Bitcoin, the world’s largest and most-recognized cryptocurrency, continues to trade with low market volatility on the charts, with BTC, at the time of writing yet to breach its longstanding resistances. The crypto’s movements over the last 2 weeks or so have been very contrary to the expectations many had from the king coin, especially since it has been a few months since its third block reward halving.
While usually, one would expect the market’s altcoins to take their cue from the performance of Bitcoin, overwhelmingly, many of these cryptocurrencies seem to be defying that trend. The likes of Ethereum Classic, Dogecoin, and Chainlink are among those to buck this trend.
Ethereum Classic [ETC]
Ethereum Classic, the fork of the market’s largest altcoin, has been on a steady downtrend for a long time now, one extending since it hit its immediate resistance right before June. However, Bitcoin’s brief hike on the 6th of July was heaven-sent for the crypto, with ETC climbing by over 17% on the back of the aforementioned pump. Unlike Bitcoin, not only was its hike more significant, but it had also gained on its price levels from over two weeks ago.
The effect of Bitcoin’s uptick on the 6th was still being felt by the ETC market at the time of writing. While the mouth of the Bollinger Bands continued to remain wide, MACD line was climbing over Signal line on the charts.
The popular fork was in the news recently after Ethereum Classic revealed that over 69% of all accounts bought ETC near its 2018 all-time high. So much for buy low, sell high, right?
Chainlink, now the 10th largest cryptocurrency in the market, has been one of the market’s best-performing cryptos this year, noting YTD returns upwards of 345%, at the time of writing. Such a rate of return would be incredible for any cryptocurrency, let alone one that is in the top-10 of the market and has a liquid market cap of $7.8 billion, only behind Bitcoin and Ethereum.
While Chainlink has been on a steady uptrend since the month of April, the same gained steam in the month of June, before shooting up exponentially in the month of July. In fact, in the last 7 days alone, LINK had hiked by over 49% on the charts.
The magnitude of the crypto’s rise was evidenced by its indicators. While Parabolic SAR’s dotted markers were well below the price candles, Chaikin Money Flow could be seen surging on the charts, highlighting increasing capital inflows into the market.
It has been speculated that LINK’s price movement was driven by news that the recently-launched Blockchain Service Network in China had integrated Chainlink’s Oracles, with the crypto’s daily active addresses peaking in the process too.
The Internet’s favorite meme-coin seemed to have taken the crypto-community by storm after a TikTok-driven effort saw DOGE climbing the charts exponentially. However, this wasn’t to last as at the time of writing, DOGE had fallen by over 25%, after noting a hike that was worth almost 85%.
Dogecoin’s market indicators underlined the trend reversal in the market. While Awesome Oscillator was picturing some bearish momentum, Relative Strength Index had plummeted towards the oversold zone, before stabilizing, as soon as corrections began.
Crypto.com Integrates PayID Offering 5M Users an Easy and Unique Way to Send & Receive Crypto
HONG KONG, October 19, 2020 — Crypto.com today announced PayID, a universal payment identity developed by the Open Payments Coalition, is now available on the Crypto.com App.
Crypto.com’s 5M+ users can register for a PayID from the Crypto.com app, consolidating complex wallet addresses and accounts into a simple ID that works across any payment network and currency. Users who register for their unique PayID will get an exclusive Crypto.com-branded, easy-to-read ID — such as “yourname$payid.crypto.com — that enables users to send/receive crypto payments from other compatible wallets with just a single ID, easing their ability to connect to 100M+ crypto users worldwide.
PayID solves a key pain point in the crypto payments world, which consists of many closed and complex networks. Participants must manage multiple long and random wallet addresses, increasing the likelihood of erroneous transactions. PayID creates a free, open and common protocol that allows for interoperability between any payment network or currency.
Starting today, Crypto.com is offering early access for select customers to register their unique Crypto.com PayID. To be eligible:
- Stake 10,000 CRO or more in Crypto.com Exchange; or
- Stake 10,000 CRO or more in Crypto.com App
On 2 November 2020 all Crypto.com App users can register their own Crypto.com PayID within the Crypto.com App.
Once registered, users can send crypto from other compatible wallets to the Crypto.com App with just their PayID, instead of a full-length crypto address. At launch, supported cryptocurrencies include CRO, ETH, BTC, XRP and many more ERC20 tokens. Users can also send crypto to other compatible wallets using PayID hosted by other members in the Open Payments Coalition.
