Konstantin Anissimov, Executive Director at CEX.IO
BTC/USD
On Thursday, 19th November, the BTC/USD price rate opened at 17,810. In the first hour, the price dipped below 17,600 but quickly rebounded to almost the level of the open. In the next three hours, the price was edging up, several times reaching above 18,000. Starting from 4:00 UTC, BTC/USD began trending down, breaking below the 50-period SMA on the hourly timeframe. At its lowest, the price went to 17,365 between 9:00 and 10:00 UTC. Starting from 10:00 UTC, the price jumped up and was at 18,180, but getting under the pressure of the intraday resistance level at 17,951, slumped from the day’s high to 18,000 at 18:00 UTC.
The day’s dynamics in BTC/USD indicate continued downside pressure on the flagship asset of the cryptocurrency market from the 18,200 resistance level set in January 2018. The traders must be using this opportunity to lock in their profits, which is likely to send the pair down a few percent in the next one – two weeks. The current two most prominent support levels for the pair are at 17,600 and 15,875. A downward correction remains the likeliest course for BTC/USD in the near future.
ETH/USD
The ETH/USD trading pair began the trading session of 19th November with downside price action going forward. The pair opened the day at 480.25 and ran down to 466 between 9:00 and 10:00 UTC in a steadily going succession of bearish candlesticks. From 10:00 until 15:00 UTC, the pair was on a rebound course and reached 478.3 at a local summit. From 15:00 to 18:00 UTC, the pair was going doing in a sluggish fashion, practically steadying between 478 and 475.
Thursday’s ETH/USD price action indicates a local reduction of volatility along with that of trading volumes in the pair. The market might be showing indecision, and some of the high-net-worth individual traders are probably waiting on the sidelines until the market becomes less dubious to make money with a new wave of straightforward price action.
With the ETH/USD price action on 18th – 19th November, we can conclude that the price is locally locked in a corridor between 470 and 480. Depending on which way the price breaks out of this corridor, the price may continue upwards or downwards. Since the breakthrough above 488 on 18th November lasted less than two hours, it will be reasonable to think this level yet unbroken. Therefore, it still remains the closest upside target for the pair. If the price breaks down below 470, the two closest support levels will be waiting at 465 and 460.8.
European Central Bank president Christine Lagarde says her hunch is that Europe will decide to launch a digital euro
Lagarde says the project would take several years to complete
Facebook’s Libra project and China’s digital yuan have accelerated research on central bank digital currencies
Christine Lagarde shares her thoughts on the digital euro
European Central Bank president Christine Lagarde thinks it’s more likely than not that Europe will decide to release a digital euro. When commenting on the digital euro, Lagarde also explained that the ECB isn’t racing to be the first to release a central bank digital currency, but added that she believes the bank will decide about this project shortly.
Lagarde declared that if the digital euro is convenient and suitable for users, the ECB should inspect it. She added that if it is better money for the eurozone, they have to examine it. She also talked about the current difficulties in cross-border payments, and if the digital euro can help regarding this issue, it should be taken seriously.
ECB proclaimed on October 2 that it would try harder to inspect the digital euro, and it will start public testing and negotiations about it. These forms of money are called central bank digital currencies, or CBDCs for short. Many governments are thinking about issuing these types of currencies, and China is the leading government that’s currently experimenting with CBDCs in the real world.
The Digital euro will function as a complement to cash, and will not be a replacement for paper money. The ECB has formed a working group to explore a CBDC, and the group released a detailed report about the topic in October.
Some crucial factors stimulated western countries to take action regarding CBDCs. One of these critical factors was Facebook’s Libra, which accelerated central banks’ CBDC efforts. Another factor was China’s plan to release digital yuan. China is a massive competitor for western countries, and the actions of this country will be reflected.
The ECB’s group on CBDCs was shaped in January 2020, and it is called The Eurosystem High-Level Task Force on CBDCs. This group includes agents from more than 20 European countries.
At Thursday’s event, Legarde explained that if the decision is to go ahead with the launch of the digital euro, the project will take some time to complete. Concerns like money laundering and terrorist financing are of utmost importance, and ECB must implement mechanisms to prevent such activities from being conducted with the digital euro. The ECB will also have to consider issues like the underlying technology and privacy, and that means the project will take time. Legarde estimates this time to be between two to four years.
