With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

According to market observers and its volatile conditions, cryptocurrency trading has maintained the range between $18000 and $22000 for a month. Additional thoughts were shared.

Bitcoin price has a lot to do with the supply and holders too. If you have looked at Glassnode’s data, over 80% of the total USD-denominated wealth invested in bitcoin has been moved for at least three months. When supply is dormant, the price is dormant, and this means that holders are unwilling to spend at a lower price.

Another possible reason is that SEC chair Gary Gensler said in an interview with Yahoo Finance on 15 July 2022 that they will continue to speak to the crypto industry, saying that they may suggest rules that apply to traditional brokerage to protect investors in the event of crypto failure. This piece of news in a timely manner, and gives more confidence to the investors at large.

The news of South Africa will go all in to regulate crypto as a financial asset is another plus point for this week. With all the news today alone, many people on Twitter turned bullish upon seeing the crypto market cap was traded closer back to the $1 trillion mark. Investors have to look at the following dates:

1) 27 July- Federal Reserve Interest Rates;

2) 28 July- US GDP Figures.

These are important dates to note as they can drive the crypto prices up or down.

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With bitcoin price hovering around the $20,000 mark, market observers expect its trading to continue between $18,000 and $22,000

According to market reports, volatility in cryptocurrency markets is because of factors such as the global pandemic, world governments, and Web3.0’s bullish nature.

After a topsy-turvy ride, it seems bitcoin has stabilised with it being predicted to trade between $18,000 and $22,000, based on its price range for the last couple of months. On July 17, cryptocurrency bitcoin’s price fell below the $21,000 mark. At the time of writing (12.19 pm, Indian Standard Time), the global cryptocurrency market capitalisation reached a $1.01 trillion valuation while bitcoin traded close to the $22,000 value, according to cryptocurrency assets price-tracking website CoinMarketCap. “Bitcoin is hovering close to the $20,000 mark because of the community and investors who still believe in the currency. Due to the cryptocurrency’s nature and limited supply, its price is expected to increase in the future,” Agam Chaudhary, a serial entrepreneur and investor in Web3.0 space, told FE Digital Currency.

Various market reports stated that volatility in cryptocurrency markets is because of factors such as the global pandemic, influence of stock markets, decisions by governments, and the bullish nature of Web3.0 space. According to the Twitter handle of blockchain analytics firm Glassnode, over 80% of the total United States Dollar (USD) denominated wealth has been held on by investors for around 3 months, irrespective of market volatility. “Rules must be suggested for traditional brokerage to protect investors in the event of cryptocurrency failure. Investors need to follow the Federal Reserve Interest rates and US gross domestic product (GDP) figures, as they can drive cryptocurrency prices up or down,” Anndy Lian, chief digital advisor, Mongolian Productivity Organisation, a governmental organisation, stated.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Anndy Lian spoke at launch of Alawad Fund “Dubai’s Drive To Be a Global Hub for Crypto Innovation Show Results”

Anndy Lian spoke at launch of Alawad Fund “Dubai’s Drive To Be a Global Hub for Crypto Innovation Show Results”

As regulation hots up in the US following the Executive Order, and with the prospect of new UK government plans to regulate the cryptocurrency market in the coming weeks, it’s clear that countries can no longer sit on the sidelines of the crypto industry. The potential shift in power spurred on by innovation in blockchain and related technologies means playing safe for jurisdictions is no longer an option. The UAE is well positioned to be a regional hub for the crypto industry, with a regulatory structure in place and with more than 350 blockchain companies operating there. UAE also took advantage of the pandemic to attract business with aggressive vaccination while largely keeping its borders open, while retaining business through low taxes and a light touch regulatory mindset – a perfect environment for attracting crypto entrepreneurs in the last two years.

Indeed, some call Dubai the fastest growing hub in the world right now for crypto technology, reflected in the fact that Binance has now set up offices in Dubai. It’s also benefiting from business relationships with the booming Israeli crypto sector based in Tel Aviv, according to a report in the Wall Street Journal following recent peace accords. In addition, it’s reported that the Abu Dhabi-headquartered fund Mubadala, one of the largest sovereign wealth funds with over $243bn AUM, is investing in the blockchain sector. Mubadala’s CEO Khaldoon Al Mubarak told CNBC in December that he was not a skeptic but saw it as real. But he did admit the regulatory format was not there totally, but it needed to be in place in order for the asset class to transition into something new. “We are looking at the ecosystem around crypto and we are investing in that system.”

This global momentum to embrace crypto and blockchain was addressed by the Chairman of BigONE Anndy Lian recently, in a speech to His Highness Awadh Mohamed Al Sh Mogrin Sultan, a top-ranking diplomat, and Honourable Chairman of the Alawad Fund. Lian said he saw similarities with the innovative and supportive crypto environment in Singapore: “I’ve actually seen the same trend in Dubai, I’ve met some good projects that are very serious about what they do, whether it’s looking at web3 or decentralized storage, or DeFi.”

