UK Prime Minister Rishi Sunak is looking to turn the country into a crypto hub, following his appointment after former Prime Minister Liz Truss’ 45-day tenure. Sunak has previously been involved in stablecoin regulation and is pro-Bitcoin. However, it remains to be seen if the UK, with its entrenched ties to traditional finance and regulators, can make a significant shift in crypto regulation. The crypto market remains largely flat, with Bitcoin down 0.6% while Ethereum is up 1.5%. Some experts predict that a major move is coming as Bitcoin’s Bollinger Bands tighten, but expect a “fake out” rally first.
Analyzing the Top Crypto News of the Day with Expert Opinions
Welcome to “Around the Blockchain,” where we bring the latest crypto news and expert opinions from around the world to you. Today, we’ll be discussing the Pro-crypto UK Prime Minister, the Finance overtaking the Trading Market, and Cardano NFT Volume hitting an all-time high.
TJ and Crow are back
It has been a long while since TJ has been on the show, and we’re glad to have him back. He will be taking the top right position, while Johnny Hopper will hold it down on the bottom right. To learn more about BitLab Academy, head over to bitboy.com. We all know Crypto Crow, and he needs no introduction. Today, he’ll be holding it down on the bottom left.
Crypto markets update
Before we jump into the news, Kelly Kellum discusses the current state of the crypto markets. Bitcoin is down slightly, by 0.6%, while Ethereum is up by 1.5%. However, Bitcoin has been moving sideways for the past week, with less than one percent change, making it highly unpredictable. Kelly notes that the Bollinger band is tightening, indicating that the data’s likelihood is compressing tightly. It means that when the spring moves, it will be a considerable shift. She predicts a little bit of upside before it moves dramatically to the downside.
Pro-crypto UK Prime Minister
The UK’s new prime minister, Rishi Sunak, has set his eyes on turning the country into a crypto hub. Sunak’s predecessor, Liz Trusses, resigned amidst controversy over the economic stimulus plan. The country has been hiring a stable-coin regulation specialist, and Sunak wants the UK to be a Bitcoin hub for the globe. However, the Parliament and regulators’ involvement in the London Stock Exchange may make it challenging to achieve this goal. While Crow and TJ agree that Sunak’s age and pro-crypto stance are positive factors, they also noted that age and inexperience make it a tough job, given the country’s state of inflation and central banks.
Finance overtakes the Trading Market
Finance is slowly taking over the trading market, with institutional investors moving towards it. Finance tokens’ market cap has overtaken that of Bitcoin, and the trend is set to continue as retail investors also move towards DeFi platforms.
Cardano NFT Volume Hits an All-Time High
Cardano has seen a massive surge in NFT volume, breaking its previous record. The platform is becoming a popular choice for artists and creators to showcase and monetize their works. This new development could see Cardano soar in the crypto market.
That’s it for today’s “Around the Blockchain.” We hope you enjoyed the expert opinion and analysis of the top crypto news that we brought you today. Stay tuned for more updates and analysis.