Powell and Bailey also commented on the issue
U.S. Federal Reserve Chairman Jerome H. Powell spoke at the same event as Lagarde, and he indicated that the US is assessing the pros and cons of central bank digital currencies. He pointed to the dollar’s critical role in today’s world and explained that they want to put this currency in a good position.
Meanwhile, Bank of England governor Andrew brought up stablecoins and added that people expect certainty of value from these coins. Bailey believes some standards are critical in this space, and today’s stablecoins don’t meet those standards. He thinks the CBDCs could be the solution for meeting these standards.
The BTC price increase that we have seen this month has truly been exceptional. The cryptocurrency has managed to surge by a total of 55% over the past 30-days which allowed it to climb above the $18,000 level before dropping off slightly to $17,750;
The cryptocurrency might have dropped around 3.6% from the highs of $18,493 (1.272 Fib Extension) but the market is still looking very strong. There can be no bull run higher without having some inter-rim pullbacks.
Legendary trader, Peter Brandt, put it perfectly when he stated that the 2015 to 2017 bull run had 9 significant price corrections on the way to the previous ATH price. This bull run has only seen two 10% corrections – suggesting that healthy pullbacks will be coming thick and fast for BTC at some point.
During the 2015-2017 bull market in Bitcoin $BTC, there were 9 significant corrections with the following averages:
37% decline from high to low 14 weeks from one ATH to the next ATH
However, at the same time, we need to remind ourselves that this epic bull run has been driven by a different set of investors to what caused the previous bull run to the ATH price. The previous bull run (in 2017) was primarily driven by retail investors. These guys were just trying to make a quick buck and were jumping onto the train at any level due to the FOMO they experienced when BTC started to surge.
On the other hand, this bull run has been primarily driven by financial institutions. This is smart money entering the ecosystem. Smart money that isn’t planning to sell anytime soon. The buyers that we see today are very professional and they have a long term vision with deeper pockets than any retail traders so they can easily sit through any downturns with their coins inside cold storage.
#bitcoin $18K. Big difference with 2017 is that most BTC sold today will never see the daylight again, they disappear into deep cold storage. Buyers today are professionals with long term vision and staying power. pic.twitter.com/Ght9LGlfSV
It seems that these professional investors are becoming extremely optimistic about where Bitocin might be headed over the next 12 months. Recently, a leaked report from Citibank expects Bitcoin to reach as high as $300,000 by the end of next year – even going as far as calling it 21st-century gold!
Just taking a look at the daily chart below, you can’t really blame investors as to why they’re so optimistic;
Since the start of September, Bitcoin has managed to surge by a very strong 80%. The majority of this bullish run higher has come from October onward. Recently, the cryptocurrency penetrated the $18,000 to hit the resistance at $18,493 (1.272 Fib Extension). However, the coin seems to be struggling to close a daily candle above the resistance at $17,833 – provided by a 1..618 FIb Extension (blue).
Considering the epic bullish surge we have seen recently, it is unlikely that Bitcoin will be stalled by this resistance for too long at all.
Let us take a closer look at the markets and see where we might be heading.
Bitcoin Price Analysis
What has been going on?
Looking at the 4HR time frame for Bitcoin above, we can see that the cryptocurrency was trading within an ascending price channel for the majority of November. This price channel was penetrated a couple of days ago when BTC managed to climb above the $17,200 level.
After breaking above, BTC went on and continued to climb higher. It met resistance at the $17,833 level (the resistance we are struggling to break on the daily chart) but quickly spiked higher above here. It went on to push above $18,000 to reach as high as $18,493 which is resistance provided by a 1.272 Fib Extension level.
We can see that BTC has dropped lower from this peak as it fell back beneath the $18,000 level. Luckily, the market is still being supported at the $17,600 level so far as it struggles to produce a daily candle close above the $17,833 level.
