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Crypto whiplash across all markets

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As we start to move into the second half of the year with the hope that things around the world start to ease up, we cannot say the same for the crypto market as Elon Musk continues to cause whiplash. After hyping up cryptocurrencies such as dogecoin and bitcoin we see twitter bounce back. However, could we see further rollercoasters within the industry? Elon himself notes he will continue to use bitcoin but only once the currency finds cleaner energy sources.

Following this the price of the famously volatile digital currency fell nearly 45% at one point after the China Banking Association warned member banks of the risk associated with digital currencies. From this Chinese bitcoin miners start to abandon ship ahead of the incoming crypto crackdown.

We must question could these types of Cryptocurrencies be the future? People’s concern moves as they also worry it could be ruining the future environment as we see the news hit back about environmental impact. Cryptocurrency has boomed to a three-year high, but the vast electricity usage required to power its transactions has not boomed as successfully. Is cryptocurrency a major cause of climate concern

Besides the drama, we see the success of blockchain technology harnessing and the first real-time payment takes place between Oman and India. As further banks join Ripplenet we are expecting the future of blockchain to strengthen.

On the regulatory front, do catch up with this month’s chat with Bryan Ventura. Bryan is a senior lawyer at MinterEllisonRuddWatts. He specialises in financial regulation, investment law, commercial law, FinTech and virtual assets (cryptocurrencies). His work history includes working as an in-house lawyer at NZX (NZ’s only licensed securities exchange) as well as various business and investment endeavours. 

Bryan discovered his passion for blockchain technology several years ago when he read a Bitcoin whitepaper. He has since advised or worked on various blockchain and virtual asset (cryptocurrency) projects.

Lastly, do take the opportunity to join IP and IT consultant Ken Moon from AJ Park, at The Legal Nature of Digital Files webinar on Friday 25 June by registering now. In just one hour, you’ll receive expert guidance on:

  • Recent case law including NZ’s first cryptocurrency case
  • The decisions of the NZ Supreme Court
  • The legal nature of digital files

Plus, all members of Blockchain NZ can save 25%! Simply contact us for the discount code and register before Friday 25th June.

Lots of things are happening, so stay up to date, stay safe and stay crypto!
 

Nga mihi nui, Shahid Saiyad, on behalf of the team at BlockchainNZ


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NZTech Digital