Crypto This Week: Hydra Pay Launching Soon, Can It Boost Cardano (ADA) Price?

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

Hi, NOBI’s! Last week brought exciting news to the crypto industry. Cardano is launching Hydra Pay, a decentralized payment service. A US presidential candidate secretly holds Bitcoin worth Rp3.8 billion. Hasan Fawzi is now the new boss of OJK overseeing crypto assets. Stay tuned for more hot crypto news from the past week!

1. Hydra Pay Launching Soon, Can It Boost Cardano (ADA) Price?

Cardano (ADA) developers recently gave a sneak peek of Hydra Pay, a layer-2 payment and instant settlement product. As reported by BeInCrypto, historical on-chain data suggests that ADA’s price could potentially double if the community embraces the product. The increased transaction volume on the Cardano network, combined with the low-cost and fast features of Hydra Pay, could further drive up ADA’s price. Additionally, an increase in Cardano staking could reduce the supply on exchanges, potentially leading to a price increase.

2. US Presidential Candidate Quietly HODLs Bitcoin Worth Rp3.8 Billion

Robert F. Kennedy Jr, a Democratic Party presidential candidate, was revealed to hold Bitcoin assets worth over US$250,000 (Rp3.8 billion). This investment came after his speech at the Bitcoin 2023 conference, where he announced that his campaign would accept Bitcoin donations. Although he previously denied being a Bitcoin investor, wealth reports indicate that he has gained profits from this investment. Kennedy Jr has been targeting the crypto community in his campaign, which presents a challenge to President Joe Biden. He believes that crypto assets and technologies are crucial innovation engines, and impeding their development would be a mistake.

3. Inflation and Currency Depreciation Hit Egypt, Bitcoin Nears All-Time High

Egypt is currently facing a concerning inflation rate, with an annual inflation rate of 36.8% in June, a significant increase from the previous month. The country is grappling with soaring prices for goods and services, while its currency, the Egyptian pound, is depreciating against the US dollar. The government has implemented measures to address this crisis, including reducing state spending and raising the benchmark interest rate. Meanwhile, the exchange rate of Bitcoin against the Egyptian pound is approaching its all-time high, indicating increased interest in cryptocurrencies amidst the economic challenges in the country.

4. Hasan Fawzi Chosen as New OJK Chief to Oversee Crypto Assets, Here Are His 7 Pillars of Strategy

Hasan Fawzi has been appointed as the Executive Head of Financial Technology Innovation, Digital Financial Assets, and Crypto Asset Supervision, as well as a Commissioner of the Financial Services Authority (OJK) for the 2023-2028 term. Hasan envisions inclusive crypto asset investments and the development of the financial technology industry in Indonesia. He has proposed a policy framework consisting of seven strategic pillars, including investor and consumer protection, OJK regulation and supervision, literacy and inclusion programs, diversified strategies, green and new economic development, synergy and collaboration, and market integrity preservation. Hasan brings prior experience in the financial sector and previously served as the Director of Development at the Indonesia Stock Exchange.

5. Bank for International Settlements (BIS): DeFi Plays a Role as Foundation for CBDC Security System

The Bank for International Settlements (BIS) states that decentralized finance (DeFi) plays a vital role in securing central bank digital currencies (CBDCs) in the future. In their report, the BIS highlights that CBDCs currently utilize similar technology as DeFi to identify potential risks. Although CBDCs are relatively new and have limited historical data, DeFi can serve as an initial foundation for analyzing CBDCs. Central banks need to take action to protect CBDCs from attacks and adhere to common cybersecurity standards while developing effective defense mechanisms against potential threats.

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

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