The crypto community's prediction for the Bitcoin price at the end of next month is $46.880, according to data from CoinMarketCap. This and more news is in this handy daily digest so you're always up to date with the latest events happening within the crypto world.
Cryptocurrencies and stablecoins
📍‌Will Bitcoin Price Hit $46.880 on May 31 as Crypto Community Expects?On the CoinMarketCap platform, the crypto community predicts that the price of Bitcoin (BTC) will reach $46.880 per unit on May 31.
In the section "price estimates”, users are voting for a Bitcoin price of over $46.000 by the end of next month, which represents an increase from its current price of approximately 19%. At the time of this writing, Bitcoin is trading at a value of $39.450.
Since the beginning of the year, the price of Bitcoin has fallen by 17%, or $8.360 per unit. However, the current macroeconomic outlook, the Fed's policies and a fall in the dollar could have a positive impact on its price, according to several analysts.
Added to this is the positive news coming from various parts of the world. For example, the Central African Republic reported that it will regulate Bitcoin as a means of payment. In Brazil, legislators continue to move forward in creating a legal framework to regulate cryptocurrencies. In Argentina, the local government of Buenos Aires is pushing a plan to integrate blockchain into the public sector and accept bitcoins in tax payments. In Cuba, the Central Bank is issuing licenses to authorize cryptocurrency financial service providers to operate in the country. All of this could stimulate a rise in the crypto market.
Bitcoin and Blockchain Adoption
📍‌The Central Bank of Cuba will issue licenses to VASPs. As reported, the central bank of the Latin American country has approved a resolution to regulate virtual asset service providers or VASPs in the country. Thus, to provide financial services with cryptocurrencies, companies and intermediaries must have a license from the Central Bank.
The move follows the authorization that the Central Bank of Cuba granted to cryptocurrencies last September, legalizing their use in commercial transactions, payments and remittances, as reported by Bit2Me News.
📍‌Chivo Wallet and Bitcoin losing popularity in El Salvador?. Research conducted by the National Bureau of Economic Research in the United States reveals that the popularity of Chivo Wallet, the Bitcoin wallet created by the government of El Salvador, has plummeted in recent months.
According to the research, 40% of the families who downloaded the cryptocurrency wallet did so only to spend the $30 in bitcoins that the government provided, in order to promote the use of cryptocurrency and allow citizens to become familiar with this innovation and technology.
Likewise, a report from cryptocurrency platform CoinMarketCap notes that the current approach of Salvadoran President Nayib Bukele, has left Bitcoin a little aside to focus on the current issues facing the country. In fact, Bukele canceled his participation in the Bitcoin Conference 2022 citing that “unexpected circumstances” prevented him from being present at said event, where he would be one of the main speakers.
However, it is also true that El Salvador's initiative to adopt Bitcoin as legal tender continues to set a precedent in the world, inspiring several countries and cities to follow its example, as is the case of the Central African Republic, the city of PrĂłspera (Honduras) and, possibly, Mexico in the future.
CBDC and Central Banks
📍‌The Philippine central bank is betting on a wholesale CBDC to strengthen its payment system. Benjamin E. Diokno, Governor of the Central Bank of the Philippines, said during an annual Group of 24 roundtable that the bank will launch a pilot project to test a wholesale CBDC in the country.
The central bank governor noted that the wholesale CBDC will be restricted to banks and other financial institutions and will help strengthen their payment system. The Central Bank of the Philippines’ CBDC pilot, called “Project CBDCPH,” will test the use of the future digital currency in high-value financial transactions at a limited number of financial institutions.
Rules and Regulations
📍‌New York is moving ahead with a law that would ban cryptocurrency mining using environmentally harmful energy. Bill A7389C, introduced by Assemblywoman and environmentalist Anna Kelles to minimize the environmental impact of crypto mining, was recently passed by the New York State Assembly.
The proposal imposes a two-year moratorium on crypto mining activity that uses environmentally harmful energy sources. It also establishes a generic review of cryptocurrency miners present in the state and requires an environmental impact statement for their operations on the network.
Kelles' bill awaits Senate approval and Gov. Kathy Hochul's signature to become law.
Continue reading: Cryptocurrencies moved 60.000 billion euros in Spain during 2021
IMPORTANT: The content of this article is for informational purposes only and under no circumstances should what is written here be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We disassociate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or any other type of assets, you are solely responsible for the consequences that your decisions and actions may have.
