Bitcoin dips below $70,000 as Ethereum marks 9th anniversary

Bitcoin, which was approaching the $70,000 milestone, has experienced a dip overnight, falling short of this target. Meanwhile, Ethereum, the pioneer of smart contracts in the crypto market, is celebrating its 9th anniversary. To gain insights into the current state of the cryptocurrency market and emerging trends, King-son Ariweriokuma, Chief Partnership Officer at BoundlessPay, joined CNBC Africa for a live interview in Kingston. Discussing the recent volatility in the Bitcoin market, King-son mentioned that speculative news and uncertain investor sentiment are contributing to the fluctuations. The market is witnessing rapid movements as investors swiftly enter and exit positions, leading to the current high levels of volatility. On Ethereum's 9th anniversary, King-son highlighted the significance of Ethereum's innovation, especially in introducing smart contracts and paving the way for concepts like Central Bank Digital Currencies (CBDCs). He described Ethereum as the 'mother of crypto' that has opened doors to various innovative projects and investment opportunities. Moving on to emerging trends, King-son addressed the issue of high gas fees on the Ethereum network. He explained that the Ethereum Foundation is working on reducing these fees to encourage more projects to build on the platform. By lowering gas fees, Ethereum aims to attract new innovators and expand the possibilities within the crypto space. The conversation shifted towards the endorsement of cryptocurrencies by prominent figures like former US President Donald Trump. King-son emphasized the importance of the US government's stance on crypto, as it sets a precedent for other nations. Countries like Rwanda are considering launching their CBDC platforms, closely monitoring the regulatory developments in the US. When discussing Rwanda's readiness for the crypto market, King-son stressed the transformative potential of CBDCs and blockchain technology in enhancing financial transparency and driving innovation. He expressed optimism about Rwanda's prospects in embracing crypto and blockchain innovations. Regarding the timing of investments in crypto, King-son advised investors to focus on education, adoption, and understanding the projects they support. He highlighted the role of companies like BoundlessPay in democratizing cryptocurrency usage and bridging traditional finance with the crypto world. On the topic of regulation in the decentralized crypto market, King-son expressed support for necessary regulations to create structure and guidelines for the industry. He viewed regulations as a positive step towards increasing investor confidence and fostering broader adoption in the market. In conclusion, King-son encouraged potential investors to seek advice from financial experts, conduct thorough research, and consider the promising future of cryptocurrency. He emphasized that now is an opportune moment to enter the crypto market, given its evolving nature and growth potential. As Ethereum marks its 9th anniversary and Bitcoin faces volatility, the insights shared by King-son Ariweriokuma shed light on the dynamic landscape of the crypto market and the transformative innovations taking place.