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October 2020 Philippines Bitcoin Transaction Volume Report

Bitcoin transactions has decreased in October 2020 as per data on key P2P marketplaces in the Philippines.

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November 20, 2020 — The volume of Bitcoin transactions in the Philippines in October 2020 has decreased by 23.16% compared to the previous month according to data available for peer-to-peer exchanges Paxful and LocalBitcoins. This is the first time Bitcoin’s P2P monthly volume has experienced a major decline in a single month on the marketplaces since the year began.

For the month of October, the combined volume of transactions for both Paxful and LocalBitcoins totaled $3,247,682 based on the data from usefultulips.org, which aggregates information from the Paxful and LocalBitcoins APIs. This is a significant decline when compared to September’s volume of $4,226,732 as well as for the months of August ($4,161,728) and July ($4,243,449). The chart above shows the volume since May for both marketplaces, showing a major increase in Paxful’s volume while LocalBitcoins’ remained static:

September saw strong transaction volume as the industry started to talk about an end to crypto winter. As we entered October, Bitcoin, for the first time has never gone below $10,000 in the last 30 days and by the 20th, it made a strong movement above $12,000 closing the day with a solid candle at $12,808. This increase in price appears correlated with a decrease in transaction volume suggesting users were keen to hold their Bitcoin to watch the price increase. Note that it was also around the 20th when news of PayPal officially supporting cryptocurrency came out

Apryl Albero, Marketing Manager at Paxful said traders in the Philippines were savvy when it came to looking for profits. She explained that while transactions decreased, “around 90% are “sell” trades in October” indicating Filipinos were sensibly trying to lock profits as the price was rising, although she added ‘“buy” trades have also slightly gone up.

“Price speculation was another factor when buy trades increased and sell trade decreased as we saw an uptrend market around the 20th of October and vendors have a tendency to hold rather than sell,” Ms. Albero told BitPinas.

The value of virtual currency exchange transactions on licensed exchanges soared to $1.2 billion (Php 59 billion) according to the Bangko Sentral ng Pilipinas (BSP) from January to June 2020. “This suggests the growing public acceptance of virtual currencies to facilitate payments, remittances, and other virtual currency-related transactions,” said BSP Governor Benjamin Diokno.

This article is first published on BitPinas: October 2020 Philippines Bitcoin Transaction Volume Report

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Source: https://bitpinas.com/feature/october-2020-philippines-bitcoin-transaction-volume-report/

Blockchain

Ethereum Could Plunge Below $500 Despite Ongoing Rebound, Claims Analyst

Ethereum has been facing some turbulent price action throughout the past few days and weeks, with the selling pressure seen in the lower-$600 region forcing it lower on multiple occasions This has come about due to its close connections to Bitcoin and its price action, with the benchmark crypto’s inability to break $19,800 hampering the growth seen by ETH as well Despite the strong rebounds seen following every dip, sellers are still trying to fade […]

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  • Ethereum has been facing some turbulent price action throughout the past few days and weeks, with the selling pressure seen in the lower-$600 region forcing it lower on multiple occasions
  • This has come about due to its close connections to Bitcoin and its price action, with the benchmark crypto’s inability to break $19,800 hampering the growth seen by ETH as well
  • Despite the strong rebounds seen following every dip, sellers are still trying to fade the recent rally
  • One trader believes that they will soon gain the upper-hand over bulls, noting that there’s a strong possibility that it breaks below $500 in the week ahead

Ethereum has seen some wild volatility throughout the past few days and weeks, with Bitcoin’s selling pressure dragging it lower as well.

However, its rebound following each influx of selling pressure has been incredibly positive and seems to indicate that further upside might be imminent in the near-term.

Whether or not it can climb and hold above $600 should provide some serious insights into where it will trend as the end of the year fast approaches.

One trader believes that some downside is imminent. He expects a sub-$500 dip in the week ahead, noting that it reclaiming its weekly range high is simply a liquidity raid before it sees further downside.

Ethereum Struggles to Gain Momentum as $600 Resistance Holds 

At the time of writing, Ethereum is trading up just under 5% at its current price of $595. This is around the price at which it has been trading throughout the past few days.

Overnight, the crypto plunged as low as $570 before it found some serious support that helped send it flying higher.

However, the resistance around $600 is still intense and may slow its ascent in the near-term.

Analyst: ETH Likely to Plunge Below $500 After Sweeping Liquidity 

One trader explained in a recent tweet that the test of $600 could mark a liquidity sweep that is followed by some serious downside in the mid-term.

“Decided to punt a short here on $ETH as a crypto HEDGE because I am overexposed in #DeFi longs. Reclaimed the weekly range high after a liquidity raid. Currently testing previous support as resistance.”

Ethereum

Image Courtesy of Livercoin. Source: ETHUSD on TradingView.

Bitcoin’s near-term trend will undoubtedly influence Ethereum, which makes it imperative that the cryptocurrency sees further near-term upside.

Featured image from Unsplash.
Charts from TradingView.

