Hello,
Welcome to your bi-weekly crypto-verse update with Breach. |
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Bitcoin (BTC) - $54,640.70 (+8.27%)
Ethereum (ETH) - $3,588.65 (+3.98%)
Cardano (ADA) - $2.23 (+1.31%)
Solana (SOL) - $160.14 (-1.28%)
Binance Coin (BNB) - $435.40 (-0.89%)
Ripple (XRP) - $1.083 (+1.22%)
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Tuesday's numbers are an indication that after a hectic September, Bitcoin and other cryptocurrencies are finally back on their upward trajectory.
On Tuesday, the benchmark crypto was valued at $49,839, and the entire crypto market rose to a value of $2.06 trillion from $855 billion in late September.
Crypto's September rut was due to market updates that seemed to have shaken the market. Firstly, many El Salvadorians were not happy with Bitcoin becoming their legal tender, then Evergrande's shaky debt status, followed closely by China's blanket ban on crypto. A fairly quiet start of the new month gave the crypto-verse time to recover and readjust.
No threat to bitcoin's network security: With China's crypto crackdown came concerns crypto production (mining)— the majority of which was in China— would decline. New reports indicate however that Bitcoin's production rate has increased by 34% since July's drop, indicating that miners in other parts of the world have stepped up to take their place.
Zoom out: The continuous rise in the price of bitcoin and other cryptocurrencies will encourage more miners to join networks, which will boost the security of the crypto-verse, discourage hacking and further solidifies the place of digital currencies in global finance.
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More Crypto exchanges mandate verification |
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This week, major Korean trading platform Upbit joined the pool of global exchange platforms mandating account verification.
Crypto is historically anonymous: Crypto is anonymous in the sense that you can create an address without revealing anything about your identity, and If that address is never shared, there's nothing to confirm that it exists.
However, once you use that address to trade, everything on that address becomes trackable. if a Bitcoin address was published online, for example, everyone in the world can find that person’s wallet. Additionally, some government agencies have technology devices to lift the veil of anonymity and many exchanges now insist users share their identity
Protection from illicit activities: A report found that 1% of crypto transactions are illicit activities, and the majority of which are scams. Exchanges, governments and crypto experts believe that the quantity can be further cut down when users are mandated to share their identity are mandatory.
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Crypto: Another thing Africa and Europe have in common |
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A survey carried out in Spain revealed that 20% of young people in Spain invest in crypto, making it the most contracted investment product in the country, and 35% are considering investing.
The survey found that the people who don't invest are either nervous about volatility or say they don't understand crypto enough to stake their money on it. This knowledge gap is also seen in Kenya, Nigeria, and South Africa where 64%, 55%, and 56% respectively say they don't understand enough to invest.
Read more about how Breach makes crypto accessible.
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Breach Reads
Here are a few other articles we think you'll enjoy
- A Tongan politician is proposing legislation to make Bitcoin legal tender in the island nation. If successful, Tonga would follow El Salvador's adoption of the cryptocurrency earlier this year (Cryptobriefing)
- Last Sunday, Back Bay church in St Martin, Mississippi, became the first known Southern Baptist church to offer cryptocurrency as a giving method (Coinmarketcap)
- U.S. Bank, one of the largest retail banks in the United States is now providing custody services for Bitcoin, Bitcoin Cash, and Litecoin, according to a company executive (CoinTelegraph)
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