What’s happening in Crypto Market and the direction of AUC Project
We are preparing to AUC token listing since a couple of months ago, and listing is just around the corner.
So today, we’re going to talk about what’s going on in the Crypto market right now.
Before start, let’s make it clear that the information on this video is provided for educational and informational purposes only. And we’re not a trader or investor, so if you want to invest in cryptocurrencies, please talk to the financial advisory or more professional investor.
Let’s look at the Bitcoin price.
July 20th, Bitcoin drops below $ 30k for the first time in the last 4~5 weeks. Today’s Bitcoin price is congestion around 32,000 dollars level and recovers back.
There was a ‘B word’ conference yesterday. Elon Musk, Jack Dorsey and Cathie Wood had a discuss blockchain and cryptocurrency. Elon said Tesla still holding Bitcoins and he invested some Ethereums. After the conference, the market is getting bullish, But I’m not sure this is a bull run or bull trap. I think this week’s price is important to determine the price by this year.
There are many reasons why the price is dropping since the end of May, the biggest matter, the global economic downturn again caused by the delta variant of coronavirus. Ethereum drops 9%, Ripple plunges more than 10%, and also S&P, Nasdaq is down more than 1%.
On the other hand, US treasury and US dollar, Japanese Yen called safe havens going up, and also commodities and materials are going up.
And Grayscale bitcoin trust has unlocked 16,240 BTC in 18th and China government bans every crypto business(mining, trading even crypto community websites) so Chinese mining companies move to the US and South America. Because it takes a lot of money to move the company and mining equipment, so they raised funds by selling Bitcoin.
And also Bitcoin put options. Through the OTC market on the 18th, 1,000 bitcoin put options with a maturity date of $20,000 and $22,000 were contracted. And global governments are tightening regulations on cryptocurrency.
But there’s not only bad news. Square announced it’s building a new decentralized finance unit using Bitcoin, according to CEO Jack Dorsey’s tweets. This is the latest example of a big player investing in the potential of blockchain and cryptocurrency.
Crypto firm FTX Trading’s valuation rises to $18 billion after a $900 million investment from investors included Softbank Group. JP Morgan hiring for audit, marketing among other positions for blockchain & cryptocurrency division. Fidelity is planning to increase headcount by about 70% as demand for cryptocurrency services from institutional investors. Bank of America now Is clearing Crypto ETPs for Hedge Funds in Europe.
This is Crypto Fear and Greed index. The crypto market behaviour is very emotional. It assigns 23 and this means ‘extreme fear’
The financial market is now more complex and difficult to predict tomorrow. Furthermore, the crypto market has yet to accumulate enough data for us to predict. But the market will come back one day as always and we must not miss that time.
From what perspective are you looking at the current crypto market?
We, Ennova, are not optimistic, we are not pessimistic, we are looking at it from an engineer’s point of view. The direction of plus or minus return is also important, but overall economic conditions and investor sentiment should be viewed without prejudice.
The AUC project is a project that provides easier payment and money transfer methods to the financially underprivileged people in Africa and East Asia.
In particular, sub-Saharan Africa, the test-bed for the AUC project, has a resident registration rate of less than 40% as of 2021, with more than 63% of the population under the age of 24, most of whom have no financial experience.
Based on this background, the AUC project enables easy financial life by combining blockchain technology and our cryptocurrency on top of existing fintech business and creates a credit for a better life.
The potential for development is unlimited, and what makes it possible is blockchain and cryptocurrency. That’s what we believe and that’s what we’re good at.