stable coins terra luna. From this you could conclude despite the low price that bitcoin is keeping itself reasonably stable under market pressure.
Now of course the question is whether there will be a recovery of the market and in what time frame that will come. This is something that no one can predict, but to still get an idea of how things are going at the moment in the market it is important to look at the data available from payment providers who offer crypto and other indicators. The example of CoinPaid who despite everything just keeps on going and are still increasing in transaction volume. They expect to go to $1 billion in transactions per month soon.
A recession is something that can occur in the near future, but this is always accompanied by falling prices. This can also affect the crypto market, because in a crisis fewer products and services are purchased which can affect currencies and therefore crypto. On the other hand, crypto can also be a godsend again on the high inflation that is going on right now. Crypto could act as a safe haven if fiat money becomes worth less which could drive the price up. Eventually if the fear of a recession and falling inflation will cause the entire market to stabilize after which crypto could grow to a new all time high.
Interest rates have also been raised by central banks such as the FED and the European Central bank which in turn causes the cost of living to also go up and investments to become more difficult. The cost of living that is usually meant for living has become so high that some crypto holders are forced to sell their positions. Nonetheless, none of this affects the ever ongoing development of blockchain technology and is reasonably immune to the price of the
Nigeria is a country that has been dependent on crude oil economically for the last few decades. The government has decided to change that because crude oil is not a long-term driver for an entire country. Because of this, they are trying to incorporate different industries into the economy which can lead to economic growth without oil. Binance has responded well to this and has begun working with the Nigerian government to develop a virtual free zone. The virtual free zone means that there will be modified laws and regulations that are in favor of blockchain technology companies in order to give another boost to the economy.
The global crypto ATM market is booming and growing rapidly. Currently, there are a total of 39,000 crypto atm’s worldwide which are mainly located in United states and Canada. This is expected to grow to great heights as in this year $99.77 passed through the ATMs and in 2028 it is expected to increase to USD 1352.36 million.
The world’s third largest crypto currency is in the process of updating its software, which could have a major positive impact. The update of the Ethereum blockchain software means that much less energy needs to be consumed for the same result. This will eventually reduce the cost of data management and transaction costs, but not immediately because many miners who mine on the Ethereum network cannot use their equipment after the merge. Experts say this is a good step in the direction of making crypto greener and thus gaining more interest. The future will show whether this will actually have an effect.
