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In todays blog I'm going to show you the good the bad and the ugly of the crypto news for this week. We have may news topics and pieces to cover today so make sure you read the whole article in order to be informed because a lot has happened. From small news pieces about adoption to whole economic events shifting the market a lot has happened for such little time. I will also be covering my opinions on the market and where it can be heading as well. So let's now get into the rest of the blog article.
Companies adopting cryptocurrencies
First we're going to start with the good news first. The we'll get into the rest of the bad news further in the article. Some good news that came up this week was the fact that many companies were adopting cryptocurrency to their business model. One of which is AMC theaters if anyone remembers from earlier in the year when meme stock were still a big thing. Well this company is one of those and to top it off they've started accepting doge coin a meme coin itself and other cryptocurrencies. Which is great news because it means more and more American companies are accepting cryptos. Speaking of which another American company and social media giant twitter is now putting bitcoin tips as a action that can be done on the twitter app on IOS. A mainstream company everyone knows is adopting crypto this is just the beginning of it all mark my words.
Celebrities adopting and getting more into cryptos and NFTS
On top of all those companies adopting crypto we all have the celebrities doing it as well. Many of them are adding NFTS to their collection or even dropping collections of NFTS. The most famous of who are doing this are rappers right now. Those rappers that are doing these things are snoop dogg and rich the kid. With snoop being reviled as a NFT whale recently by himself on twitter. Then theirs rich the kids who had dropped his own NFT collection. Then we have tom brady whos a NFL player saying that he would like to be paid in cryptos such as bitcoin, Ethereum, and Solana. Which is great news as it means people who you would never think would be into crypto or NFTs is taking the steps to becoming a holder. Which just further proves my point that crypto is becoming mainstream as well as NFTs too.
If you haven't heard sometime between September 25th and the 26th the launch of the cardano summit is happening. You ask what is this summit you speak? Well to be quit frank there's not to much information around it. All there is out right now in terms of info are some basics. Such as the date of release and what the summit looks like in a virtual world going to look like as well. That's right you heard me correctly they will be holding the event online in a virtual world like a videogame. Other then that all we know is that projects will speak at the summit. So we can only wait and see.
More adoption by Africa
More great news for the third world as more Africans and their nations are adopting crypto particularly bitcoin more. Bitcoin has had 1,200% increase in adoption over the year as reported by Chainalysis this week. On top of that Zimbabwe financial minster has said he want's to remove remittance cost for bitcoin. Which will lead to more adoption not just in Africa but worldwide. This just goes to show el Salvador has now started a movement with adopting bitcoin. Time will only tell how far bitcoin can go
United states regulating cryptocurrency
Now we're getting into the bad part of this weeks news now. One such piece of news is the fact that the united states congress is still going to go through with it's new regulation rules on crypto and DeFi. So what this means is for the short term we might see some negative feedback in the market in the beginning for a little. But once the rules become clearer and the developers of crypto and DeFi understand them then we will see more being done in the space. From creating new projects to continuing the development of other projects. However you look at it at least it's clear where congress stands on cryptocurrency as of now.
Chinas economy messing with the market
Now we get into the ugly news of the week for crypto. Earlier this week it was reported that the everglade group which is a Chinese real estate company that's the second largest in china couldn't pay it's debts and had to default on them. The Chinese government refuses to bail them out which is having adverse effects on the world economy especially cryptocurrency. But that was only the first event to come out of china this week. Earlier today (9/24/21) the Chinese government spread fud when it announced that cryptocurrency is illegal and should be banned. Typically around this time the Chinese government spreads fud by saying these things. Just looking into the past we can see this only hurts crypto for a short term before eventually the bull returns.
My opinion on the market as of now
This isn't financial advice so don't take the following as such. The price of bitcoin as of writing this blog is at $42,863. Considering all the Fud bitcoin did bounce back it seems a little. However don't be fooled we still haven't enter October yet so the September cycle might continue. Not to also mention that the weekend hasn't started yet so we can expect the price to continue dipping on top of all the recent news as well. Overall I'm staying bearish for now I am however bullish on cardano considering the summit I've already secured a bag so I'm ready to cash out for that. I'm going to get back in39k-40k range for bitcoin to secure more. If you feel really bullish you can look into a crypto called adax that's on the cardano ecosystem. With the summit coming it's speculated they are the main show considering everything behind the project and the coin. I believe we'll get more information on the exchange and other aspects of the coin.
My Final Words
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