Hello and welcome to this Week's edition of Overbit News.
With stock and bond markets closed for the Martin Luther King holiday in the US on Monday, Bitcoin and other significant cryptocurrency prices continued to slide.
Bitcoin, the largest Cryptocurrency by market capitalisation, fell over 1%, hovering around $42,000. BTCUSD has dropped approximately 30% after hitting an all-time high above $69,000 in November. Ethereum has fared mostly the same, down to $3200 after an all-time high of around $4,800. However, some technical signs indicate that the sell-off is beginning to level off.
A recent Visa survey of more than 6,000 people in eight countries - Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the United Kingdom, and the United States - found that nearly one-third of crypto-aware adults own or use Cryptocurrency, with the majority saying their use has increased in the last year.
Around 81 per cent of respondents said they want crypto-linked cards to use the digital currency at stores, and 84 per cent said they want crypto incentives. In the next 12 months, 18 per cent of poll respondents stated they would likely or very likely transfer their primary bank to one that offers crypto-related goods.
"Crypto represents a technological shift for money movement and digital ownership," Terry Angelos, Visa's global head of fintech, said in a statement. "As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy."
Closing out this Week's edition of Overbit News is a story on India's Prime Minister and his recent words on Cryptocurrency. To address the issues posed by cryptocurrencies, Indian Prime Minister Narendra Modi has called for global cooperation, according to a recent Coindesk report.
Modi said this when speaking remotely at the World Economic Forum's annual Davos meeting in 2022 "Cryptocurrency is an example of the types of problems we face as a global family in the face of a shifting global order. To combat this, every nation and global agency must take coordinated action."
Modi compared cryptocurrencies to supply chain disruptions, inflation, and climate change "Because of the type of technology connected with Bitcoin, judgments made by one country are insufficient to handle the problems posed by Cryptocurrency. We need to think in the same way."
The proposed cryptocurrency laws in the country are unlikely to become legislation until after the year's Budget Session concludes in April. According to reports, the law has changed from barring all private cryptocurrencies while allowing "for some exceptions to promote the underlying technology" to permitting Cryptocurrency to be used as an asset but prohibiting it from being used as money or payment.
In his speech, Modi questioned if current organisations are prepared to face everyday challenges. Modi, who heads the world's second-most populous country, concluded his speech by saying that new problems require new approaches, that every nation involves the help of other nations now more than ever, and that he believes the conference's deliberations will bring fruit.
"When these institutions were formed circumstances were different and today they are different... That's why every democratic nation has the responsibility to bring about an emphasis towards reforms in these institutions to make them capable enough to deal with modern challenges in the future," he said.
That concludes this Week's episode of Overbit News; thank you for reading, and see you next Week.