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity. Crypto.com serves over 5 million customers today, providing them with a powerful alternative to traditional financial services through the Crypto.com App, the Crypto.com Card, the Crypto.com Exchange and Crypto.com DeFi Wallet. Crypto.com is built on a solid foundation of security, privacy and compliance and is the first cryptocurrency company in the world to have ISO/IEC 27701:2019, CCSS Level 3, ISO27001:2013 and PCI:DSS 3.2.1, Level 1 compliance. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com
Crypto More Popular Than Gold Among Russian Investors: Report
A survey among over 2,000 Russian investors has placed cryptocurrency next to gold in terms of popularity. Moreover, younger investors aged below 30 have displayed significant favoritism towards digital assets.
Crypto Ranks Above Gold Among Russian Investors
According to the study published by the World Gold Council, investors from the world’s largest country by landmass have allocated the most funds into generally accepted as safer instruments such as savings accounts, foreign currencies, real estate, and life insurance.
When asked what sorts of investment tools they had invested in the past 12 months, they placed cryptocurrencies as the fifth most popular asset with 17%. Interestingly, gold came next with 16%.
World Gold Council Director of Central Banks and Public Policy, Dr. Tatiana Fic, commented that gold had been a valuable part of Russia’s history. She explained that the development of the gold mining industry began in 1745 with the discovery of gold in the Urals. In the next 100 years, more than half of the global gold production came from Siberia.
However, she noted that the investment market has declined in interest lately. Dr. Fic reasoned that there’s an evident lack of education, resulting in people steering clear from the bullion. She also claimed that investors fear buying fake or counterfeit gold products.
It’s worth noting that Russia seized purchasing gold earlier this year following half of decade of increased accumulation.
Younger Generations Keen To Experiment With Crypto
WGC’s report confirmed previous narratives that younger generations prefer allocating funds into riskier investment instruments such as digital assets.
“18-to-24-year-olds are much more willing to take risks to get exponential growth, rather than take a long-term view. For example, they are the least likely to have invested in a savings account but are the most likely to have invested in collectibles – and around two-thirds are considering investing in cryptocurrencies.” – the report reads.
The paper highlighted that the growing role of mobile apps linked to investment accounts have made it easier for tech-savvy youth to purchase their preferred assets. Cryptocurrencies lead the way “with nearly 80% being bought exclusively online.”
Although physical gold has been bought mostly offline, the report noted that online investments in gold-backed ETFs and vaulted gold have jumped in the past few years as well.
Swiss Government Starts Discussions on Local Blockchain Regulations
A new consultation process on blockchain laws is set to begin in Switzerland. Initiated by the country’s Federal Department of Finance, the operation is focused on initiating a blanket ordinance in the local blockchain and distributed ledger technology environment.
For Better Laws In Blockchain Industry
A number of parties, individuals, and other interested groups are set to be included in the upcoming consultations in the blockchain spectrum. The project is planned to go on for three months, ending on February 2 next year.
As per a recent report by Switzerland’s Federal Department of Finance, the blanket ordinance is set to help legislative amendments, recently voted by Parliament, turn into law at the federal ordinance level. The grand plan is that the Federal Council will bring amendments to the acts and ordinates into force on August 1, 2021.
The news appears a month after the Swiss Parliament unanimously adopted a Federal Act on the Adaptation of Federal Law do Developments in Distributed Ledger Technology (DLT). With it, the government amended several active finance and corporate laws, re-shaping them with additions in favor of blockchain technology and DLT.
According to the report, the act has improved the framework conditions for the country to turn into a significant, innovative, and sustainable place for blockchain and DLT firms to settle.
A Further Leap Into The Crypto Means Of Payment
The recent news comes shortly after the Swiss government announced that soon cryptocurrency would be operable for tax payments. As CryptoPotato recently reported, Bitcoin and Ethereum will become acceptable assets for the purpose, as Zug, a canton in Switzerland, announced its partnership with cryptocurrency broker Bitcoin Suisse. Both sides declared their readiness to realize the acceptance of cryptocurrency for tax payments, starting from February 2021.
Individuals using the crypto option for tax payments would be able to notify authorities and, thereafter, get a QR code through email.
According to the announcement, Bitcoin Suisse will assist in converting crypto to francs, this way avoiding state incurring losses due to price volatility.
The option will give taxpayers, both individuals, and companies the opportunity to pay their taxes with cryptocurrency up to about CHF 100,000 ($110,000).
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