Bitcoin price short-term prediction: BULLISH
Bitcoin remains strongly bullish right now. The coin would have to fall beneath $16,000 to start to turn neutral and break further beneath $11,000 to be in danger of turning bearish. IF the sellers push lower, the first level of strong support is expected at $17,240 (.236 Fib Retracement). Beneath this, support lies at $17,000, $16,800, $16,468 (.382 Fib Retracement), and $16,000.
Beneath $16,000, further support can be expected at $15,800, $15,537, $15,220 (.618 Fib Retracement), and $15,000.
Where Is The Resistance Toward The Upside?
On the other side, the first level of resistance to break lies at $17,833. Above this, resistance can be expected at $18,000, $18,200, and $18,493 (1.272 Fib Extension level). If the buyers continue to break the resistance at $18,500, additional resistance can be found at $18,789 (1.414 Fib Extension), $19,000, and $19,215 (1.618 Fib Extension).
If the bulls penetrate the resistance at $19,215, resistance is found at $19,500, $19,647 (ATH Daily close), $19,893 (previous ATH), $20,000, and $20,140.
We are happy to announce that Chainlink has been successfully deployed live on Matic Network as our recommended oracle solution for developers. Matic is the second blockchain, after Ethereum, to actively integrate Chainlink Price Feed oracles! Five price feeds have already been launched on the Matic mainnet: MATIC/USD, USDC/USD, ETH/USD, USDT/USD, and DAI/USD, with many more to come as a means of supporting the growing demand of DeFi on Matic Network.
Several DeFi projects building on Matic have already committed to using Chainlink, including EasyFi’s undercollateralized lending protocol, PlotX’s prediction markets, and several more projects soon to be announced. Through Chainlink, these dApps can execute key DeFi functions such as checking loan collateralization, minting and swapping synthetic assets at fair market prices, settling prediction markets, and more.
In addition to Chainlink Price Feeds for DeFi, Chainlink VRF (Verifiable Random Function) will also be launching in the near future on Matic Network to support a new wave of scalable gaming applications reliant on provably fair randomness. Several projects on Matic Network are already working on implementing Chainlink VRF into their protocol, such as Aavegotochi, FarmTogether, and more to be announced.
Outside of Price Feeds and VRF, Chainlink will also be available as a general-purpose oracle solution for connecting to any off-chain API, empowering development of virtually any externally connected blockchain application. One such project taking advantage of Chainlink’s flexibility and uniquely launching on Matic Network is Digital Bridge, a 2FA oracle built using Chainlink that allows developers to build an extra security layer into their smart contracts.
Chainlink was selected as the preferred oracle solution on Matic Network because it provides Matic developers with access to high quality data, decentralized oracle infrastructure, Sybil resistant oracle nodes, and transparent processes so users and developers can monitor how the oracle networks and the individual nodes function in real-time. The end result is highly available, accurate, manipulation resistant, and transparent oracle networks for getting any off-chain resource necessary for success.
The market leading Chainlink Price Feeds have proven to secure over $4 Billion in USD value on mainnet for startup and established DeFi projects, including AAVE and Synthetix. We’re confident that Chainlink Price Feeds are an optimal solution for Matic DeFi developers needing secure, reliable, and ready made oracle solutions that can easily be integrated into their protocols. This both accelerates their go-to market timelines and helps them avoid the many pitfalls of trying to build their own oracle solutions or relying on unproven alternatives.
If you are a DeFi developer on Matic and want to start using Chainlink Price Feeds, check out our documentation or reach out to us in the Chainlink and/or Matic Discord.
Stay tuned for future announcements and documentation for how to use Chainlink on Matic, including the launch of Chainlink VRF on Matic mainnet.
About Chainlink
Chainlink is the most widely used and secure way to power universal smart contracts. With Chainlink, developers can connect any blockchain with high-quality data sources from other blockchains as well as real-world data. Managed by a global, decentralized community of hundreds of thousands of people, Chainlink is introducing a fairer model for contracts. Its network currently secures billions of dollars in value for smart contracts across the decentralized finance (DeFi), insurance and gaming ecosystems, among others.
Chainlink is trusted by hundreds of organizations to deliver definitive truth via secure, reliable data feeds. To learn more, visit chain.link and follow @chainlink on Twitter.
