Technology

What are New Updates for Cryptocurrency in 2022?

Updates for Cryptocurrency in 2022

Updates for Cryptocurrency in 2022. The cryptocurrency saw its highest peak in 2021. The digital form of currency was one of the most talked-about topics in the previous year. With the increased surge in profit, crypto attracted the attention of investors all over the world. No doubt that crypto trended in the whole year.

Bitcoin was the most significant player in the digital currency market, followed by Ethereum, ripple and many more. A small business started as the crypto market saw a hike. After all the pros and cons, many investors saw crypto as a good investment and security to money. Countries like El Salvador made crypto legal. So crypto passed 2021 with controversy and mixed response.

But the question is, how is 2022 treating crypto? So there are updates on cryptocurrency.

The start of 2022 was not a very warm welcome to cryptocurrencies like bitcoin and altcoin(all cryptocurrencies except bitcoin, e.g. Ethereum, ripple, dogecoin many more). People saw a dip in the value of cryptocurrencies from its peak time of approx. 40%. The value of cryptocurrency was reduced to 11% in January.

The value of bitcoin at the end of the previous year was somewhere near $46000 and now, almost in the back of January 2022 is $37000. The altcoin trend is similar to that of bitcoin—altcoin like Ethereum value reduced from $3700 in starting to $2500 at the end of January. 

Now, this value trend has divided the investor group into two parts. One side that is panicking and selling bitcoins as the federal reserve is probably thinking about raising the interest rate. In this situation, investors find it comfortable not to take risks anymore and invest in something safe.

On the other hand, people are defending saying that the trend is almost similar to the previous year, i.e. 2021, and in 2022 there could be a rise in value. It is, in fact, true that cryptocurrency is one of the volatile investments. The market tends to change very soon and is unpredictable. Cryptocurrency investment is not for people who want short term gain. It should be an option for the people who see crypto as a long term investment and are not going to check the market every day. 

This year is full of anticipation on the topic of whether governments across the world are going to regulate cryptocurrencies or not. Countries such as the USA, India, and many more are deliberating on the unfavourable circumstances of unregulated cryptocurrency. There are opinions that terrorists can use crypto in criminals for unnoticed money laundering, which is why the government needs to track the transactions. 

One of the trends to look into is that the corporate sector is more ready than ever to invest in digital currency. They see crypto as a secure and potential asset and market volatility as a high chance of earning profit. Businesses are centralising themselves to accept cryptocurrencies too. The further changes in people attitudes towards crypto could only be understood after a government decision to regulate or not or maybe keep some rules.

There are also specific incidents worth noticing that happened from the beginning of the year.

Qubit finance is a decentralised finance (DeFi) platform. The company was recently got hacked and has lost $80 million of crypto. The company is asking the hackers to return the funds in exchange for which the company will be giving them a heavy price. The news was made official by qubit finance itself through Twitter, where it said that the company lost $80 million funds to the hackers who minted 206,809 Binance coins through qubit’s bridge protocol. 

It is the biggest crypto heist of 2022. The company is accepting the loss. Now, will the hackers turn in to the offer of the company or not is something to look forward to.

But amid the company has stuck in trouble related to hacking, it has decided to fund at least $1 billion as insurance for its investors to secure their money. The company has been raising emergency money since July 2018. The company want to ensure the investors regarding their money and state their company is ready to combat any fraud that emerges in future.

One of the largest crypto exchanges, Binance holding ltd, restricted many Nigerian accounts stating users should comply with anti-money laundering regulations to protect the interest of the other traders. Nigerians were using crypto though their government banned it, making any transaction illegal.

Almost 281 accounts of Nigerian users were affected by these restrictions. The government of Nigeria has strickly asked the users not to do any transactions using cryptocurrencies and asked all the crypto companies to stop working in the country. Still, the account holders in Binance are complaining of not completing their transactions. 

Till now, the company has resolved problems of 79 accounts, and it has promised that all non-reinforcement related cases will be resolved in a few weeks.

But cryptocurrency has changed a lot of things around us. People through crypto now know that, in fact, ordinary people can make money through investments. A cafe in Thailand is an excellent example of this change. There is a cafe in northeast India, Thailand, where a number of investors come together to learn about the crypto market and its trends. The cafe is almost like a hub for cryptocurrency. 

There are a number of screens and other devices which shows the changing value of the cryptocurrency. People over here discuss the near-future changes and predict how the market will be in the future. Investors dig out advice from the consultant here on how to invest or start your own cryptocurrency company. 

2022 is going to be a very significant year for cryptocurrency. Indians are looking forward to what the budget of 2022 has for cryptocurrency. The government of India has not been in favour of this digital asset, but as the whole world is moving towards crypto, India must join hands too. It is good to have a bitcoin bank account to trade bitcoins easily. There might be some restrictions and many predictions related to that.

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