Bitcoin Price Crosses $9,000 - How Crypto Gets 5 B

Today in crypto, the price of Bitcoin is back over $9,000. Bitcoin on Ethereum DeFi gets a big boost. The Coinbase CEO calls for massive adoption, but is the world actually ready for it? Crypto.com updates and South Korea takes a big step in recognizing crypto at a legal level. The crypto alert, this is where you subscribe for all of the hottest and latest happening in crypto land.

Let's go ahead and take a quick look here at the charts before we dive into today's news. Bitcoin has crossed back over the $9,000 mark, taking us back to a price level not seen since the long, long ago time of last week. We did see a price rejection though, already with the $9,075 level indeed being tricked $9,000 might not hold for long. At the moment though,

we are looking at the price of Bitcoin. Looking good with the price holding strong above the 200 day moving average, although we still need to test into break past the 50 day moving average around the $9,300 mark to really bring that strength back into the market. And away we're just stuck in this zone right now of indecision where we're kind of not able to get past

the 50 day moving average, but we're still above the 200 day moving average. Now look, falling back to test support at the 200 day moving average. This is around the $8,600 level. Definitely not out of the question at the moment until we do get some bigger closes happening. Now taking a quick look at Bitcoin dominance. It is in an uptrend at the moment reversing after reaching

a local low back in February. Now if dominance continues to rise before the Bitcoin having, which is increasingly looking likely as we see more speculators rushing into Bitcoin specifically in anticipation of the pre-housing hype, then there could be a lot of pain for altcoins across the board with a rising Bitcoin dominance. So tread carefully in the Altcoin Land at the moment. Now let's start off with

some news from Crypto.com. I'm very excited to announce that Crypto.com we're sponsoring one episode a week here on the channel. So today's episode is brought to you by the good folks over at Crypto.com. So let's go ahead and take a quick look at what Crypto.com has been up to this week. Crypto.com has launched in India this week. And wow, this has just been such a massive

week for India with that Supreme Court ruling that shot down the Reserve Bank of India's Bank ban for Fiat on and Off-Ramps. Thus it is a perfect time for Crypto.com to be launching in India. No word yet though on when we can expect those awesome Crypto.com debit cards for India. But stay tuned. I'll share it when I know more information. But this is just an important

first step in welcoming the Indian market into Crypto.com and into Crypto more generally. The next Crypto.com syndicate offering is scheduled for March 17th. They'll be selling half a million dollars worth of tasos at a whopping 50% discount. These syndicate offerings have been totally crazy. The last one was with chain link 50% off of chain link. That's free money. That's crazy stuff. Now in order to participate,

bonus as a thank you for being an existing app user. So just head over to Crypto.com to find out more details about these and other ongoing offers. Okay, and while we're on the topic of tasos, tasos suggest successfully pulled off its third protocol of the market. Now this particular upgrade just fixes several issues from the last version of the protocol upgrade. But, but that is not

actually the interesting part here for me. Because nothing game changing has been introduced with this upgrade. What is truly noteworthy is the on chain governance process that led to this upgrade being approved. More than 72% of all stake tokens voted in this decision. That is astonishing. It's probably very deeply envious of those kinds of participatory numbers. The topic of on chain governance, it's such a super

interesting one. And unsurprisingly, when people actually have a stake in something and when they know that their vote actually counts and that their vote will actually result in change, then people turn up. Surprising, isn't it? Okay. Now on to our first really big story of the day. And this one is coming out of South Korea. The South Korean Parliament legalizes Bitcoin trading. Well, the headline actually

is a bit misleading because Bitcoin trading was not illegal in South Korea. In fact, South Korea is one of the biggest markets for crypto globally. But the national assembly voted in favor of a piece of crypto centric legislation that aimed to restructure the country's blockchain industry. Really a formalization and a legal precedent being set for the adoption of crypto. And now, in essence, the new bill

will see crypto related businesses such as exchanges or trusts or custodial service providers. Neating, of course, to comply with anti-money laundry laws and know your customer rules and all the usual stuff that we see, they have to do this by the end of the first quarter of 2021. Now, they will also create a new framework about how the federal government should actually police what it defines

as a virtual asset service provider. So on the one hand, it's stricter than it was before. But on the other hand, I think it adds a lot of legitimacy and certainty for crypto providers in South Korea. And it's really just giving that clear set of guidelines on how to carry out your crypto operations if you were a business operating in Korea. South Korea has long been

a crypto crazy country back in 2017 more than a third of the country. So, the country was reported to be invested in crypto, which is totally mind-boggling, often paying a premium price over international rates, the so-called Kim Chi premium. But since that time, South Korea has actually fallen a bit behind countries like Japan, which have been much more welcoming of crypto. And really have just been

more innovative and responsive at a regulatory level to the evolving crypto industry. But still, this is progress for Korea. South Korea is the 12th biggest economy in the world. So, it's a pretty gosh darn important story too. More professionalization and more certainty at a legal level for these industries is a good thing. And anything that regulators can do to open the doors to the crypto industry

to allow for easier access is a good thing. Onto our next story. Bitcoin gets a big boost on its DeFi profile. A company called Provable Things has announced that it has a successfully launched P-Docans, one-to-one proxies for cryptocurrencies on other blockchains. Obviously, launching these on the Ethereum mainnet and that they would be fully interoperable with Bitcoin through bank or and Kiber integrations. Bitcoin coming to Ethereum