Matic is a developer-first hybrid POS+Plasma sidechain on top of Ethereum, enabling Ethereum developers to scale their DApps for large scale usage.
Matic is rapidly becoming the go-to Layer 2 Solution for developers, thanks to secure, scalable and instant transactions, secured by Ethereum. There are 70+ Dapps building on Matic, ranging from DeFi Protocols to thrilling games and prediction markets.
Deploy your existing Ethereum DApp in less than 15 minutes! Get started with our documentation here.
With fall now upon us and summer well in the past, you may be left wondering what things you can do to keep yourself entertained. While there are some warm fall days, the majority will be too chilly to spend outside, and if you’re a lover of the outdoors, this is not a good thing.
Whether you live alone, with your partner, or have children, keeping everyone active throughout fall can be difficult. So, instead of getting your thinking cap on, we have a selection of fall activities you can do from the comfort of your own home.
Carve Pumpkins
With Halloween coming up, why not spruce up your home and carve some pumpkins? If you have children, this can be a great activity that you can all enjoy. Pumpkins and fall go hand in hand, and painting and carving them to place on your front porch can help make your home stand out in the neighbourhood. Let your creative juices flow and create your own pumpkin characters which will keep you and your loved ones entertained.
Play Games
There are lots of fun games that you can play either on your own, with your spouse or as a family unit. Whether it’s a classic board game like monopoly, or you prefer to play games on your smartphone or laptop, you need to establish what kind of games interest you most. You can visit mansioncasino.com/ca/casino-games if you love casino favourites like blackjack and roulette.
Read a Book
If temperatures have begun to drop, shutting your curtains, putting the fire on, and cosying up with a book can be a great activity to pass the time and relieve stress. There are numerous benefits that reading can bring, such as improving brain connectivity, aiding sleep, and lowering heart rate and blood pressure. Whether you enjoy novels, fiction, mystery, or want to get in the Halloween spirit and read something spooky, you are bound to find a book that suits your needs.
Exercise
For those who have been ordered to work from home because of the coronavirus pandemic, you may find it difficult to be indoors for lengthy periods. If this sounds like you, one great activity to keep your mind and body stimulated is exercise. Many gyms and fitness centres have been shut due to COVID-19, but working out in your living room can be a fantastic way to boost energy levels, increase concentration and lift your spirits.
Learn a New Language
If you enjoy travelling and soaking up different cultures, learning a new language will better equip you when you next go on a trip. With millions of people having more time on their hands this fall due to the coronavirus pandemic, learning new skills like a new language can improve memory, increase attention span, help you make better decisions, and improve your cognitive abilities. There are tons of language apps you can pick from which you can download on your smartphone to get started. Make sure you dedicate at least one hour a day to learning a foreign language to help you pick up the lingo.
Prepare for Christmas
While fall is now in full swing, don’t forget that Christmas is just around the corner. If you’re the type of person who leaves things until the last minute, your stress levels can go through the roof trying to get everything organised before the big events arrive. To keep you in control, now may be the perfect time to start shopping for Christmas presents. While retail stores are open, you may be anxious to go out in fear of contracting COVID-19. Instead, you can shop online and have parcels delivered directly to your door.
Enhance Your Culinary Skills
If you spent most of your summer enjoying the fresh air and outdoors with your loved ones, you may be struggling to cope being inside. Fall is the perfect season to brush up on your culinary skills, allowing you to make tasty dishes that your family are sure to enjoy. Whether you stick with the basics, or be more adventurous, there are tons of easy to follow recipes that can see you become a whiz in the kitchen. If you have little ones and want to get in the mood for Halloween, you can make apple bread, pumpkin bread and caramel apples that are sure to go down well with your kids.
Start a Home Improvement Project
As a homeowner, you should feel proud and comfortable in your home. If it’s time for a revamp, there are many home improvement projects that can keep you busy during the fall months. Whether it’s remodelling your kitchen, upgrading your bathroom, or adding an extension, a home improvement project can boost the resale value of your property.
There are lots of activities you can do to keep yourself occupied during the fall. Whether you’re a fitness lover, Halloween fanatic, or fancy a DIY project, all the endeavours above can keep you thoroughly entertained.
