Could this be the quarter we have been waiting for to see a new all-time high for BTC or should we wait for another? According to Statista, In April 2021, the Bitcoin market cap reached an all-time high and had grown by over 1,000 billion USD when compared to the summer months. As we wrapped up the first quarter of 2022, the bulls retested the $48,000 resistance levels as Bitcoin declined to $45.4k. BTC/USD has declined below the support of $47,000 as the market fluctuates. With how the Q1 ended, who will prevail in Q2, the bears or the bulls?
“Business is like riding a bicycle. Either you keep moving or fall.” – Frank Lloyd Wright.
There have been many predictions that BTC will hit a new all-time high of $100k in 2022, the first quarter of 2022 is gone and the bulls and the bears are still in the battle. As we sit back to reflect upon how the market ended in Q1 2022, BTC has been dangling between $32.5k and above $48k as Luna Foundation Guard (LFG) bought 5773.02 BTC worth $272 million and became the 29th BTC largest wallet as of the time of writing this article.
BANKS AND CRYPTO TRADE
ONE OF THE TWO LARGEST ISRAELI BANK NOW ACCEPT CRYPTO
Various financial institutions all around the globe have been reluctant to accept cryptocurrencies, but the demand for cryptocurrency services by different individuals and other institutions keeps increasing, so this has led some of these financial institutions to consider cryptocurrency trading as part of their financial services. With these developments, Bitcoin is taking a step forward toward mainstream adoption. According to a survey commissioned by NYDIG, a crypto custody firm, more people will own bitcoin if they can do so through their existing banks.
Bank of England Governor Andrew Bailey says cryptocurrencies are at the top of the list for criminal scams regulators are fighting back against. He acknowledges that cryptocurrencies are contributing to the growth of the financial sector, but it has been a gateway for criminal activities also. Crypto scam has been the second most popular type of scam reported.
GOVERNMENTS REGULATIONS BITCOIN
UK WILL BE A MAJOR PLAYER IN CRYPTO
The government can pass a money market infrastructure (FMI) ’Sandbox’ which will alter companies to experiment and introduce the infrastructure services that underpin markets, above all by sanctioning Distributed Ledger Technology to be tested. Additionally, the government confirmed that it’ll initiate a hunt program to explore the practicability and potential advantages of the exploitation of DLT for sovereign debt instruments.
•The Britain government can explore ways in which to enhance the aggressiveness of the United kingdom legal system to encourage additional development of the crypto-asset market within Britain. It’ll review DeFi loans – wherever holders of crypto assets lend them out for a come back – area unit treated for tax functions. The govt. will also consult on extending the scope of the Investment Manager Exemption to incorporate crypto assets.
•The Chancellor has commissioned the Royal Mint to make a Non-Fungible Token this summer.
•The Money Conduct Authority can hold a 2-day ‘CryptoSprint’ at night with business participants, seeking views directly from businesses on key problems regarding the event of a future crypto-asset regime.
•The Economic Secretary can establish and chair a Crypto Asset Engagement cluster, an assembly of key figures from the restrictive authorities and businesses to advise the government. on problems facing the crypto-asset sector.
In his maiden speech in July 2021, the Chancellor started his vision for the longer term of the money services sector, including thoughts to make sure that the United Kingdom remains at the forefront of technology and innovation. This was one among four key parts of that vision, with the last word aim of building a money services sector that continues to be one the remainder of the globe’s appearance towards.
UNITED STATES INTEREST IN CRYPTOCURRENCY
DUBAI IS A KEY PLAYER IN DESIGNING THE FUTURE OF VIRTUAL ASSETS GLOBALLY
However, in Dubai, a Cafe’, Bake N More accepted cryptocurrencies from their customers. The cryptocurrencies accepted include Bitcoin, Ethereum, and 35 more cryptocurrencies. Also, an Arabian school now accepts crypto as a means of payment for fees.
RUSSIA UKRAINE WAR AND THE EFFECT ON BITCOIN
A lot of Ukrainians turn to cryptocurrencies as an alternative to Ukrainian Banks which limit the people of Ukraine’s access to their bank accounts and foreign currencies. The government was in chaos. Millions of dollars in crypto have flowed in to support Ukraine’s army and hacktivist teams. $100 million worth of crypto has been sent to support Ukrainians over the past weeks in crypto, aforementioned Alex Bornyakov, Ukraine’s deputy minister of digital transformation, on March 9.
There have been lots of Bitcoin conferences around the globe and Gate.io announced on its social media handle that it will be attending the Bitcoin2022 conference in Miami from April 6-9, the biggest Bitcoin event in the world. The confirmed speakers for this event include President Nayib Bukele, Micael Saylor, Saifedean Ammous, Adam Back, Jack Mallers, Yeonmi Park, Cathie Wood, Cynthia Lummis, Dr, Jordan Peterson, Peter Thei, Anthony “Pomp” Pompliano, Eric Weinstein, and Serena Williams.