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Bitcoin bullish momentum slows down due to dollar index strength

By October 15, 2020 No Comments

Here is what you need to know on Thursday 15, October

BTC/USD is trading at $11,355 after a mild rejection from the top at $11,720 losing some of its bullish momentum.

ETH/USD had a similar fate and it’s at a higher risk of seeing a longer pullback than Bitcoin.

XRP/USD is the clear loser after breaking below the 50-SMA and the 100-SMA on the daily chart, currently trading at $0.2482 after yet another rejection.

Chart of the day: XRP/USD daily chart

Market

A new World Economic Forum (WEF) study has recently revealed all the issues about the blockchain industry and the lack of regulatory clarity. The report discusses known ICOs and projects like CryptoKitties, which have become widely popular in the entire world. 

In some ways, blockchain upends traditional models of standard-setting, given the decentralized governance and ability to embed standards within the build of the protocol. Other areas have mimicked structures used to create coherence in distributed systems such as the internet.

The report gives several key recommendations like ecosystem participants having to identify where standards may accelerate and ‘address the gaps within the development of solutions for those use cases’. It also suggests that regulators should educate themselves a lot before trying to establish any standards. 

Industry

Gate.io, a Hong Kong-based cryptocurrency exchange announced the launch of a new type of hardware wallet. The biggest difference between other hardware wallets is the implementation of a fingerprint recognition system. The device can support over 10,000 cryptos and will only cost $50.

PlotX, a DeFi solution for prediction markets made its debut recently after partnering with ChainLink. The project successfully completed its fundraising selling 2.7 million coins and getting Listed on Uniswap on October 13. Ish Goel, is the CEO of PlotX, the ex-CTO of Nexus Mutual. 

Bityard will use Paxful to create fiat on-ramps in Singapore. Bityard is a cryptocurrency exchange offering derivatives options. The exchange is planning to use the peer-to-peer trading platform Paxful to enable Singapore citizens access to more than 300 different payment methods.

Quote of the day

There are 3 eras of currency: Commodity based, politically based, and now, math-based.

– Chris Dixon

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