Crypto week at a glance: Bitcoin relief rally, $10K predictions and crypto boost from South Africa

economictimes.indiatimes.com:

Bitcoin (BTC) kept crypto traders, investors, and enthusiasts guessing as a July 15 relief rally registered a high of $21,140. Bitcoin continues to trade in the $20,000-22,000 range. The US CPI data that pegged its quarterly inflation at 9.1%, the highest in 40 years, seems to not have affected the markets as yet. BTC and other crypto assets are following the global stock indices which have been in the green in the second half of the week. On a weekly basis, however, BTC is down by 4.7% and by more than 50% compared to a year back. Celsius Network’s bankruptcy plea dampened the spirits at the start of the week though there have been some positive developments along the way. The story of the week could well be that South Africa is all set to regulate crypto as a financial asset. We discuss this and other stories of the week below. South Africa’s crypto cue for India

Did you Know?

In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

The South African Reserve Bank (SARB)’s announcement that it will start regulating cryptocurrencies as a financial asset in the coming year should have some

in India. The Government of India has been ‘treading carefully’ while a regulatory code to ease things for crypto investors and businesses is being worked on. The SARB said cryptocurrencies, specifically Bitcoin, provide numerous advantages to the monetary system. With an estimated six million South Africans owning cryptocurrencies, the nation has emerged as a pioneer in the adoption of cryptocurrency. South Africa’s