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Today’s Cryptocurrency Headline

More than 80% of African users on Mineplex are interested in buying goods with secured cryptocurrencies. According to a recent study, more than 80 percent of African users who think commodity bets are fun have participated in a pre-order programme since the launch of new products on the Mineplex market. That’s far more than those in Asia (23 percent), Europe (14 percent) and the United States (9 percent). The commodity bet option acts as a zero-fee alternative to traditional loans, giving users the ability to buy directly into products they cannot afford, according to Mineplex bank. In explaining the apparent preference of African users for collateralized cryptocurrencies, the report suggests this may be based on changing tastes and preferences.

BingX’s Bitcoin Chart

Source: TradingView& BingX

There has been massive liquidation and deleveraging in the crypto derivatives market. BTC price inched back up to the $49,000 level over the weekend. BTC fell to around $42,000 at one point on Saturday. The market rout could be based on several factors, including concerns about the spread of the Omicron variant of COVID-19 and plans by the Federal Reserve to accelerate its policy of raising interest rates in the face of soaring inflation and a strong job market. Saturday’s sudden drop marks Bitcoin’s worst price drop since a massive sell-off in May. The crypto Fear and Greed index fell into “extreme fear” territory again.

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