Crypto Hebdo: From Sango Coin to Shiba Inu stablecoin, Tops, Flops and Outlook…

A good week for the crypto market, both in terms of technical analysis and fundamental news. Bitcoin was able to protect the symbolic bar of $ 20,000. Following the legalization of BTC, the Central African Republic launched its own cryptocurrency. The prince of token memes will issue his stablecoin this year. The ECB has finally recognized that the MiCa law could be chaotic. the negative point this week: Voyager Digital has declared bankruptcy. Here is a brief summary of the week’s news.

The crypto market is in recovery mode

Since March, the crypto market has not had such a strong weekly performance. Its growth is so interesting that some are starting to wonder if it hasn’t reached the bottom yet. Bitcoin, in particular, rose nearly 18.18% from a weekly low of $ 19,029 to a high near $ 22,490. Its dolphin, Ethereum, also experienced a nice rise of 22% in one week. Other altcoins are still posting performances of almost 45% growth.

In fact, cryptocurrencies are just following Wall Street, which is also breathtaking. The flagship stock market index jumped 3.13% in the week, while the tech-tinged NASDAQ recorded growth of 5.69%. European indices are also doing well, but to a lesser degree than Wall Street. The CAC rose 0.82% to 6033.13 during the week, while the Frankfurt Stock Exchange index, which is the DAX 30, rose 1.34% during the week.

To learn more, read the following article:

👉: Bitcoin (BTC) has finally managed to break its short -term structure

Sango: The natural resource of the Central African Republic

Two months after legalizing Bitcoin on its territory, the Central African Republic will launch its own digital currency, Le Sango. The token, which has the same name in the country’s language, is supported by natural resources. So it is a way for the Central African Republic to attract foreign investors but also to boost the country’s wealth. During the crypto -announcing event, Sango Genesis Event, the president announced that a crypto island will also be set up.

The CAR government seems determined to use the blockchain to boost the country’s development. However, the opposition, like many other observers, criticized Faustin-Archange Touadéra’s policy of using cryptocurrencies as a lever to achieve economic growth. The latter believes the country is not yet ready for blockchain and crypto, due to structural and infrastructure difficulties.

To learn more, read the following article:

👉: Sango Coin: towards a tokenization of natural resources in the Central African Republic

SHI: A stablecoin for the Shiba Inu ecosystem

Shiba Inu developer Shytoshi Kusama revealed on his blog that the team behind the cryptocurrency is working on launching a stablecoin, SHI. The developer acknowledged the damage stablecoins have caused in recent months, but still said its ecosystem should be free from market fluctuations.

“We’ve seen independent growth from a group of developers in our decentralized network. They’ve submitted a version of SHI that seems to avoid the problems seen by other moonshots.”

In his Medium post, he also announced the launch of a crypto reward called “TREAT”. He also broke the news of the Shiba Inu metaverse project by announcing another new, Shiba Card Game, a card game that will take the form of a collectible.

To learn more, read the following article:

👉: Shiba Inu will launch stablecoin this year

MiCa: A chaotic law for the crypto sphere

That’s what the European Central Bank thinks. If we are aware of the ECB’s ultra-regulatory position, we wonder if the MiCa law will not kill the crypto industry in Europe. The problem highlighted by the authority is the lack of harmonization of the law in its application.

If MiCa included all European countries, it would not be harmonious. This provides space for countries to impose their own regulation on cryptocurrencies. Therefore, the central bank is pleading for a law that will unite all the parties concerned.

To learn more, read the following article:

👉: For the ECB, the MiCa law will eventually become a mess

The Voyager broker went bankrupt

As you have seen over the past few days, the bear market has caused many companies in the crypto sphere to fall. After being shaken by the announcement of Three Arrows Capital’s (3AC) payment default, the Voyager Digital platform declared bankruptcy in New York courts on July 5. The broker said he owed between 1 to 10 billion dollars.

Despite FTX’s best efforts to support the platform, it will not be sustainable. However, the platform promises to pay its customers, showing that users will receive their assets but also part of the 3AC and Voyager tokens.

To learn more, read the following article:

👉: Crypto broker Voyager Digital files for bankruptcy

Tops and Flops: Convex Finance Leads the Rise of the Crypto Market

The crypto market had a good week in the stock market. The capital of the sector has almost reached the 1,000 billion mark. This good performance will lead some to wonder if the market can’t hide itself from this scenario. Some believe that the new rise is just a fake bomb and that a deeper downside will be tested in the future.

Regarding this increase, the renowned technical analysis expert, Il Cabo on Crypto, said: “I don’t buy”, it’s for no real fundamental reasons other than good crypto recovery.

You can find it in the table below in our Top of the week.

Cryptos Current course Claim in 7 days
Quantity (QNT) $ 79.28 43.54%
Convex Finance (CVX) $ 5.90 45.23%
Aave (AAVE) $ 76.06 31.25%
Source: CoinMarketCap

Flops:

Cryptos Current course Loss of 7 days
NEM (XEM) $ 0.04064 -7.16%
Gate Token (GT) $ 3.94 -4.41%
MPA (AMP) $ 0.009 -1.78
Source: CoinMarketCap

Palaaboton

Traders will be looking to see if cryptocurrencies can sustain this strong momentum. More specifically, they expect Bitcoin to continue to defend the $ 20,000 mark symbol. The next step toward $ 28,000 is even more interesting. For this, Wall Street needs to give a signal like it did this week. However, the shadow of the economic downturn caused the New York Stock Exchange to fall in Friday’s session.

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