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Luno highlights rise in use cases for crypto in Africa

Advanced technology is something that is accepted worldwide in a short duration. Though full-fledged use of the same may take some time, it penetrates in different markets soon. Something similar is happening today with the spread of cryptocurrencies and its related technologies. Though some countries have already started using them, and some more are still in the phase of preparing a platform, African countries also have shown a sign of a better move in this direction. 

According to a report published by Luno, there is great potential for cryptocurrency in the African region. It highlighted many factors that can trigger the crypto rally in this region. Other than that, hurdles for this growth were also discussed in the reports. Let us take a look at how crypto is positioned in this part of the world. The demand for this type of digital wallet is growing across the globe, and Africa seems to be no exception. It is interesting to see some positive developments in this regard in recent years.

Most promising region for cryptocurrency

For the world economy, African countries have special significance as they are known for their development and boosting the economy with vast development in almost every segment. When you observe the region of Africa, the striking feature is its cultural diversity and how they are different from their neighboring countries. However, when it comes to socioeconomic issues, there are too many similarities between most African countries. As the continent struggles to sustain in this fast-paced world, crypto can become a game-changer as it is practically suited for such regions. While other countries may look at crypto as an investment objective, it can bring in a lot of stability in regions like Africa. In this regard, Africa can be considered as the most promising region for cryptocurrency.

Crypto ownership trends

Take a look at the ownership trends of cryptocurrencies in different nations, and you will be able to understand the potential in the near future. According to Google Trends data, countries like South Africa, Kenya, Ghana, Nigeria, and Uganda list in the top 10 nations that own cryptocurrencies. You will be surprised to know that 13% of the South African populace owns cryptocurrency, and this is a big indicator of the gaining popularity of the cryptocurrency in this region.

Political instability in the African region

The biggest hurdle for this growth is the political instability in this region that has been haunting this continent for many decades. There have been civil conflicts in recent years, and most of the countries suffer from high inflation and other economic problems. The GDP has collapsed in most countries, and there is no sign of revival shortly. There is also a risk of wealth confiscation due to high levels of political instability. In these circumstances, crypto has various threats as well as opportunities in this region.

Future of crypto in Africa

The future looks bright for Africa if things are planned in the proper manner. To begin with, the economic situation going bad can also boost the demand for stable and reliable currencies like crypto in this region. Once the issues with cryptocurrencies are fixed, and most developed countries start owning cryptocurrencies, this region will show more interest in such options. Apart from that, the political stability factor plays a major role as this will help the country make more investments in different assets. There are few African nations that can lead the rally in this crypto world, and this will set the trend for the rest of the continent in the coming years.

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Bitcoin Dominance Growing — What It Could Mean for Altcoins

After getting a lot of attention in the year 2017, the price of Bitcoin started to drop in 2018. Where Bitcoin has started to recover from the 2018 market price decline, altcoin continues to decline. The price of Bitcoin significantly increased in the year 2019. It was under $4000 at the beginning of the year and its value increased around $14000 in the middle of the year.

Altcoins, on the other hand, was strong during the rise of the year 2019. And some people were even calling it an “altseason”. Bitcoin continues to grow from the year 2019 till now but altcoin is slipping its rank of the number 1 cryptocurrency.

People have a different point of views on it. It has created a situation of debate among them as to whether the Bitcoin will continue to grow or not. They are curious whether or not altcoin will come to the first place ever again.

Even if there are least chances of returning the alt season, it is assured that cryptocurrencies are being used widely. The current bull cycle affects the adaptation of the cryptocurrencies.

How Bitcoin Is Performing In Comparison To Altcoin?

When the cryptocurrency created a lot of buzz throughout the world in 2017, Bitcoin rose to the highest mark of $20,000. The altcoin was also high at that time. But things change the subsequent year. Some of the cryptocurrencies even vanished from the industry.

The main reason for a sudden price increase was the hype around cryptocurrency. When the initial coin offering (ICO) became a trend, the cryptocurrency became popular again. The ICO tokens were also used in the altcoin market.

The Bitcoin’s increase was prominent in the year 2017 but the Ethereum was not rising at all. Since the peak of altseason, the price of altcoin has reduced by 80%. The Bitcoin has been dominating the altcoins since then.

Bitcoin Dominance: Will It Continue Throughout In The Future Too?

