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The cryptocurrency market was rocked this week by a bold statement from Mark Mobius, founder and partner of Petek, a well-known emerging market investor who suggested he might buy Bitcoin if its growth continues. It is noteworthy that he had previously taken a rather skeptical position regarding cryptocurrencies.
However, the investor did not forget to mention that cryptocurrencies are allegedly used for criminal purposes, including drug trafficking. Although researchers have repeatedly proven that criminals prefer fiat money, he also added that for cryptocurrencies to work, they need faith. Despite the fact that this argument is more applicable to central bank currencies, they are related to the Bitcoin protocol.
The former head of the Chinese company Batman, Ji Hyun Woo, together with some employees of the mining giant, launched a new platform for over-the- counter trading, lending, and storage of digital assets. According to his platform, called Matrix Sport, it began operating this Monday, July 8. He also announced that the idea for its creation will appear in January amid financial problems.
Main was killed when the company fired dozens of employees, many of whom subsequently became part of the Matrix team. Nevertheless, Cherry emphasized that the new platform does not intend to compete in any way with Batman. Heisenberg Capital co-founder and crypto enthusiast Mark Kaiser recently explained why Bitcoin has clear advantages over gold.
Gold cannot offer the same personalized experience as Bitcoin. For this reason, Bitcoin will continue to increase its market share and will reach parity with gold. It should also be noted that Kaiser is quite consistent in his opinions that support Bitcoin. This is evident from his previous statement.
Gold collapsed, durable coins with a high precious metal content failed. Smith and Buffett hated Bitcoin as a durable coin. It sparked interest among young and financially active individuals worldwide, and therefore, it took off. Even interest in gold has returned thanks to Bitcoin. Welcome. Kaiser further compared the capabilities of Bitcoin and banks.
There is a 25 percent chance that your bank is open when you want to transfer money, since banks are open only 40 hours a week out of a possible 168. With Bitcoin, you have 100% chance to send funds whenever you want according to blockchain dot com monitoring data On July 7, the Bitcoin hash rate reached a record level.
Let us recall that the previous record was set in the second half of June. Since then, it has continued to grow at a rapid pace. The hash rate shows the number of calculations that the network is capable of performing every second. The higher this parameter, the easier it is for a miner to mine a block and receive their reward.
It should also be noted that an increase in the network hash rate also indicates an increase in energy consumption. However, the research company Coin Wool, which studies cryptocurrencies, calculated that 74.1 percent of Bitcoin mining is provided by the call on I eat their energy sources. The currency market has been sluggish this week.
The ruble is leaning towards minus on Monday against the backdrop of the currency conversion of ruble dividends received by non-residents and a decrease in the supply of export revenue between tax periods. However, market activity is low ahead of the semi- annual report of the head of the Federal Reserve System on Wednesday.
Last week, the head of the CBR, Elvira Nabiullina, admitted the possibility of reducing the key rate in July immediately by 50 basis points of the current value of seven and a half percent per annum, which will weaken the attractiveness of the ruble carry trade. Oil prices have stabilized as the early hysteria surrounding the nuclear program was restrained by more serious problems with global economic growth and, consequently, oil demand.
Brent crude futures traded at sixty-four point twenty-two dollars per barrel, compared to the American w TEO and fifty-seven point forty-nine dollars per barrel. Iran on Monday threatened to resume uranium enrichment work, which undermines the 2015 nuclear agreement that Washington abandoned. Trump imposed sanctions on Iran, which then agreed to limit its nuclear program as part of an agreement with leading world powers.
Trump issued another warning to Iran on Sunday. However, the escalation of the conflict failed to give impetus to the growth of the price of black gold. Oil prices remain under pressure from concerns about demand. The trade war between the United States and China has darkened the outlook for global economic growth and, consequently, oil demand.
The pace of global economic growth. remain the focus of the entire market. If you want to stay up to date with events in the world of finance and investment and increase your capital, subscribe to our channel and don't forget to like it until next time.
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