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News Weekly Roundup: United Nations, Thor star Anthony Hopkins, South Korean financial watchdog, Bitcoin sceptic Peter Schiff, Ex-BitMEX CEO Arthur Hayes made headlines this week

A lot has happened in the world of cryptocurrency this week. And here is the curated wrap that you have been waiting for. Find out why this week’s news would include the United Nations, Thor actor Anthony Hopkins, a South Korean financial watchdog, Bitcoin sceptic Peter Schiff, and former BitMEX CEO Arthur Hayes.

UN urges developing nations to avoid usage of cryptocurrency

Last week, the United Nations Conference on Trade and Development (UNCTAD) advised government officials in developing nations all around the globe to take steps to avoid widespread usage of cryptocurrencies.

“Global use of cryptocurrencies has increased exponentially during the COVID-19 pandemic, including in developing countries,” the group noted. “While these private digital currencies have rewarded some and facilitated remittances, they are an unstable financial asset that can also bring social risks and costs.”

Worthnotingly, The United Nations General Assembly created the United Nations Conference on Trade and Development (UNCTAD) as a permanent international entity in 1964. It is a component of the United Nations Secretariat. Both the Economic and Social Council and the General Assembly of the United Nations receive reports from this body. According to the website for UNCTAD, the organisation has 195 member nations and 204 projects spread over 70 countries.

Bitcoin might fall below $10,000: Peter Schiff

Peter Schiff, Euro Pacific Capital’s CEO, stated that Bitcoin may not ever reach its all-time peak of $69,000 again. During an interview by Kitco News on August 11, the CEO stated that the value of Bitcoin might yet drop below $10,000 due to compelled sales. 

Peter Schiff stated,

“The market is going to plunge. I think people should take advantage of the rally they’ve got right now and get out. People bought Bitcoin four, five, and six years ago, and they have big profits. People should get out because otherwise, the market’s going to take those profits.”

Peter Schiff, Euro Pacific Capital’s CEO also stated that the current surge isn’t really durable and also that individuals should grab everything they can and leave. He labels a “sucker’s rise,” Schiff reconfirms that current market profits will not persist. He asserts that the production of cryptocurrencies is increasing. He feels that Bitcoin and the remaining 20,000 tokens are nearly identical.

Ex-BitMEX CEO urges to buy Ethereum amid ongoing bearish market

Former BitMEX CEO, Arthur Hayes on August 19, provided insight on the Ethereum price action, happening in the cryptocurrency market via tweet.

Arthur said, “it might be the best time to go shopping” hence, neglecting the overall bearish sentiment of the market.

According to Hayes, if the Ethereum merger would go wrong, then Ethereum might underperform as compared to Bitcoin. However, if any awful happened with the merge, then the ETH/BTC ratio would fall below 0.079 after being rallied from 0.05 in mid-June. Recently, Hayes also predicted that Ethereum can claim the price of $5,000.

Thor star Anthony Hopkins to launch his own NFT collection

Thor movie star and veteran Hollywood actor Anthony Hopkins collaborates with Orange Comet, an art+entertainment firm specialising in NFT minting and promotion services, in order to promote his inaugural NFT collection based on his life. Orange Comet revealed the collaboration on August 17.

In a Yahoo Finance interview, Hopkins claimed that “NFTs give a blank canvas to develop art in a new format.” He emphasised that NFTs allow people of all ages to share their artistic inspiration with one another in return. As he said:

“I’m arguably the oldest man in the NFT group and on social media, demonstrating that anyone can do anything.”

According to Orange Comet CEO Dave Broome, the collection will debut on OpenSea in the middle of September. There will be ten of Hopkins’ most important archetypes, such as Odin from Marvel’s “Thor” and Hannibal Lecter from “Silence of the Lambs.”

South Korea to regulate stablecoins after Terra/Luna demise

South Korean regulatory authorities were all set to regulate stablecoins after seeing the effect of the Terra/Luna crash. As per the local media report, the regulatory authority such as FSS (Financial Supervisory Service) has mentioned that the new Digital Asset Framework Act will deal with the happenings related to “non-security tokens,” while crypto assets which are named as securities will be liable to regulation under the provisions of the current financial investment services and Capital Markets Act.

The head of the FSS, Lee Bok-hyeon was cited as expressing that “the guideline of stablecoins” should need to be “strengthened.” Yet, Lee claimed that discussions “between worldwide regulatory authorities” on “different issues” relating to crypto assets were “progressing.”

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