Crypto Scoop: Bitcoin Hits $25,000 and ETH Scales past $1,700

With price gains, we see valuable additions to the crypto space as crypto stakeholders share their predictions for the crypto space. In this edition of the crypto scoop, we review:

• Price gains of top cryptocurrencies
• Predictions of stakeholders on the crypto market
• Cardano’s Valentine upgrade
• Crypto initiatives in Africa and across the globe

Stakeholders Share Predictions On The Crypto Market

Keanu Reeves, a well-known actor, asserts that disregarding cryptocurrency or criticising its volatility will only "improve how it's secured." Reeves went on to applaud cryptocurrencies for their principles and ideas.

Robert Kiyosaki, the well-known author of the best-selling book Rich Dad Poor Dad, has predicted that the bitcoin price will reach $500,000 by 2025. He projects that silver will hit $500 and gold will cost $5,000.

Before the end of March, according to Mike Novogratz, CEO of Galaxy Digital Holdings, Bitcoin may rise to $30,000 or higher.

Cardano Launches Its Valentine Upgrade

Input Output Global (IOG), the parent company of the Cardano blockchain, rolled out the Valentine upgrade for Cardano’s Standards for Efficient Cryptography (SECP) primitives on the network’s mainnet. 

With the update, software developers can now create secure and affordable decentralised applications using a wider variety of native multi-signature designs (DApps).

In response to news that BUSD issuer Paxos was facing legal issues in the U.S., traders sold off BNB Chain's native token by more than 7% in less than 24 hours. BNB tokens which traded over $315 on Sunday, dropped to $290 within 24 hours of the announcement, while BUSD temporarily lost its $1 peg.

Crypto adoption and Regulation across the globe

The National Bank of Rwanda announced that financial services providers are prohibited from facilitating crypto-related transactions. Acting governor of NBR, Soraya Hakuziyaremye, cited the unregulated status of most crypto assets and the need to protect its citizen's funds. While financial service providers are restricted from facilitating crypto transactions, crypto trade isn’t prohibited in Rwanda. 

While Rwanda may be regulating crypto, El Salvador announced another initiative in its adoption of cryptocurrency. El Salvador, the first nation in the world to legalise Bitcoin, intends to establish another "Bitcoin embassy" in Texas, according to a tweet from Milena Mayorga, the nation's U.S. ambassador, on Wednesday.

A new cryptocurrency scam tracker has been released by the California Department of Financial Protection and Innovation to aid traders and investors in identifying potential threats to the sector. On February 16, DFPI introduced the tracker. It is based on user complaints, with the department compiling a list of complaints by victims who allege to have been duped or who have discovered attempted dupes.

As part of a new initiative to speed up digital transformation, the central bank of the United Arab Emirates (UAE) intends to issue a central bank digital currency (CBDC) for domestic and cross-border payments. According to the announcement, "These digital payment initiatives will drive financial inclusion, promote payment innovation, security and efficiency, and achieve a cashless society. The digital dirham will "address the problems and inefficiency of cross-border payments and help drive innovation for domestic payments respectively."

 Brazilians can now use cryptocurrencies to pay a portion of their state taxes. Banco do Brazil, a mixed ownership bank, introduced the option of paying a set of taxes with crypto using Bittfy, a cryptocurrency startup, as a payment processor.