FinTech platform YouHodler is now officially releasing it’s upgraded “Turbo Loan” feature. The first of it’s kind, Turbo Loans is an automated process that helps clients get a “chain of loans” with just one click. When used strategically, this can help multiply one’s crypto assets during a bull run. The new update makes the feature […]
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The bitcoin price dropped almost $400 in a matter of minutes on Sunday evening before immediately paring losses. The flash crash and quick recovery is an obvious sign of bitcoin whales playing mind games. While it’s impossible to know exactly what happened, the price action looks like a classic bear trap. A handful of large […]
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Crypto markets are seeing mild fluctuations, mixed red and green, while Bitcoin is holding ground around the $9,600 mark.
Monday, July 29 — crypto markets are seeing mild fluctuations, mixed red and green, while Bitcoin (BTC) is holding ground around the $9,600 mark.
Market visualization. Source: Coin360
After a sharp fall on July 28 and a further correction to $9,250 the following day, the top coin has since recovered and stabilized around the $9,590 mark — up 0.5% on the day.
On the week, the coin’s losses are at around 7%, with monthly losses pushing 20%.
In light of Bitcoin’s sharp downward turn since its 2019 high of $13,739, Cointelegraph yesterday published an analysis piece covering experts’ still-bullish outlook for the asset in the medium term. Among factors under consideration are the coin’s technicals, current mining trends and Bitcoin’s 2020 halving, when mining rewards will be reduced by half.
Bitcoin 7-day price chart. Source: Coin360
Top altcoin Ether (ETH) has posted a mild gain of close to 1.3% and is trading around $212 by press time. Mirroring Bitcoin, Ether dipped to as low as $201 during weekend trading hours. While Ether is seeing a slight 2.6% loss on its 7-day chart, the altcoin is down close to 35% on the month.
Ether 7-day price chart. Source: Coin360
XRP is seeing negligible price change on the day, while its 7-day and 1-month charts are indicating losses of over 3% and 27% respectively.
Among the remaining top ten coins, the picture is checkered, with all percentage changes on the day capped within a 2% change both red and green. EOS, Bitcoin SV (BSV), Stellar (XLM) and Binance Coin (BNB) are all in the red — with BSV reporting the largest loss, of just 1.7%.
Widening out to the top twenty, the charts remain a mixed bag, with only slight fluctuations again capped below 2% either way.
Dash (DASH) is down the most, by 3.6% on the day, followed by Chainlink (LINK) at 1.9%. Tezos (XTZ) has gained the most over the past 24-hours, sealing a 1.8% gain, followed by Unus Sed Leo (LEO) at 1.5%.
Total market capitalization for all cryptocurrencies is around $260.4 billion at press time, according to Coin360 data.
As reported earlier today, blockchain payments network Ripple has penned an open letter to United States regulators ahead of fresh hearings on cryptocurrency regulation this week, arguing that the country should develop an approach“ that does not disadvantage U.S. companies and classify cryptocurrencies “in a way that recognizes their fundamental differences — not painting them with a broad brush.”
The Iranian government has meanwhile followed through on the country’s Economic Commission’s move to authorize cryptocurrency mining as an industrial activity, in what some have interpreted as being potentially the first step towards the domestic legalization of cryptocurrencies.
A Treasury document outlines exclusions to a $10,000 payment limit, which may come into force in January 2020.
Australia’s government has delivered supportive statements on cryptocurrency as it looks to exclude the sector from new restrictions on cash payments.
In an explanatory memorandum issued late last week, the country’s Treasury said it wished to ban cash payments for goods and services which exceeded 10,000 AUD ($6,900).
However, a number of exclusions would apply, including transactions involving what it describes as digital currencies.
The reason, lawmakers state, is in order to prevent the disappearance of such currencies from the local economy, which in turn would lead to a block on freedom to innovate. The memorandum reads:
“Digital currency is a new and developing area in the Australian economy. Unlike physical currency, it does not have a firmly established regulatory framework or industry structure. This makes it difficult to apply the cash payment limit in a way that would not largely prevent the use of digital currency in Australia or significantly stifle innovation in the sector.”
As Cointelegraph reported, Australia holds a mixed track record on cryptocurrency. This year, it emerged authorities would go after individual traders for tax purposes, demanding access to user data from exchanges.
Continuing, the Treasury suggested that cryptocurrency remains a marginal contributor to the economy, and struck out in comparison to recent comments from other governments by saying its role in crime is also negligible.
The memorandum confirms:
“At the same time, there is little current evidence that digital currency is presently being used in Australia to facilitate black economy activities. Given this, the Government has decided at the present time to effectively carve digital currency out from the cash payment limit.”
If approved, Australia would implement the $10,000 limit starting January 1, 2020. Earlier this month, it emerged that Germany was also seeking to lower the maximum sum legal to accept in cash from €10,000 ($11,120) to €2,000 ($2,220) from January 10 next year.
Cryptocurrency mining in Iran is now legal, Mehr News Agency reports. This follows a Sunday decision by the country’s cabinet to authorize the mining of cryptocurrencies. Now classified as an industrial activity, cryptocurrency miners will be required to acquire licenses from Iran’s Ministry of Industry, Mines and Trade. The green light from Iran’s cabinet comes […]
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