According to a report, Taiwan’s Financial Supervisory Commission ( FSC), it has instructed credit card issuers as well as banks to prevent customers from using credit cards to pay for transactions related to cryptocurrency.

The watchdog cites the recent crypto market decline as well as persistent concerns over money laundering risk associated with virtual assets. It also refers to the fact that the virtual assets are highly speculative, extremely volatile and highly speculative.

Sources in the financial industry claim that the FSC sent the call to the Bankers Association of Taiwan in a letter earlier in July. The authority did not comment on the initial news, nor denied it. Forkast was later informed by the authority that it had requested credit card agencies to not sign on crypto service providers merchants.

The FSC insisted that credit cards be used as a payment instrument for consumption and not as a means of financial investment or speculative trading. It gave card holders three months to comply. The FSC reminded card holders of a previous requirement, which prohibits credit cards being used in transactions that are linked to stocks, futures and options.

Despite the recent adoption of anti-money laundering rules (AML) for service providers on the market, Taiwan’s crypto industry remains unregulated. It is still not finalizing a project to issue central bank digital currency (CBDC).

As part of ongoing trials of the prototype retail digital currency, the Taiwanese central banks completed a series technical simulations in closed-loop environments in June. The governor of the monetary authorities acknowledged that the bank might need to continue work on the CBDC for two more years than expected.

Almost all of Texas’ industrial-scale Bitcoin miners have come to a halt as the state tries to stave off power blackouts amid an intense heatwave, Bloomberg reported on Monday.

Bitcoin miners, including Riot, Argo, and Core Scientific, have shut down millions of computers in response to the heatwave that is expected to cause blackouts. Those Bitcoin miners were lured to Texas by lower energy bills.

Some have estimated that as much as 9% of the world’s cryptocurrency computing power is located in Texas, with America’s largest bitcoin mining operation located in the small town of Rockdale, Texas.

Bitcoin mining is an energy-intensive job. According to Columbia, the industry consumes 150 terawatt-hours of electricity every year-this is more than what the entire country of Argentina, a population of 45 million, consumes. This much energy emits 65 megatons of carbon dioxide every year into the atmosphere.

Earning bitcoin is achieved by computers running a series of complex calculations in order to find a solution to a math problem-a solution which is a string of numbers and letters that ultimately provide security for each Bitcoin transaction. These computers and their calculation efforts, and the cooling necessary to keep the machines running, are a significant drain on Texas’ energy grid, which has been struggling to keep the lights on during times of intense demand.

The Electric Reliability Council of Texas, or ERCOT, asked Texans today to conserve energy amid the heatwave, appealing to both individuals and businesses alike. The target hours for reduced energy consumption are between 2 p.m. and 8 p.m. ERCOT also suggested that there may be rolling blackouts.

This is the second time this year that the grid operator has asked for energy conservation amid a heatwave.

Houston’s mayor Sylvester Turner asked this weekend that city agencies be prepared for a possible power grid failure.

Bitcoin dropped below $20,000 Wednesday due to a variety of factors, from macroeconomic concerns to issues with cryptocurrency businesses.

At 07:36 AM, the world’s biggest cryptocurrency was down more than 4 percent to $20,056.48 According to CoinDesk data, ET. Bitcoin fell to $19,841 earlier on Wednesday.

Other digital coins, including ether, were also significantly lower.

Bitcoin trades within a narrow range over the past two weeks, unable to make any major moves above $22,000

Analysts at Bitfinex stated that bitcoin is currently being guided lower by a narrative that could continue for the remainder of the year. It was one of rising inflation and looming recession.

While inflation continues to rise, central banks continue to aim for more rate hikes creating fears of a recession elsewhere in the U.S.

U.S. stock market fell on Tuesday and futures were under pressure on Wednesday. Bitcoin is closely linked to U.S. stock market movements and tends to follow them lower or greater.

CNBC’s Vijay Ayyar, vice-president of corporate development at Luno and international, said that bitcoin will likely trade between $17,000 to $22,000 for a while due to current market sentiment and an expected interest rate increase from the U.S. Federal Reserve. This is despite the fact that all risk assets are being weighed down.

Ayyar stated that most bounces have been sold off over the past few weeks. These are typically called bear market bounces and are intended to trap buyers who will then sell their positions lower.

Sam Bankman-Fried is the CEO of cryptocurrency exchange FTX and has stepped up to save struggling companies such as BlockFi or Voyager Digital, by offering credit lines.

“The market is taking a break after the fall. The market is still experiencing systemic problems as people continue to prop up different dominoes that can trigger knock-on effects. Charles Hayter, CEO at website CryptoCompare, spoke to CNBC via email.

On Wednesday, the U.S. Federal Reserve will raise its federal funds rate. JPMorgan economist Michael Feroli believes rising inflation will force the Fed to raise the rate by 75 basis point (bps) during its next meeting. CME Group data last week indicated that 95% of the market expected a 50-bps rate increase in the United States this month. Some expect a Fed that is hawkish, but others believe the U.S. central banking may be more dovish if markets worsen.

