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Bitcoin falls 9.2% to $48,782

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It’s been a wild weekend for Bitcoin, dropping 9.29% to $48,752.15, losing $4,991.54 from its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is down 29.3% from the year’s high of $69,000 on November 10.

Ether, the coin linked to the ethereum blockchain network, dropped 3.61% to $4,070.52 on Saturday, losing $152.28 from its previous close.

The downward spiral for Bitcoin began oSaturday morning before gathering momentum after late-afternoon selling.

Between Friday evening and late Saturday afternoon Saturday, bitcoin fell from $US56,740 to $US44,800. 

As of Sunday afternoon, Bitcoin was nine per cent lower than the previous week. 

Bitcoin is notoriously volatile but jumped in value in the last year.

Concerns about the Omicron variant’s effect on the global economy have continued, with an International Monetary Fund official warning that new Covid-19 outbreaks would “dent confidence, and in that sense, we are likely to see some downgrades of our October projections for global growth”.

Crypto

Blockchain carbon credits facing crypto rout

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Like all thing crypto right now, it’s also been a tough time for blockchain based carbon credit protocols during the last quarter.

They have been subject to the same market pressure as the rest of the industry, which is struggling to regain its footing since the collapse of Terra.

The sector is also facing ongoing questions about the quality of the credits being traded inside the base carbon tokens.

In April, researchers at Carbon Plan found that 28% of the Verified Carbon Units traded in on the Toucan Protocol were from “zombie projects.”

The sector is also facing structural issues around retired credits

The Paris Agreement prohibits the trading of credits from carbon offset projects registered before 2013. But these older projects are being traded on the Toucan protocol as recently as November last year.

The sector is also facing structural issues around retired credits too.

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El Salvador’s President promotes digital coins

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As the key Alliance for Financial Inclusion meeting kicks off, El Salvador’s President is using his address to promote crypto adoption. 

32 central banks and 12 financial officials, all representing emerging economies are attending the event. 

The President’s address will cover financial inclusion and the digital economy, and how El Salvador has benefited from being the first country in the world to adopt bitcoin as legal tender back in 2021.

Other countries attending include Paraguay, Haiti, Costa Rica and Ecuador in Latin America, plus Palestine and Pakistan in Asia.

The AFI has just resumed its in-person meetings following two years of Covid disruptions. 

The event’s policy director says El Salvador has successfully harnessed digital financial services as the nation attempts to promote bitcoin among developing countries.

“It is a watershed moment in the country’s efforts to increase unbanked people’s access to, usage of, and quality of financial services.”

AFI Policy Programs & Implementation Director Eliki Boletawa

On Twitter, the President says “Bitcoin is good for developing countries (and for humanity).”

El Salvador joined AFI in 2012 to improve digital financial services for individuals and small businesses.

Talks will continue for another two days.

Meanwhile, in the US, MiamiCoin has lost 88 per cent of its value in less than a year .

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eBay enters the NFT world – so what does this mean for shoppers?

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eBay is the latest company to enter the NFT game, with a new collection in partnership with the web3 platform, OneOf

The company’s “Genesis” collection will feature 3D and animated interpretations of athletes depicted on Sports Illustrated covers.

There will be plenty of big names to be on the NFT collection including Former Canadian Hockey player, Wayne Gretzky.

eBay says the surge in the collectibles market is what led to its first-ever collaboration in this space.

The collection includes 13 limited-edition collectibles, which fall under green, gold, platinum and diamond-tiers.

They start at $10 and include some of the athletes making their own signature moves.

The company says it is part of its commitment to deliver “high-passion, high-value items” to eBay’s global community.

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