Elaborating on two key trends starting with DeFi Lian said the integration of traditional finance products into DeFi such as bonds meant this was a sustainable sector for a country such as Dubai. He said the second significant trend was the crypto mining business with a very good uptake of new miners. “There are many new investors going into crypto mining, and when I say big investors, we’re talking about at the very least tens of billions of dollars going into the mining space. If you look at the longer term, it is a very lucrative investment.”

Lian remarked that as a partner & LP to several funds, with an AUM (assets under management) of around $500 million and having invested in crypto startups since 2018, he was looking forward to talking to people and brands about working together on the investment front in Dubai. “I want everybody to work together. You know, we should work together, be open, and welcome, good partners; this is the same philosophy that you do as well; this is the place where we will start to build a new story,” added Lian.

Earlier in March His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, approved the first ever law on regulating virtual assets. “Today we are participating in designing the future of virtual assets globally.” Sheikh Mohammed stressed that Dubai possesses all the capabilities to be a key global center in the field of virtual assets, supported with the new legislative environment. “Dubai will provide the most advanced virtual asset ecosystem in terms of organization, governance and security. Approving the virtual asset law and establishing the Dubai Virtual Asset Regulatory Authority is a vital step that establishes the UAE’s position in this sector… a step that aims to help the sector to grow and protect investors,” he confirmed.

The Chainalysis ‘2021 Geography of Cryptocurrency Report’ published in October 2021, found plenty of potential for growth in the Middle East in general and specifically the UAE. The Middle East as a whole is the second-smallest cryptocurrency economy studied by Chainalysis, having received $271.7 billion worth of cryptocurrency between July 2020 and June 2021 (6.6% of global activity). “While that total is low compared to other regions, it represents nearly a 1500% increase over the Middle East’s total activity the previous year, making it one of the fastest-growing markets in the world,” the report’s authors said.

Reflecting the success in promoting crypto businesses in Dubai, it was reported on March 28 that cryptocurrency exchange business Bybit has received in-principle approval to conduct a full spectrum of virtual assets business in Dubai, the firm announced with the UAE Ministry of Economy at the World Government Summit 2022. Bybit also confirmed that it plans to set up its global HQ in Dubai, under the Emirate’s “test-adapt-scale” virtual assets market model.

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Keynote speech by Anndy Lian: Understand DeFi to Build Regulatory Frameworks Around it

Keynote speech by Anndy Lian: Understand DeFi to Build Regulatory Frameworks Around it

Decentralized Finance (DeFi) is still in rapid growth. According to a report from CoinGecko, the industry has reached a $100 billion capitalization and over one million users. Global DeFi Investment Summit, 2-3 June 2021, Dubai brought experts globally together. Anndy Lian, Advisory Board Member to Hyundai DAC and also Chief Digital Advisor to Mongolian Productivity Organization gave a keynote presentation titled “Understand DeFi to Build Regulatory Frameworks Around it”.

Anndy walked the audiences through the challenges of DeFi tokens. “In 2019, we were all experimenting. Then in 2020, we wonder if DeFi tokens have real value. But in 2021 onwards, we should look closely at them if they can survive the bear plunges, then survive the financial crisis and then a global crisis. This is a real test. This test is not for DeFi, it is for NFT, IDOs and the whole cryptocurrency space.”

Lian highlighted that the decentralized governance of DeFi services poses operational challenges and if often not well understood in the exposures in financial risks and compliance issues. DeFi’s landscape is ever-changing and it is tough for the traditional finance industry to keep up. The governments are also playing catch up.

“Regulators understand that it is hard to regulate DeFi DAPPS built on a fully public and decentralised blockchain and they do not trust “code is law” thesis, wherein law represents a set of rules that are written and enforced through immutable code as there are possibilities of errors and frauds. I have suggested to the governments to encourage participants in the DeFi Industry to have co-operative models to assume governance and liability of operating the platform. This also provides some guidance and protection to DeFi application users or investors. This is maybe an unpopular opinion to some but this could be one way to co-exist.” Anndy Lian said.

At the end of the keynote speech, he urges the regulators to take this time to shape expectations by working with the right parties, while taking enforcement action against bad actors.

Global DeFi Investment Summit is a 2-day Program being curated based on guidelines from industry experts, with a target of about 200+ delegates. The goal of this event is to connect global investors and DeFi experts in this space including emerging start-ups – with regional business and leaders from across key industry verticals. This event has also featured other keynote speakers like Justin Sun, Founder at TRON and Tim Draper, Founder at Draper Associates & DFJ.

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Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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