Welcome to Barmy’s Daily Crypto News – July 31st, 2022
1. China’s Authorities Reveal Latest Repayment Plan Amid Bank Account Freeze Controversy
A second round of repayments to customers of rural banks whose bank accounts have been frozen since April is apparently being planned by authorities in China’s Henan province. According to a plan put up by the authorities, the repayment program is scheduled to begin on August 1. Only customers with deposits between 100,000 and 150,000 yuan ($14,827) and $ 22,240 are eligible to get a reimbursement.
Authorities in the province are reportedly taking action to appease the uncooperative bank customers who have been protesting the decision by the three rural banks to freeze their funds, according to a report from Reuters. According to reports, several provincial officials allegedly invoked Covid-19 laws to thwart planned protests before the most recent statement.
Although the Chinese government hasn’t directly addressed the demonstrations, the China Banking and Insurance Regulatory Commission (CBIRC) is alleged to have said in a statement that two officials, one from its Henan province office and the other from a sub-office, are being investigated for breaking the law.
2. Rolex, Patek Watches Flood The Market As Crypto Goes Down
A German online platform that sells hundreds of thousands of watches has observed that the recent decrease in the prices of crypto assets has had a direct impact on the pricing of luxury watches from Rolex, Patek Philippe, and similar brands.
The supply of prized timepieces, including the Rolex Daytona or the Patek Nautilus 5711A, “is now significantly larger,” according to a statement from the Karlsruhe-based Chrono24, which was cited by Bloomberg. It went on to say that the crypto market crash is making it easier to find the most popular models on the used market.
The survey states that the market for used luxury watches is beginning to slow down as evidenced by the declining prices of the most sought-after timepieces. Prior to it, rising cryptocurrency prices had caused the emergence of a new class of affluent consumers and an unheard-of spike in the cost of models from the most prestigious brands.
3. Dogecoin Expected To Hit Zero, Is It Time To Get Out?
On Wednesday, price forecasts for Dogecoin (DOGE) were updated by price comparison website Finder. According to the platform’s explanation, it gauges analyst forecasts of the price of dogecoin using weekly and yearly surveys. “A panel of 54 industry professionals is asked for their thoughts on how dogecoin will perform over the next decade,” according to the most recent quarterly poll, which was carried out in July.
“Do you think DOGE would completely lose its value,” the panel was questioned. 55 percent responded in the affirmative, 21 percent think the meme cryptocurrency will recover, and 24 percent were undecided. When asked when the price of dogecoin will entirely lose its value, 3 percent predicted it would happen this year, 12 percent predicted next year, 9 percent predicted 2024, and 30 percent predicted it would happen by 2025 or later.
A number of experts on the panel blamed Tesla CEO Elon Musk for Dogecoin’s popularity. Bitwave CEO Patrick White remarked: “DOGE was a meme coin that shouldn’t have really gotten to this point. Thanks, Elon.”
4. Israel Bans Cash Deals for Amounts As Little As $1,700
Israel’s changes that go into effect on August 1 would further limit the payment of significant sums of money in cash and bank checks. According to the Jerusalem Post, tax officials seek to further restrict the amount of currency in circulation in the nation in an effort to stop illegal operations like the laundering of illicit funds and tax evasion.
The new law reduces the previous cap of 11,000 shekels ($3,200) to 6,000 shekels ($1,700), requiring businesses to employ non-cash methods for every transaction beyond that amount. The maximum amount of cash for non-registered business owners is 15,000 shekels, or roughly $4,400.
According to Tamar Bracha, who is in charge of carrying out the regulations on behalf of the Israel Tax Authority, the primary goal of the law is to decrease the usage of cash. The official clarified, as reported by the media line news outlet: “The goal is to reduce cash fluidity in the market, mainly because crime organizations tend to rely on cash. By limiting the use of it, criminal activity is much harder to carry out.”
5. Famous Investor Jim Rogers Warns About The Worst Bear Market In His Lifetime Incoming
In an interview with Kitco News that was released last week, renowned investor Jim Rogers issued a warning about an impending bear market that will be “the worst” in his lifetime. Rogers, who co-founded Soros Fund Management and the Quantum Fund, is a former business associate of George Soros.
He said that even if we are currently in a bear market, the worst is yet to come and warned: “More bear markets are coming … The next one is going to be the worst in my lifetime.”
Rogers elaborated: “Many stocks are going to go down 70%, 80%, 90%. Of course, that’s going to happen. I just don’t know when.”
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