The price of Bitcoin is increasing to date. People are investing in Bitcoin System but they are also finding other alternatives to invest in the cryptocurrencies. As a result, altseason can rise again. During that time the Bitcoin no longer dominates the market.

When the Bitcoin becomes less popular, the cryptocurrency can fall into the situation of a bull run. The Bitcoin shares can be still recovered from the altcoins. If the market crashes in such a situation, it doesn’t affect the Bitcoins as much as it does the altcoins.

Usually, Bitcoin dominance stays around 60-80%. According to some graphs and market trends, if Bitcoin dominance index falls below 60%, it can be assumed that the altcoin season is going to begin.

It also indicates that the altcoins will be popular for a shorter duration. If the Bitcoin dominance rises from above 40% during the altcoin season, it is a signal that the Bitcoin is ready to replace the altcoins.

This year the altcoins have again faced a bull-run. This rise is also being connected to the number of new coins entering the market. The total number of altcoins is 5000. It is expected to reduce Bitcoin dominance. Thus, the altcoin market can bloom anytime during this year.

The Ethereum 2.0 is all set to be launched in July 2020. This crypto sector is the second largest in the cryptocurrencies. This upgrade can affect the transaction speeds more than anything.

It is expected that in the middle of 2020, the Bitcoin will again outperform the altcoins. One major reason for this bubble is “halvening”. It occurs when the reward to Bitcoin miners is halved after every four years. This also reduces the number of new Bitcoins to sell on the crypto market.

However, although the new bitcoin mining will reduce the other coins will continue to circulate in the market. Facebook, for instance, is going to launch its cryptocurrency. And there are other multinationals too following the steps of Facebook. These major companies can have their own set of effects on the market.

It is entirely difficult to comprehend whether or not Bitcoin will take over the market again. Since many factors are in the support of altcoins. It is too soon to decide anything right now. Bitcoin will have its effects on the market but altcoins are also standing strong.

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Why Bitcoin Price And Volume Rising Together Is Bad News For Ethereum, Alt Season?

Bitcoin is a volume sucker working to grab all from the cryptocurrency market since the rally continues ahead. It is a reason leading the alternative market for cryptocurrency or alt-coin to face a pullback. As a result, the alt-coin market is experiencing a low demand from the buyers too. In the future, traders hold a belief that there is no return point for alt-season. 

When is the time for alt-coins to recover?

As per the historical records, Bitcoin experienced a significant uptrend in the beginning in the crypto market. After that, it was followed by the alt-coins. Among the traders, such a pattern is foreseen in the current cycle of price. The alt-coins market may stand in the recovery phase in 2021. Until the stabilization and rally completion of BTC, no trader sees an uptrend in the alt-coins market.  

From 13 September, the Bitcoin index of dominance is high to 63.4% from 56%, with a 7.4% rise in just two months.

In the alt-coins market, a significant problem is the dynamic nature of the crypto scenario. With the high rise of Bitcoin, a fall occurs for alt-coins. It is because the capital cycle starts turning backward to bitcoin. If there is a drop in BTC prices, a tandem fall will happen with alt-coins. As a result, alt-coins might come to a precarious stage.

“Don Alt,” recognized as a pseudonymous trader, said that a broad pullback for the alt-coin market is coming if the ETH price doesn’t cope-up with the Bitcoin price.

A CryptoCapo recognized trader interfered in the matter. He said that the alt-coins technical structure doesn’t seem to be a compelling one. He further added:

 “Honestly, Alts exist that don’t sound positive, even the decent Alts, and good-looking Alts too. At present, one can’t state any alt-coin as a good one. So, the wise selection is important.” 

Bitcoin rally key is cooling down:

Since the BTC price will surge quickly and Ether’s slow time is behind, it is unlikely to see an alt-season within the near time. As a strong indicator of alt-season, the ongoing rally consolidation with the ETH price breakout can signal. Seeing the broke-out of BTC/USD involving $13,000, alt-coin and Ether markets can be in the uptrends.

The alt-coin market capital seems to transfer into Bitcoin. In October, a lot of volumes are captured by the decentralized form of exchanges. As a result, it indicates that DeFI tokens demand is going down because of Bitcoin momentum prevailing in the market.