19th November 2020, Limassol, Cyprus – Introducing MAGNIFICENT SEVEN, the latest 1xBit Casino slot tournament that whisks players away to a Wild West adventure where they can win an attractive prize fund of 500mBTC and more than 1500 free spins. The slot game takes players deep into the world of the wild west plains with cozy towns of lively characters.
Tournament Prizes
In this tournament, players can take on competitors to win irresistible prizes. The tournament has an ace in the hole, giving players a good chance of winning from a valuable prize pool. The prize fund will be distributed as follows:
1st place – 250 mBTC;
2nd place – 100 mBTC;
3rd place – 50 mBTC;
4-6th places – 20 mBTC;
7-10th places – 10 mBTC;
11-20th places – 100 free spins in CRAZY STARTER;
21-30th places – 50 free spins in WEST TOWN.
MAGNIFICENT SEVEN
Based on the 1960 film The Magnificent Seven (or 2016 remake) the slot game portrays the adventures of 7 Wild West brave cowboys who set out as bounty hunters to hunt down a man that had taken a town.
To take part, participants must play slots from Spinomenal, Betsoft, Booongo, ELK, Endorphina, iSoftBet, and Pragmatic Play. These top slot game providers have released some of the best slot games out there, including John Hunter, Nights of Egypt, Aztec Gold Megaways and many others. The exciting new tournament starts on November 19th and lasts till December 21st, brought to you by 1xBit Casino.
1xit Casino Sign-upBonus
1xBit is the one-stop destination for online casinos. It has been at the forefront of the industry for years, and with its many incentives, it is no surprise at all. Users of the platform are given huge benefits not found on any other platform like it. For instance, 1xBit gives a welcome bonus up to 7 BTC to its new users for the first four deposits made. Moreover, the platform is very flexible, with over 25 cryptocurrencies for players to choose from. This allows players to use their favorite cryptocurrencies for gambling.
Slots And Security
The crypto casino has more than 5,000 slots from 100+ game providers to ensure that users never run out of options on what to play. There are also live dealers, which makes the fun and rewards endless. At the same time, players don’t have to worry about their privacy, as the platform is fully anonymous with no player private information at risk, making gambling on the online casino safer than ever before.
The tournament holds great rewards for the players who are brave enough to participate. Win great rewards today by signing up on 1xBit and joining the bounty for the prizes that await you. Also, enjoy the benefits of playing on 1xBit with countless bonuses and incentives today. Remember, you can win more by taking part in the tournament! Like they say in the Wild West: “If it seems worth the effort, it probably is.”
1xBit is the source of this content. This Press Release is for informational purposes only. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.
Satoshi Nakamoto, the pseudonym of the Bitcoin creator, developed cryptocurrencies as a medium of payment and a store of value. The other cryptocurrencies that followed had similar or more advanced use cases. The way cryptocurrencies redefined payments was a clear indication that they will soon become a part of many other industries apart from pure account-to-account digital payments.
An industry such as online gambling that vastly deals with payments couldn’t have been an exception. With the wide range of benefits cryptocurrencies and its underlying technology blockchain brought to the table, online casinos and gambling platforms were ready for disruption.
What are Online Casinos
Not everyone can afford the luxury of buying a ticket to Las Vegas and betting hundreds of thousands of dollars in five-star casinos. To meet the demand of such people, who quite certainly form a vast majority of our society, we saw the evolution of online casinos.
The first online casino launched in 1994 and brought the concept of brick and mortar casinos to the internet. The availability of virtual casino games largely reduced the barrier to entry and attracted more people into the gambling industry. These casinos allowed people to make their bets from the comfort of their homes and pay using bank accounts or other payment providers.
Since its inception, the online gambling industry has grown into a multi-billion dollar market. Reports predict that it will grow into a $92.9 billion industry by 2023.
What are Crypto Casinos
Crypto casinos or Bitcoin casinos is the newest category of online casinos. While online casinos made casino games more accessible, the integration of cryptocurrencies and blockchain technology into online casinos added another level of excellence to them.