that is massive for decentralized finance. DeFi values they've been soaring recently. Decentralized exchanges they're seeing record volumes. And Bitcoin is finally coming along for the ride in a meaningful way. This is where the trend is going. And Bitcoin is simply not doing these things natively. But Ethereum and other protocols are opening the door for this interoperability. Ethereum is going to bring liquidity to Bitcoin on decentralized

exchanges. Innovations like this continue to allow for the easy flow of capital in and out of all of these different interoperability is key. Lightcoin is scheduled to come online soon as well for the P-Docans. We'll get a P-Lightcoin quite soon. Bringing, of course, a whole new layer of liquidity to Lightcoin in the decentralized exchanging space. Something up until now has been quite lacking. And another big

step for Bitcoin backed DeFi. Ren announces the DeFi interoperability alliance. And this members include Ava, BZX, IEURN.FINANCE, MADDIC network and a handful of others as well. Now currently, Ren has Ethereum, Bitcoin and ZCASH live on their testnet. Now Ren, if you are not familiar, is an interoperable liquidity protocol for decentralized finance. And the Bitcoin is a huge upgrade. But it is awesome to see so much

development out there happening. And Bitcoin is slowly but surely being drug into the heart of decentralized finance. This is a big and a very bold goal with a course notepad of timeline set on that. But yes, mass adoption will come one day. But in a lot of ways I think that we are poised to see this explosive growth in the crypto economy really over the next

10 years is going to be a very important fact that we are going to see the real estate, but we are going to be absolutely massive. Right now there are around 4.5 billion internet users and there is around 7.8 billion people in the world. So there are 3.3 billion people who don't even have access to the internet yet, but they are getting access quickly. Now the

biggest areas where we see low user rates for in the world are the most popular regions of the world and some of the regions that could benefit the most from cryptocurrency. Now adoption of the internet is expanding at an exponential rate largely due to smart phones which are becoming cheaper and more ubiquitous all of the time. New generations of phones of course as well are starting

to come with crypto wallets just built straight into them which is absolutely amazing. And many of these new users that are coming on board in these different regions of the world, they actually already lack access to financial services. Crypto is going to break down the barriers for these people in a very big way. We are talking about cross-border payments, we are talking about remittances with no

middlemen. They can just do it without having to go to a bank or any other crazy stuff like that. And these big, repacious middlemen that just steal all the money. International business without needing a bank account or a PayPal account, that's massive. Savings accounts via DeFi, loans via DeFi, insurance via DeFi. We are talking about unlocking trillions of dollars in economic value here. And in a

lot of ways the story that I covered yesterday about India, it totally exemplifies what I'm talking about in this big adoption receipt for cryptocurrency. The India story about the Supreme Court reversed in central bank ban on off-ramps. That was massive. India is a market that is ready for disruption. Indian people are likely very keenly aware of the risks and the problems with their fiat banking system.

With the government of India doing crazy things like an overnight ban of the most common bank notes back in 2016. The shock cancellation of the country's 500 and 100% of the money was 1,000 rupee notes, which at the time represented 86% of the currency in circulation caused crazy disruption to the economy and to people's lives. And then of course you have stories like this one from

last year about PMC Bank in India, which had to limit withdrawals to 1,000 rupee a day due to their fraud and terrible management. Many people suffered big time due to this scammy bank. In the same week that the crypto bulls have been unleashed in India, there is this story about the Indian Bank called Yes. Due to a web of bad loans and malpractice, the bank is

hit hard times and surprise. The Reserve Bank of India has stepped in and capped withdrawals from the Yes Bank at 50,000 rupee per month. This changed the name to No Bank because they're not allowed to take your money out. No, bad bank. This is the financial system that is rotten to the core and it is so ready for massive disruption, especially via cryptocurrency. Indians know all

too well about the dysfunction of the fiat and the banking systems. They don't need to be told why crypto is superior. They know already by experience the faults of fiat. We just need to spread the word about Bitcoin, about decentralized finance and about the future of money. And these people are going to be ready to hop on board. And India in many ways is perfectly poised

for that kind of expansion. The number of internet users hit 627 million people back in 2019, which is an 18% growth from 2018. Those are shocking numbers. 97% of people are using mobile phones as one of their main points of access to get on the internet. That's crazy stuff. Anyone doubting the future success of crypto, they are not paying attention. And just as a quick final

note today, if you are new to crypto and you're still trying to figure out the basics of crypto, like how to buy a Bitcoin, how to store Bitcoin, how to send your Bitcoin, or even just what the heck Bitcoin actually is, then you need to check out my course cryptocurrency explained. I have specifically designed it for beginners. It will take you through all of those topics

and a whole host of other ones with very clear explanations. And I'm going to tell you about the fact that I'm not going to be able to do it. And step by step tutorials. There's a link in the description where you can learn more about cryptocurrency explained. Thank you so much for watching today's video. I hope it was really useful for you and sparked some ideas

in your mind. And I want to know from you, what do you think about cryptocurrency adoption? Are we on the edge of a massive adoption expansion for cryptocurrency? Do you think that regions like South Asia or Africa can really make a big impact in the uptake of crypto? So your opinion down below in the comments section. Hope you have an awesome day wherever you are, whatever

you're doing. And if you did like today's video, hit the thumbs up button. Please, that'd be really, really great for the YouTube algorithm. And of course, subscribe to the channel if you are new around here. Long live the blockchain. And be South the next time. Bye.