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Bitcoin Is A Better Gold Than Gold Itself, Tyler Winklevoss Says

All these days everybody has been hearing about liquid gold, that’s oil but Winklevoss Says something amazing and different, he says, “Bitcoin is better Gold Than Gold itself!”.  Tyler Winklevoss says bitcoin has the potential to make gold go on its knees. Cryptocurrency has been beating Gold in its “own game” and that is also with a better magnitude of 10x performance. This was a tweet by “Tyler Winklevoss” on 21st September.

In 2008, Bitcoin was introduced in the market by a group or a person whose name has never emerged on the papers yet. For 11 years, bitcoin has been playing its vital role in the market and that is one of the main reasons why one needs to understand the usefulness of digital currency. According to various financial experts, bitcoin is the new age of currency, and that everyone should be prepared to welcome the new change in no time.

The fate of bitcoin

It’s not very clear when, but the fate of bitcoin has drastically transformed around the last decade. Bitcoin has been and is setting new records of surpassing its value compared with other valuable products and elements found in the market. Bitcoin has always been in the place of an asset but never a transactional currency. The financial researches have been comparing valuables like gold with the value of bitcoins. Surprisingly, the new research and information data show that gold has been outshined by bitcoin. It is more valuable than gold. Comparing gold with any other transactional currency is a time-tested method of judging the economic value of the item.

While some say, it is best to compare gold and bitcoin with each other, others say it’s not necessary to compare both valuables with each other because they both proved their own value which is not similar to each other. Like warren buffet says, bitcoin has no intrinsic value, the value of an item depends on the necessity of an individual. Necessity is taught the value of everything.  Similarly, when it will be necessary the more worthy will surface gradually.

How is Bitcoin a better store?

The recent pandemic has transformed the world into a lot of chaos and many of the countries have realized that technology is helping them survive. Without technology, humans would have survived with a huge loss like any other pandemic eras in history. This situation has made people realize the necessity of cashless transactions where bitcoin is one most promising contenders that has gained momentum. Many investors, businessmen, and industrialists are willingly putting their money in bitcoin rather than in gold. The spike in the bitcoin currency has been noticed in this pandemic, hence, the spike and the crazy deterioration of the position of gold to many investors.

The future value of bitcoins is quite high and that is the pull factor for many investors. The estimated recovery on every investment of Bitcoin when purchased at the launch time (or at the earliest price) was approximately 7,615.27%.

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What Top Us Politicians And Potus Election Candidates Think Of Bitcoin

Cryptocurrencies or virtual currencies are always a point of debate since their inception. Many people favor them, while many people have points that devalue the currency. It is interesting to find the opinion of top politicians in this regard. Many politicians in the US do not have a positive opinion about cryptocurrencies in general, as the decentralized nature of such currencies will pose a threat to their way of working with the central banks. However, as elections near, they are not in a position to reject donations made through cryptocurrencies. In this regard, let us look at what some top politicians in the US feel about Bitcoin.

Donald Trump has always been open about his dislike for Bitcoin, and he had even tried to accuse such currencies as not valuable. He has said that he is not a fan of Bitcoin. Many experts in the market blame Trump for the slow growth of the crypto industry in the US. However, Brain Brooks of Bitcoin was appointed as COO of the Office of the Comptroller of the Currency in March by the Trump administration.

Even though he has not openly supported Bitcoin, Joe Biden is said to be a supporter of Bitcoin. He is seen as a strong supporter of technology and innovation. He had even commented on the Internet as being neutral. The political action committee even accepted donations in Bitcoins since 2016.

Bernie Sanders has not taken a harsh stand on cryptocurrencies so far. But media reports indicate that he has taken a large amount of donations from tech giants Microsoft and Facebook.

Joanne Jorgensen has always been vocal about free markets, and she has supported unrestricted competition between banks and other financial institutions. She is also in favor of enacting Ron Paul’s Free Competition in Currency Act.

Kanye West has said that he wanted to use Bitcoin and many experts believe that it will be good for the crypto community if he wins the election.

Elizabeth Warren, on the other hand, has criticized the volatile nature of cryptocurrencies, and she said that it is difficult for the government to protect consumers and yet derive benefits out of crypto technology.

Mike Bloomberg has said that there is a need for a clear regulatory framework around cryptocurrencies. He said that Bitcoin has become a high net worth investment asset, and there is a need for a regulatory framework in this regard.

