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President of Central African Republic on BTC Volatility: “Mathematics don’t account for human emotions’

In an apparent message to critics of the Central African Republic’s bitcoin decision, the country’s president, Faustin-Archange Touadera, recently argued that understanding the crypto’s disruptive power is crucial and that “mathematics don’t account for human emotions.” According to Touadera, the country’s future generations are likely to applaud his government for “choosing the right path during hard times.”

Bitcoin Adoption Beneficial for Future Generations

In remarks that seem to be directed towards critics of the Central African Republic’s decision to adopt Bitcoin as its currency, President Faustin Archange Touadera recently reiterated his country’s belief in the best cryptocurrency. His followers were told by him that CAR’s adoption bitcoin will benefit future generations.

Central African Republic President on BTC Volatility: 'Mathematics Don't Account for Human Emotions'

These remarks were made by Touadera as the crypto market continued its downward momentum. This was initially triggered by the Terra Luna crash, but later exacerbated in part by speculation about the U.S. Federal Reserve’s interest rate policy.

During this time, bitcoin and other top cryptocurrency have lost more that a third of what they were worth. Critics have used the recent crypto market crash to prove their point. They have criticized El Salvador and the CAR for their apparently ill-advised decision not to make bitcoin legal tender.

However, in a tweet that appears to rebuke the country’s critics, Touadera explained why he is unfazed by BTC‘s recent fall. He stated:

Understanding bitcoin is crucial to acknowledge its disruptive power to bring long-term prosperity. Mathematical calculations don’t take into account human emotions. These are the moments when future generations will remember our strength and unity in choosing the right path through difficult times.

Pressure to the CAR, El Salvador

While critics have pointed out the country’s poor telecommunications infrastructure, the CAR president’s position suggests that his government is unlikely be influenced. Touadera’s position is similar to Nayib Bukele, El Salvador’s president, who is being similarly criticized for making Bitcoin legal tender.

As reported by Bitcoin.com News, Bukele recently told worried Salvadorans that their BTC investment is safe and that they should “stop looking at the graph and enjoy life.”

Meanwhile, in response to the CAR president’s tweet, a user named Richard Penner told Touadera that BTC‘s value, just like the value of a fiat currency, is determined entirely by human emotions which are “fickle.”

What are your thoughts on this story? Please comment below to let us know your thoughts.

Terence Zimwara

Terence Zimwara, a Zimbabwean journalist, author, and writer has been awarded the Zimbabwe Journalism Award. He has written extensively on the economic problems of certain African countries and how digital currencies can offer an escape route.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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What is the reason why SAND has risen by more than 10% within 24 hours?

The cryptocurrency market continues its positive start to the week with major coins trading in the green area. The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark. Bitcoin…

The cryptocurrency market continues its positive start to the week with major coins trading in the green area.

The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark.

Bitcoin surged past the $21k resistance level after adding 2.5% to its value over the last few hours. Ether is eyeing the $1,200 psychological level thanks to its ongoing rally.

However, SAND, the native token of The Sandbox metaverse, is one of the best performers amongst the top 50 cryptocurrencies by market cap.

SAND is up by more than 10% in the last 24 hours and currently trades at $0. 935 per coin. This positive step is primarily due to The Sandbox’s partnership and TIMEPieces (the NFT community initiative of TIME).

In a Medium post on Monday, The Sandbox said it has partnered with TIME to develop ‘TIME Square’, TIME’s first-ever destination in the metaverse.

Key level to watch

The SAND/USD 4-hour chart at the moment is bullish, as SAND has been doing well in recent days.

The MACD line is in the neutral zone. This is a significant improvement over the territory it held last week. The 14-day RSI of 64 shows that SAND could soon enter the oversold region over the coming hours or days.

If the market momentum continues, SAND could surge above the $1 psychological level in the next few hours. SAND could test $1 in the event of a prolonged rally. 08 resistance level before the end of the day.

However, we are still in bear market and the bears may regain control. SAND could fall towards the $0. 83 support level in the next few hours.

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Highlights June 21: Celsius rises almost 50%, cryptos remain green

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing. Top cryptos Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of…

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing.

Top cryptos

Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours.

Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.

Top movers

Aside from the top 20,, the trend was similar with most coins adding 5-9% value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.

Elrond gained another 15% today. Since announcing a major partnership, Elrond has been rallying with institutions of the Romanian government.

Stacks has 16%, and 1inch Network has 17%.. Recent statistics show that Atomic Swaps on CurveFinance and 1inch registered an average 100 million daily volume.

Zilliqa was one of the largest winners, up 22% during the last 24 h.

XCAD Network allows YouTubers to issue their own fan tokens and NFTs. It allows Youtubers the ability to issue their own fan tokens. Zilliqa’s rally was supported by XCAD’s participation at a recent, very successful live event in NYC.

The big win is Celsius with gains in 49%. Even though Celsius Network is in trouble, the efforts to stabilize it are evidently effective or have an impact on its value.

Compound completes the #100 winners’ list with gains of 26%. The Compound III beta version app is now available to the community.

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PetSneakers is today’s biggest winner. It allows you to train your pets and also work out in a virtual environment. It records your workout results and converts them into PSC tokens that you can stake for more profit. PSC is up 363% right now.

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US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin

US Regulator Charges South African MTI and Its Operator in CFTC's Largest Bitcoin Fraud Case

The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.

CFTC Takes Action Against MTI

The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:

This action is CFTC’s largest fraud scheme case involving bitcoin.

The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.”

From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” the CFTC detailed, elaborating:

During this period, Steynberg … accepted at least 29,421 bitcoin — with a value of over $1,733,838,372 at the end of the period.

The announcement adds that the CFTC “seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations.”

The derivatives watchdog described:

The defendants misappropriated, either directly or indirectly, all of the bitcoin they accepted from the pool participants.

The CFTC concluded: “Sternberg is a fugitive from South African law enforcement, but was recently detained in the Federative Republic of Brazil on an Interpol arrest warrant.”

What do you think about the CFTC’s action against MTI and its operator? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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