Crypto casinos aim to replace the use of traditional payment methods, intermediary-operated games, almost opaque result declaration processes, and other vulnerabilities and shortcomings of the gambling platforms.
Crypto Casinos vs. Online Casinos
On the surface, many may say that the only difference between crypto casinos and regular online casinos is that the former allows cryptocurrency payments instead of fiat payments. The truth cannot be far from it. There are several other differences between the two.
Operation Process
Cryptocurrency casinos often utilize blockchain-based smart contracts to operate their casino games. These smart contracts are self-executing computer codes that negate the use of middlemen in a transaction or gambling process. As they are stored on decentralized public ledgers called blockchains, they maintain the highest levels of transparency in their working process and transactions.
Some of the best bitcoin casinos utilize smart contracts that make the games provably fair. This means that the users can cross-verify the result of the games to check if the results were genuine or biased in any way. The codes of smart contracts are stored in public systems, allowing anyone to audit the code and check the integrity of the smart contract that operates a crypto casino game.
In addition, the code of smart contracts, once deployed on a blockchain, is immutable. Due to this feature, there is no possibility for the owners of a crypto casino to tamper with the code of a smart contract to manipulate the results of the games.
The same is not possible on regular online casinos. The codes of the games are stored on centralized servers and can be changed at any time. They also lack transparency in their operation process and the results cannot be verified by the users for any possible manipulations.
User Anonymity
Online casinos often require users to signup on their platform and give away their personal identification to start participating in the games. Even without that, the addition of the payment details for deposit and withdrawal of payments gives away a user’s credentials to the gambling platforms.
On a crypto casino, users mostly only need to provide their wallet’s public key for deposit and withdrawal of supported cryptocurrencies. And the public keys of a cryptocurrency wallet do not reveal the identity of the wallet owner. This makes crypto casinos anonymous.
Reward Payout
Payments on regular online casinos can be slow and tiring. In the case of international payments, the payouts can be even slower due to the hassle involved in cross-border bank transfers.
Cryptocurrencies, on the other hand, are global currencies with no geographical barriers hindering their operations. Hence, the rewards reach the winner’s account only minutes after the declaration of the results. The process is made even faster due to the automated smart contracts that do not need any intermediary interference for payment execution. They automatically send the rewards to the winners upon completion of the games.
Security
As many crypto casinos use blockchain technology at their core, they provide premium data security. Blockchains are immutable ledgers, and it is next to impossible for anyone to hack the stored data, tamper with it or decrypt it. This is possible as blockchains do not have any central points of failures that hackers may target and attack.
That is quite unlike traditional online casinos that store their data on central servers. In March 2020, a ransomware group called Maze even hacked the data of BetUS, a U.S.-based online gambling platform.
Regulatory Compliance
With the present regulatory scenario, this is one of the major advantages traditional online casinos have over crypto casinos. Cryptocurrencies are not properly regulated throughout the globe, and there may be many crypto casinos that do not abide by the laws. But there are also those that offer legal services only.
However, there’s a better chance that regular online casinos follow the regulations as it is easier when dealing with fiat currencies. But with governments working on better regulatory frameworks for cryptocurrencies, the same may soon be possible for all crypto casinos as well.
Crypto Casinos are the Future of Online Gambling
Online casinos powered by blockchain and cryptocurrencies bring an array of benefits to traditional online gambling platforms. They are an upgrade to online casinos as they prioritize user anonymity and personal data security — the two major concerns of internet users today. Better regulations and the wider adoption of cryptocurrencies will potentially make crypto casinos more common throughout the industry.
ETH balances on exchanges are at their lowest levels since 2018, and it is a bullish sign for an imminent bull run
ETH price action is currently underperforming against BTC. Since Bitcoin leads the market, altcoins like Ethereum are likely to follow the trend once BTC reached new peaks
The interest in DeFi is seeing a revival, and this factor can help boost ETH as well
Although ETH has strong fundamentals and is the spine of the decentralized finance ecosystem, its price action has been sharply underperforming BTC for a few weeks now. ETH’s price is now below its peaks in 2020, while BTC’s price is at its highest levels since the massive bull run of 2017.