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Greyscale Brings Altcoins to Over-the-Counter Trading

Greyscale is an investment company, it has announced on 17th August 2020 that their firm’s bitcoin cash trust will be accessible on, over the counter system, or generally known as the OTC market under the BCHG ticketer.

What is over the counter trading?

Over the counter or OTC is a way of trading securities for companies that aren’t listed on any formal exchanges. Over the top means, the securities are traded via a dealer network, which is the opposite of the centralized exchange system. This helps to maintain the current market place while you can have transparency and liquidity of the stock exchange. OTC is very thin traded and that is known as “penny stocks”. It can be traded at low as $1, which makes it more preferable for investors. Grayscale has achieved a state where they have robust security to provide optimum protection to the investors so that they can trade easily and risk-free.

What’s the news?

Grayscale investment offers digital-currency investment stock, which can be traded by individual investors on their Demat accounts. The company debuted in the financial field on 25th September 2013 as a bitcoin investment trust. Storing cryptocurrency is very problematic and greyscale is doing it in a very mature way. They announced that they have a robust system for securing the cryptocurrencies that actually uses the leading techniques of security standards for protecting digital currency. 

Grayscale Investments is an asset management company that is the world’s largest bitcoin trust also, it has announced that bitcoin cash trust, and bitcoin trust, both are eligible for deposits at the “Depository Trust Company”(DTC). This company is based in NY(New York) and is commonly known as DTC, it was founded in 1973.

DTC holds $54.2 trillion in securities. Grayscale also happens to meet the requirement of being eligible to be listed as a major stock exchange like the very well known “New York Stock Exchange”. The most amazing news would be knowing Grayscale has already cleared the Nasdaq NYSE requirement list for becoming eligible. They have successfully entered the stock exchange market and will hopefully rule it very soon.

What are Altcoins?

These are basically the alternative of bitcoins. They came into the market after bitcoins were a huge success. Altcoins specifically denote all the cryptocurrencies that accept bitcoins. Some of the altcoins are, Ethereum (ETH), Chainlink (LINK), Basic attention token (BAT), Komodo (KMD), Bitpanda Eco System Token (BEST), etc.

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Mastercard Exec reportedly linked to suspect transactions at Cyprus Bank

With the positive effects of virtual currency, one has to witness the negative use of this currency also. Recently one such incident has come into light by a German Banker. Germany based Wirecard, which is well known for issuing crypto debit cards, is implicated for several criminal activities. A Mastercard executive who operated at FBME bank in Cyprus has been linked to these suspicious transactions. Earlier in 2014, US Financial institutions were asked not to deal with FBME.

FBME Bank was accused of dealing with money laundering activities, and it was suspected of helping organized crime gangs and terrorist funding programs. It was also accused of fraud and other illicit activities by the US Financial Crime Enforcement Network.

Wirecard link with FBME

Wirecard and FBME have alleged links through an unnamed key account, and recently $2.1 billion in cash was reported missing from the company books. This led to Wirecard filing for insolvency, and the CEO of the firm Markus Braun was arrested in Germany.

The law enforcement agencies are on the lookout for Wirecard CEO Jan Marsalek, who is allegedly hiding in Russia.

The new allegations involve an unnamed executive of Mastercard who is accused of money laundering activities. The transactions were allegedly covered up in such a way that it would evade the detection mechanism of Mastercard and Visa anti-fraud and money laundering detection system which is considered very serious.

The system usually checks for any sort of suspicious transactions between companies. To avoid such detection, they created phantom transactions many times between the suspicious firms to avoid any red flags in the system. In this way, hundreds of thousands of transactions were done to avoid detection by the system.

Visa and Mastercard impose fine on Wirecard:

Due to such fraudulent activities in the past, both Mastercard and Visa also have imposed fines of more than $10 million in the last few years. The allegations about such suspicious activities of Wirecard were earlier detected by Visa many years ago.

Apart from that, Wirecard is also facing an investigation in an alleged $100 million bank fraud connected to Eaze Technologies. In this wake, the US Department of Justice is investigating the charges about the financial fraud conspiracy.

Wirecard is also alleged of miscoding gambling transactions, and this has led to severe losses for several clients in the recent past. It is also notorious for having maximum stolen card purchases.

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