Global Markets Shake With Focus on the Fed’s Next Rate Increase — JPMorgan Economist Expects 75 bps

Major U.S. stock and cryptocurrency market indexes fell significantly Monday as Monday was considered to be one of the most bloody starts to the week for a while. CNBC’s Scott Schnipper stated Monday that the S&P 500 was now in an “official bear market,” according to S&P Dow Jones Indices.

Precious metals such as silver and gold also saw their value drop. The price of gold per ounce fell 2.67%, while silver’s dropped 3.58%. The crypto economy as a whole lost 18% on Monday, and BTC fell below $21K. All eyes now turn to the Federal Open Market Committee meeting (FOMC), where members of Federal Reserve System will likely raise the federal funds rates.

Moderate increases could be anywhere from 25 to 50 basis points. Some predict 75 basis points and the Fed could go up to 75 to 100bps at its next meeting. CME Group data last week showed that there was a 95% probability that the Fed would raise its benchmark rate by 50 basis points. Michael Feroli, a JPMorgan economist believes that a 75-bps increase is possible and that 100 bps are also possible.

In a Monday note Feroli explained to clients that the Fed may increase its rate by 75 basis points Wednesday if there is a “startling rise” in long-term inflation expectations. Feroli said that one might wonder if the surprise would be to see 100bp rise, which we consider a non-trivial threat.

Economists at Goldman Sachs Predict a 75bps Hike — JPMorgan Strategist Marko Kolanovic Believes that a Dovish Surprise could Happen

Feroli is agreed by Goldman Sachs economists who believe that a 75-bps increase will be announced at the FOMC meeting. Goldman economists said Monday that the Fed’s forecast was being revised to include 75-bps hikes in June, July.

Note from Goldman Sachs analysts to investors:

In 2023, we anticipate two rate increases to 3.75-4%. Then in 2024, one reduction to 3.5-3.75%. For a 3.25-3.5% terminal rate, we expect a 50bp rise in September. We also anticipate 25bp increases for November and December. End-2022, the median dot will be 3.25-3.5%

JPMorgan’s Markokolanovic, JPMorgan’s strategist, told the press that the U.S. would likely avoid a recession despite Feroli’s 75 bps prediction. JPMorgan Chase & Co.’s strategist explained that Fed could be dovish due to the craziness of bond markets and stock market.

Kolanovic’s Monday note to clients stated that Friday’s strong CPI print, which led to a rise in yields, and the sell-off of crypto over the weekend are weighing investor sentiment and driving market lower. The JPMorgan strategist said that rates market repricing was too extreme and that the Fed would surprise dovishly in relation to what is currently priced into the curve.

In 2022, Bitcoin and other cryptocurrencies were at the heart of financial markets. Many have noticed extreme volatile trends and aggressive Web 3 development. Block Inc. published a report that details a survey of 9,500 people on major continents to further examine these trends.

Block Inc. collaborated with Wakefield Research in publishing the report entitled’Bitcoin Knowledge and Perception. The report discusses the retail trends in Bitcoin perception in 14 countries around the globe. The report also shows that most people view Bitcoin as a payment method, and other uses.

Why is Bitcoin being bought and not purchased?

All income levels have the same reason to buy Bitcoin: it’s simply to make more money. The study also revealed other trends in Bitcoin utility. Because they are looking for protection against inflation and diversification, people with higher incomes than average are more likely to buy Bitcoin with excess cash.

Lower income groups, on the other hand buy Bitcoin to send money or purchase goods and services. They recognize Bitcoin’s utility more than the high-income group.

Despite all the benefits, many people are still hesitant to own Bitcoin. People don’t purchase Bitcoin because they lack Bitcoin knowledge.

It is followed closely by cybersecurity, price volatility and regulatory uncertainties.

The gender gap must be dissolved

According to the report, there is no gender gap between those who own Bitcoin and consider themselves experts. When compared to men, women tend to purchase Bitcoin for its utility functions.

The report continued to say,

47% of women view the possibility of purchasing goods and services as a reason to purchase bitcoins, compared to 34% of men. Similar to men, 47% see bitcoin’s potential to send money to other people as a reason to buy it. This is compared to 27% for women.

Is it possible?

One interesting observation was made in relation to Bitcoin’s future. People are more optimistic about the future of cryptocurrency the more they know about it.

Also, millennials are more optimistic about Bitcoin’s future than baby-boomers. As expected, this finding was in line with previous research.

What’s the deal with cryptocurrency right now?

It is worth noting, however, that the opinions on Bitcoin and cryptos remain divided in mainstream circles. For example, a recent Reuters report highlighted ‘concerns’ associated with cryptocurrencies.

The same applies to cryptos. Its potential impact on financial stability as well as its need for protection of vulnerable customers are the two main points.

Needless to state, although retail investors may be optimistic about the asset type, regulators are not. Not yet, at least.