ETH price action is bullish right now, and many on-chain and fundamental indicators show that. ETH 2.0 is making progress, and DeFi users are using the Ethereum network heavily. One of the apparent signs of this bullish scenario is the balance of ETH on cryptocurrency exchanges. This balance is at its lowest levels since 2018, and it means less potential selling pressure for this cryptocurrency.
ETH is consolidating, but its perspective is bullish
ETH is still trading below its 2020 peaks. The coin rallied earlier in the year, when the DeFi fever reached its peak. However, Ethereum is trading at better levels compared to its lows after the enthusiasm for DeFi subsided. However, the impending release of Ethereum 2.0 is a bullish stimulus, and now we can imagine Ethereum as a sleeping giant.
The lowest balance of ETH on exchanges
Holdings of ETH on exchanges are meager at the moment, and it is unprecedented since 2018. That is a sign that bulls can hope for. A similar scenario happened for BTC as well, and its balance on exchanges was at the lowest levels before the recent bull run.
Santiment, a cryptocurrency market analysis company, recently explained this metric. The firm claims that only 13.35% of the total ETH is now on exchanges, and it is a two- year turning point for the cryptocurrency. Combining this metric with the fact that BTC is the market leader, and it is reaching new peaks, we can conclude that ETH is in a bullish position at the moment. DeFi has also been showing a revival, which also bodes well for ETH.
Final thoughts
The story of ETH is very similar to the story of BTC. Since the Black Thursday crash in March, BTC’s balance on exchanges was continuously decreasing, and finally, the bull run started. The same is happening for ETH, and the ratio of ETH on exchanges has been falling since late August and early September. This information confirms that some good news is on the horizon for Ethereum. Please note that the cryptocurrency market is a high-risk space. Always do your research, and do not limit yourselves to one resource.
Hong Kong, November 17th, 2020 — Crypto.com has become a member of the International Digital Asset Exchange Association (IDAXA). The organization sets industry standards and plays a major role in advancing dialogue regarding proposed regulations. The admission of Crypto.com into IDAXA is indicative of how the cryptocurrency app and exchange platform is committed to this shared goal and mission. Members of IDAXA include Singapore Cryptocurrency and Blockchain Industry Association, Blockchain Australia, Hong Kong Blockchain Association, and Switzerland Crypto Valley Association.
IDAXA rose to prominence at the V20 summit last year in Osaka, Japan where an MoU was signed, with the goal of driving collaboration between regulators and the digital asset industry. Next week, the V20 will meet again in Riyadh, Saudi Arabia, with Crypto.com now ranked among its members. Chief on the agenda will be discussion of the FATF’s Recommendation 16, better known as The Travel Rule, which governs self-declaration of assets for citizens passing through customs.
Crypto.com Chief Compliance Officer Antonio Alvarez said: “Joining IDAXA is yet another example of our commitment to achieve our mission of accelerating the world’s transition to cryptocurrency. IDAXA plays a pivotal role in bringing together the global blockchain and cryptocurrency industry to engage with legislative bodies, agencies and regulators. We look forward to participating in the development of regulations and global industry standards, such as compliance with FATF Recommendation 16.“
We’re delighted to welcome Crypto.com as a Corporate Member of IDAXA,” said Anson Zeall, Chairman of IDAXA. “Not only are they one of the largest cryptocurrency companies in the world, with a presence in major global markets, but their values are closely aligned with those of our organization. Together, we look forward to collaborating with the goal of fostering better standards and championing financial transparency. This will give the crypto industry greater legitimacy while enhancing its reputation in the eyes of regulators and the public alike.
About Crypto.com
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 Visa 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, and independently assessed at Tier 4, the highest level for both NIST Cybersecurity and Privacy Frameworks. Crypto.com is headquartered in Hong Kong with a 600+ strong team. Find out more by visiting https://crypto.com
IDAXA represents the global interests of industry, trade associations and Virtual Asset Service Providers (VASPs). Its founding partners favor a unified approach in response to the Financial Action Task Force (FATF) guidelines surrounding AML and KYC compliance for virtual asset transactions. IDAXA was established during the V20 summit in Osaka, Japan, a two-day industry summit for the world’s leading Virtual Asset Service Providers (VASPs).
