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UAE notes surging crypto demand as country deliberates regulations

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Bitcoin investing interest up 19% compared to 2019, Grayscale report says

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Crypto investing firm Grayscale recently released its 2020 Bitcoin Investor Study. The report used data from a survey which digitally polled a sizable number of individuals in the U.S. between June and July. Grayscale found the majority of the surveyed people were keen on buying Bitcoin (BTC).

“In 2020, more than half (55%) of survey respondents expressed interest in Bitcoin investment products,” Grayscale wrote in its October 2020 report. “This marks a significant increase from the 36% of investors who said they were interested in 2019.”

The numbers in Grayscale’s report come from data compiled by research company 8 Acre Perspective. The firm asked 1,000 U.S. persons about their Bitcoin investment interest, or lack thereof. The digitally polled group ranged from age 25 to 64, with minimum household earnings of $50,000 and a minimum of $10,000 of capital at their exposure for investment.

Similarly, Grayscale’s 2019 report used data from 1,100 Americans, polled in March and April 2019 under the same monetary and age parameters. 

“Among those who reported investing in Bitcoin, 83% have made investments within the last year, indicating that digital currencies are an increasingly attractive component of modern investment portfolios,” Grayscale’s 2020 report detailed. 

The report’s findings show Bitcoin’s popularity has increased in the U.S. “Based on this year’s survey, the market of potential Bitcoin investors is 32 million strong — compared to 21 million investors just one year ago,” the report explained.

“This year, 62% of investors reported that they are ‘familiar’ with Bitcoin, compared to 53% in 2019. In addition, nearly half of those surveyed predicted that digital currencies will be regarded as mainstream by the end of the current decade.”

The report also noted that parties interested in BTC were similar to mainstream market participants, although those keen on Bitcoin purchases run about seven years younger, on average. 

Additionally, the report pointed out a correlation between interest in Bitcoin and the COVID-19 pandemic. 

Source: https://cointelegraph.com/news/bitcoin-investing-interest-up-19-compared-to-2019-grayscale-report-says

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Ethereum Rebounds Following Recent Nosedive; What Analysts are Expecting

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  • Ethereum has been taking a beating throughout the past few days as all eyes closely watch Bitcoin
  • The crypto has been severely underperforming BTC as of late, with the benchmark digital asset seeing a sharp rise in market dominance as altcoins stagnate
  • This could be due to ETH and other alts lagging, which would indicate that a sharp move higher is imminent in the near-term
  • One analyst is noting that a reclaim of $410 is likely imminent and could be enough to help spark a shift back into ETH bulls’ favor

Ethereum has been sliding lower throughout the past day, but its buyers have been able to guard against it seeing any serious downside.

Yesterday, it dipped as low as $380 before seeing an influx of buying pressure that helped it rebound slightly.

This choppy price action comes as Bitcoin shows signs of strength and pushes to fresh 2020 highs.

This underperformance isn’t a new trend, as Ethereum has been struggling to keep up with Bitcoin ever since the crypto’s rebound first began a couple of weeks ago.

So long as BTC continues gaining dominance over the market, it is likely that this trend will persist.

One analyst is noting that a reclaim of $410 could help Ethereum gain some ground against BTC.

Ethereum Underperforms Bitcoin as Selling Pressure Ramps Up

At the time of writing, Ethereum is trading up roughly 3% its current price of $405.

Although this marks a serious decline from its multi-day highs of $420, it also marks a rebound from its 24-hour lows of $380 that were set during yesterday’s intense selloff.

This selloff came about in tandem with that seen by BTC, but while the benchmark crypto has rebounded to fresh 2020 highs, ETH is still lagging far behind.

Analyst Claims ETH Likely to Rally Higher in Coming Days 

There is one analyst who believes that this trend of severe underperformance will soon come to an end.

While sharing his thoughts on Ethereum, he explained that a reclaim of $410 is likely to come about in the next few days, which could spark a sharp upside movement.

“ETH / USD: Seems as though BTC is back above $13,000 now and honestly ETH wicked into support and got bought up pretty nicely as previously mentioned, back into full longs now. Expect $410 to be reclaimed before the week is over…”

Ethereum

Image Courtesy of Cactus. Source: ETHUSD on TradingView.

The next few hours and days should shine a light on Ethereum’s technical outlook against Bitcoin.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/ethereum-rebounds-following-recent-nosedive-what-analysts-are-expecting/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-rebounds-following-recent-nosedive-what-analysts-are-expecting

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Cuban freedom fighters launch underground Bitcoin remittance network

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Cubans are finding new ways to circumvent the embargo sanctions imposed by the U.S. government back in 1962. According to an October 26 report by Cuba’s AFP news agency, remittances sent from the U.S. to Cuba often pass through a clandestine network of “crypto enthusiasts” before being converted into Cuban pesos.

Erich García, a 33-year-old programmer and local YouTuber, told AFP that anyone who wants to send remittances to the island must buy Bitcoin and send it through a Cuban crypto exchange called BitRemesas.

Crypto users on the island then bid to offer recipients the best price for their coins via WhatsApp or Telegram. On average, a middleman from the network receives up to a 25% commission for their part in a risky and legally questionable operation.

After a deal is reached, the counterparties agree to a time and date to complete the trade. Entities trading Cuban pesos for Bitcoin often endure long bike journeys though the Caribbean heat to finalize these transactions. Though the group appears to be informal and self-organized, thousands appear to be utilizing their services.

Cointelegraph Spanish previously reported that most of the 10,000 Cubans who use Bitcoin on the island do so in secret.

Source: https://cointelegraph.com/news/cuban-freedom-fighters-launch-underground-bitcoin-remittance-network

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