Source: https://bitcoinist.com/ethereum-could-plunge-below-500-despite-ongoing-rebound-claims-analyst/?utm_source=rss&utm_medium=rss&utm_campaign=ethereum-could-plunge-below-500-despite-ongoing-rebound-claims-analyst

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New crypto regulations coming soon – OOC

Acting comptroller of OOC, Brian Brooks, says that the agency would release new crypto regulations  The new regulations are set to provide more clarity on the workings of the industry  Brian Brooks, the acting Comptroller of the Currency in the United States has confirmed that his regulatory agency is working on new crypto regulations. He […]

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  • Acting comptroller of OOC, Brian Brooks, says that the agency would release new crypto regulations 
  • The new regulations are set to provide more clarity on the workings of the industry 

Brian Brooks, the acting Comptroller of the Currency in the United States has confirmed that his regulatory agency is working on new crypto regulations. He made this known in an interview on CNBC’s Squawkbox.

According to him, this set of new regulations should be expected before the end of this current administration. He advises the general public to be on the lookout for these new policies which would look to provide more clarity for the sector.

Brooks also said that these regulations would help investors to feel more secure in the market. He cited that the regulatory body needs to provide some clarity on whether banks could connect to blockchains as payment networks.

 He also mentioned the effect the agency regulation had on banks being able to custody cryptocurrencies. 

The acting Comptroller went on to emphasize that the agency would not look to stifle the development of crypto agencies in the industry. Instead, the regulatory body would only seek to drive institutional interest by providing some clarity to how the industry operates.

He identified that institutions were already adopting cryptocurrencies with the available clarity in the crypto regulations. He, however, expects more institutions to embrace the industry when these new regulations are out.

US Treasury could roll out new batches of crypto regulations – Coinbase CEO

Brian Armstrong, the CEO of Coinbase, tweeted that the US Treasury could be all out to roll out new crypto regulations that would affect the growth of self-custodied crypto wallets.

According to the Coinbase CEO, the regulations would drastically affect how the crypto market could grow.

You would note that financial authorities in the United States have been trying to regulate the crypto industry. 

Popular Crypto company, Ripple, had hitherto threatened to move its headquarters outside of the United States due to the lack of clarity in the country’s crypto regulations.

Source: https://www.cryptopolitan.com/new-crypto-regulations-coming-soon-ooc/

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Steve Forbes Thinks Bitcoin Is Yet To Qualify As A Store Of Value, Roots For Gold

Bitcoin Is Digital Gold And The Upcoming Halving Will Make It More Potent As A Store Of Value – Coinbase

Bitcoin is not viable as a store of value. That’s according to Steve Forbes, Editor-in-Chief of the Forbes Magazine. Apparently, Steve is all for Gold as a long-term store of value. However, he agrees that Bitcoin’s major success stems from the actions of central banks by printing a lot of money and causing inflation. Steve […]

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Bitcoin Is Digital Gold And The Upcoming Halving Will Make It More Potent As A Store Of Value – Coinbase

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Bitcoin is not viable as a store of value.

That’s according to Steve Forbes, Editor-in-Chief of the Forbes Magazine. Apparently, Steve is all for Gold as a long-term store of value. However, he agrees that Bitcoin’s major success stems from the actions of central banks by printing a lot of money and causing inflation. Steve Forbes was sharing his thoughts via his YouTube channel named “What’s Ahead.”

Steve Forbes is the son of Malcolm Forbes who was the publisher of the Forbes magazine, founded by his father B. C. Forbes. As such, Steve grew up in a well-off family and now runs the magazine. Steve Forbes is not an economist, so his beliefs are just personal opinions not backed by any professional analysis.

Too Volatile

In Steve’s opinion, Bitcoin’s volatility makes it not suitable for long-term wealth holding. In that sense, Steve thinks the top coin is not the right choice of an asset to maintain family wealth.

Indeed, Bitcoin’s price has seen quite a few ups and downs over the years, but a look at the larger projections reveal that the crypto has always been increasing in value.

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Bitcoin’s current value is way higher than it was 5 years ago. In fact, Bitcoin’s rise in value has made some people billionaires. A case in point is the Winklevoss twins.

BTC’s Supply Limit Hinders Its Future Growth

Steve went on to argue that one of the huge obstacles preventing Bitcoin from becoming a good store of value is its supply limit.

BTC’s supply limit is capped at just 21 million coins. On the other hand, Gold’s global supply increases at a rate of 2% every year.

However, Steve didn’t mention that, just like Bitcoin, Gold’s supply in the world isn’t really as infinite as usually claimed. At one point, its supply will diminish as well.

Steve Forbes wasn’t entirely dismissive of Bitcoin as a store of value. He agrees that the crypto could iron out its quandaries and come out on top at some point in the future, “but that day is not yet here.” Bitcoin could very well evolve into the new Gold.


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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

Source: https://zycrypto.com/steve-forbes-thinks-bitcoin-is-yet-to-qualify-as-a-store-of-value-roots-for-gold/

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