What Happened in the Crypto Industry & NOBI During the Past Week?

Hello, NOBI’s! The crypto industry has remained upbeat during the past week. The most recent news came from the US CPI, which finally plummeted to 6.4% YoY, prompting Bitcoin (BTC) to skyrocket to US$24,000. Polygon has also recently announced its zkEVM mainnet beta schedule. As a result, the price of MATIC rapidly increased by 5.9%! What’s next? We recap what’s been happening in the crypto industry during the past week!

1. Robert Kiyosaki Urges Investors to Get Into Crypto, Predicts Bitcoin Will Hit US$500K

Robert Kiyosaki has again made a splash in the crypto world with his tweet. The author of the famous financial book Rich Dad Poor Dad predicts a storm of crisis will hit the world. In fact, according to him, massive depreciation will occur. As a result, these conditions forced the Fed to print trillions of US dollars.

Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care.

— Robert Kiyosaki (@theRealKiyosaki) February 13, 2023

According to him, gold and silver are God’s money, and Bitcoins are US dollars everyone should hold onto. He also warned everyone to be careful at the end of his sentence. This is based on his prediction regarding the collapse of the world’s public confidence in the US dollar. And finally causing the currency to be destroyed. Robert Kiyosaki’s mainstay crypto asset, Bitcoin (BTC) itself has been observed to have risen 11.59% in the past week.

“By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. why? Because faith in US dollars, fake money, will be destroyed,” said Kiyosaki, as quoted on his Twitter account , Tuesday (14/02).

2. US CPI Finally Dropped to 6.4% YoY, Bitcoin (BTC) Price Soared to US$24,000

The US CPI figure for January comes in at 6.4% YoY. While the market expects the CPI to appear at 6.2% compared to December’s figure at 6.5%. On a monthly basis, CPI rose 0.5% compared to a 0.4% increase in December. The CPI figure, which appeared slightly above market expectations, made the market anxious with the possibility that the Fed will become even more hawkish.

For information, CPI is one of the indicators used to measure inflation, which is the rise and fall of prices of goods and services in a country. Following the announcement, Bitcoin shot past US$24,000 for the first time in two weeks after surging more than 8% over the last 24 hours (16/02). This percentage increase is the largest since BTC surged 10.5% on Sept. 9.

3. Polygon Sets March Date for zkEVM Mainnet Beta to Go Live, MATIC Price Increases 5.9%!

Polygon Labs has just announced that it will launch a beta version of the zkEVM mainnet on March 27. The network said details regarding the mainnet will be announced in the coming weeks. For information, ZK or zero-knowing is a technology that aims to increase the speed of transactions in the network and lower costs. ZK is currently widely adopted by certain blockchains, including Polygon.

Polygon’s native coin, MATIC, has recorded a rise of up to 56% throughout 2023. However, in the past week the price has tended to go sideways even though other ZK-based tokens have carried out pump actions of more than double digits. According to CoinMarketCap, MATIC is currently (15/02) trading at US$1.24 with a 5.8% increase in the last 24 hours. However, that price still fell 54% from its all-time high (ATH) at US$2.72 on December 28, 2021.

4. The Deputy Minister of Trade Reveals the Extraordinary Potential of Crypto Assets as Commodities

Deputy Minister of Trade (Wamendag) Jerry Sambuaga revealed the extraordinary potential of crypto as a commodity. He stated this at the launching event of the Red Cross ProMedia Network (JPP) at the National Library Building, Jakarta, Tuesday (14/2/2023). On that occasion the Vice Minister of Trade said the potential for crypto asset transactions had reached hundreds of trillions a year.

The Deputy Minister of Trade explained, in 2019 there were not many crypto transactions in Indonesia but a year later in 2020 the value reached 64.9 trillion. And most surprising of all, in 2021 crypto asset transactions have increased tremendously to 859.4 trillion rupiah. For the January-July 2022 period, the recorded transaction value was IDR 232.45 trillion.

Overall, this condition is an extraordinary foundation for Indonesia regarding crypto transactions as a commodity. Another impact is directly or indirectly boosting national exports as reflected in the trade balance.

5. Cardano Sets a Record for Whale Transaction Activity, Cardano (ADA) Has Seen a 45% Increase in 2023

The latest report from the analytics company Santiment, Cardano (ADA) observed a significant increase in whale activity. After dropping the price by 82% in 2022, Cardano’s luck seems to have returned in 2023. Where the asset recorded a price increase of 45%.

But who would have thought, in the midst of investors’ worries, there would be a spike in activity among whales. As a result, this phenomenon could provide a promising signal for the future of ADA itself. Then, the report also reveals that there has been a huge increase in the number of transactions of US$100,000+ per day on the Cardano network since the beginning of February. With an average of around 1,700 such transactions recorded daily. This is a fantastic increase from just over 300 US$100,000+ transactions that occurred during the month of January.

That wraps up for Crypto This Week. We’ll see you at the next one!