by The market rebound in the crypto sector has caused more investors to enter it. Most traders entered, hoping that the dip would allow them an opportunity to enter the market at low prices and earn huge profits when the market becomes bullish again, a possibility that could become a reality within the next few months. However, the lack of core regulations for the industry is a massive concern for many, especially UNICEF. The NGO wants regulatory agencies to develop crypto policies that protect children from being exploited as crypto adoption soars.
Emerging Technologies And The Future Of Children
UNICEF cited various issues (such as threats and exploitation) that can affect children over the long term. Part of UNICEF’s latest report (titled “the prospects of children”) discloses that these issues would affect children in the future.
But the organization opined that regulators could develop crypto policies to protect children the same way they are developing policies to protect investors’ interests. The report also claimed that there are crypto adopters in nearly 90 nations. “This number will increase this new year and the years to come, especially as many countries launch their national digital currencies,” the report further states.
COVID-19 And The Push For Greater Crypto Adoption
“The prospects of children” report further highlighted that the COVID-19 pandemic has led to the push for growing adoption of digital assets, including greater collaboration between authorities and private crypto firms. However, the organization remained concerned that some of its players could involve children in their illegal activities if the market remained unregulated.
Examples of such activities mentioned by UNICEF include child trafficking, indecent exposure of children to pornographic media, and other vices. Hence, the organization wants authorities to take proactive steps in preventing such events from becoming a reality. The latest crypto.com data projects that the digital asset industry should have nearly 1.5B users before 2023.
Various metrics show that the crypto market’s growth in the last 12 months was unprecedented and estimate that its growth in the next 12 months would even exceed that of the past 12 months.
The Crypto Market Declined By 23% In January Alone
A TradingView data revealed that the crypto market has lost more than half a billion dollars of its worth this month alone and has lost more than $1tr of its worth in the last two months. The market’s overall evaluation was $2.19 tr at the start of the year, but it is about $1.8 tr as of this writing.
Hence, it is unsurprising that the market’s performance for this month is its worst in seven years. The overall crypto market has been on a downtrend since it reached a peak in November 2021.
Last month, it shed nearly 16%, and about 23.9% in May 2021, following the FUD regarding China’s crypto mining ban. Even though the decline last May was the worst seen in recent times, this month’s crypto market’s performance looks set to become the worst January performance ever.
