Bitcoin still remains the ever-present and number one cryptocurrency in the industry. BTC has suffered ups and downs in 2022 and is breaking new ground in our world today.
Cryptocurrency in general has reached new limits this week. This includes the use of P2P markets to multiply savings in Argentina, three African countries plan to adopt crypto & blockchain, and so on.
Bitcoin is in the news for several reasons this week. Here are some of the top news regarding Bitcoin from the 10th- to the 17th of April, 2022.
Top Bitcoin News This Week
1. Study Says Over 1 Million Australians Own Cryptocurrency
A recent study by major market research firm Roy Morgan shows that more than 1 million Australians now own cryptocurrency. “The value of all cryptocurrency holdings for people aged 50+ is around $7.6 billion,” the study shows.
The firm found that 69% of Australian cryptocurrency investors are men, and people under 35 years are more likely to be cryptocurrency holders.
Michele Levine, CEO of Roy Morgan Research, commented: “This breakdown of the market means around 640,000 cryptocurrency investors, almost 60% of the market, are aged under 35 compared to 430,000 aged 35+ (40% of the market).”
Another company that has estimated the number of Australians investing in cryptocurrency is Triple A. “It is estimated that 0.9 million people, 3.4% of the total Australian population, currently own at least one form of cryptocurrency,” the company wrote.
2. Bitcoin Mining Difficulty Drops Again
Bitcoin’s mining difficulty adjustment algorithm (DAA) dropped on Thursday 14th, as the parameter slid by 1.26% at block height 731,808.
The reduction is the third DAA drop in 2022, as the difficulty slid by 0.35% on March 17 and by 1.49% on March 3.
Currently, miners have more than 200 exahash per second (EH/s) in computational power dedicated to mining the Bitcoin blockchain as hashrate increased after the difficulty reduction.
Additionally, bitcoin miners have another 108,160 blocks to go until the bitcoin reward halving. This is estimated to occur on or around May 3, 2024.
3.Bitcoin Moves Below $40, 000
Bitcoin’s price was up and down during the week as usual. After a boost on Tuesday 12th, price fell below $40, 000.
BTC dropped to an intraday low of $39,389.66 on Wednesday, which came less than 24 hours after hitting a peak of $40,617.59.
Wednesday’s move saw prices move past the support level of $39,515. However, they have since rallied, moving away from these lows.
4. Central Bank of Russia Issues Warning Against Cryptocurrencies
Bitcoin and several other cryptocurrencies had a setback in Russia as its Central Bank issues warning to citizens. According to the bank, the spread of cryptocurrencies brings significant risks for Russia’s economy, financial stability, and national fiat, the monetary authority in Moscow has reiterated.
The central bank has reaffirmed its hardline stance on decentralized digital money in a new report published as the government prepares to regulate the Russian crypto space.
Expanding on a long list of previously highlighted negatives related to digital currencies like bitcoin, the monetary authority stated:
”There is a risk of undermining the circulation of money and loss of sovereignty for the national currency.’‘
5. Mexican Billionaire Warns of Severe Dollar Inflation — Says Buy Bitcoin to ‘Save Your Skin’
Mexico’s third-richest billionaire, Ricardo Salinas Pliego, gave some advice Thursday, 14th regarding inflation, hyperinflation, bitcoin, and fiat currencies. He made this known at the Bitcoin Conference in Miami, Florida.
He warned that the U.S. and several other civilized countries are “going exactly the same route” his country went through in the 1980s.
Salinas also warned about the central bank digital currencies. In his words, ”CBDC, central bank digital currency, that’s even worse than the dollar. It’s much worse than the dollar because if the CBDC is issued, these people will have full control over how you can spend your money”
6. Three African Countries Plan To Adopt Crypto & Blockchain
Cameroon, the Democratic Republic of Congo (DRC), and the Republic of Congo — are reportedly planning to adopt cryptocurrency and blockchain solutions. They are said to be powered by The Open Network (TON).
According to the statement released by TON, adoption of crypto and blockchain solutions by the three countries will be phased.
Separately, Cameroon is considering issuing a national stablecoin that is based on the same blockchain network. El Salvador in 2021 made its move to make Bitcoin a legal tender. Only time will tell if the three African nations stated here will follow suit.
7. Iran will Not Allow Crypto Payment
Cryptocurrencies like bitcoin will not be treated as legal tender in the Islamic Republic of Iran. The Central Bank of Iran has announced rules for the issuance of digital coins in the country.
Iran’s deputy minister of communications, Reza Bagheri Asl, also made this known. He said ”We do not recognize payments with cryptocurrencies.
These are meant, however, for its own “crypto rial,” the pilot phase of which should start in the near future.
In this regard, Bagheri said, “So, we will by no means have any regulations recognizing payments with cryptocurrencies that do not belong to us,”
“Iran has its own national cryptocurrency, so no payments will be made with non-national cryptocurrencies” he added.
8. Kazakhstan To Increase Tax For Miners, Consider Tying Levies To Crypto Prices
Kazakhstan is taking steps to raise the tax for entities mining cryptocurrency in the country. According to a statement by Minister of National Economy Alibek Kuantyrov, the plan is to calculate the tax based on the market value of the mined cryptocurrency.
Miners operating in Kazakhstan are currently paying a surcharge on the consumed electricity.
Mining enterprises were obliged to pay more than other consumers last summer. Tariffs were increased with a fee of 1 Kazakhstani tenge (approx. $0.0022) per kilowatt-hour of electrical power utilized by the energy-intensive industry.
The Minister in his words stated, ”We are considering an increase in the tax burden for miners.
”At the moment, we are also considering linking the tax rate for miners to the value of the cryptocurrency. If crypto grows, it will be good for the budget.” he added.
These are the top Bitcoin news in review for this week (April 10th- 17th). Crypto trading is possible in Nigeria despite the order by CBN against financial institutions.
Also Read- Top 10 Crypto Coins In April 2022