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Bitcoin Price Nears $12K Again as Gold Correlation Hits Record

$12,000 is firmly back on the cards as daily gains top 2.2% and Bitcoin erases the effect of its weekend plunge.

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Bitcoin (BTC) saw fresh gains on Aug. 6 as bulls refused to rest and the price steamed toward $12,000.

Cryptocurrency market daily snapshot Aug. 6

Cryptocurrency market daily snapshot Aug. 6. Source: Coin360

BTC price recovers $1,200 crash losses

Data from Coin360 and Cointelegraph Markets showed BTC/USD tackling $11,900 on Thursday, with 24-hour gains at 2.2%.

With barely any let-up, Bitcoin has recovered almost all its lost ground over the course of this week, just four days after it shed $1,200 in minutes after initially passing the $12,000 mark.

With its latest move, the largest cryptocurrency thus beat out resistance earmarked by analysts as the next hurdle for bulls.

“Essentially new resistance hit here after breaking $11,300-11,400,” Michaël van de Poppe reported on Twitter earlier on Thursday. 

“Let’s see how it goes from here.”

BTC/USD 1-day chart

BTC/USD 1-day chart. Source: Coin360

All eyes will be on the ability for bulls to flip the precarious $12,000 level into solid support, something which nonetheless came easily for $11,000 once resistance at $10,500 was broken.

Bitcoin realized correlation with gold hits all-time high

Bitcoin “copying” gold to hit surprise price highs now has factual evidence as the realized correlation between the two assets reaches all-time highs.

Data from on-chain monitoring resource Skew confirmed the trend this week, with one-month realized correlation between gold and Bitcoin now at 67.1%.

The transformation has been impressive — just three weeks ago on July 20, a local low saw realized correlation hit -0.1%.

Bitcoin Vs. Gold realized correlation 2-year chart

Bitcoin Vs. Gold realized correlation 2-year chart. Source: Skew

The intervening period has been marked by Bitcoin’s rapid gains in USD terms, following in gold’s footsteps several months after the precious metal began its own conspicuous climb.

At press time on Thursday, XAU/USD was at $2,065, its highest ever against the dollar, passing $2,000 despite analysts predicting the likelihood of such an event being just 30% this year.

Meanwhile, doubts are surfacing over Bitcoin’s continued correlation with stock markets. BTC was 95% correlated with the S&P 500, for example, but on Thursday, one analyst declared the relationship to be over.

Keep track of top crypto markets in real time here

Source: https://cointelegraph.com/news/bitcoin-price-nears-12k-again-as-gold-correlation-hits-record

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Why Bitcoin’s Longest Run Above $10,000 Matters

Bitcoin has been above $10,000 for even longer than the record 2017-18 run, giving confidence to long term HODLers in the process.

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Bitcoin has been above $10,000 for even longer than the record 2017-18 run, giving confidence to long term HODLers in the process.

Bitcoin has been above $10,000 for longer than any time in its history. Its volatility is also at recent historic lows. In this episode, NLW puts this in the context of broader market movements and explains why new price floors are self-reinforcing.

Source: https://www.coindesk.com/why-bitcoins-longest-run-above-10000-matters

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Ripple-powered Wirex raises $1.5 M in under 2 hours for security offering

Digital payments platform Wirex, which runs on Ripple has raised £1.2 million ($1.5 million) during its securities offering today, with nearly 2000 investors pooling in the first £1 million in an ho

The post Ripple-powered Wirex raises $1.5 M in under 2 hours for security offering appeared first on AMBCrypto.

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Digital payments platform Wirex, which runs on Ripple has raised £1.2 million ($1.5 million) during its securities offering today, with nearly 2000 investors pooling in the first £1 million in an hour and a half via crowdfunding platform Crowdcube, according to a release.

The release further stated that Wirex planned to use the crowdfunding round to launch in US and Japan in the coming months. The investors purchased WireX shares at £9.24 (around $12) per piece. CEO and co-founder of Wirex, Pavel Matveev, commented on the campaign and said that the funds raised in the securities offering would allow the firm to expand on its business. The CEO said: 

It’s a great milestone in achieving our original plan to raise £1 million so quickly, but it’s unsurprising given that we have already developed a pioneering platform allowing users to seamlessly buy, hold, exchange and spend multiple traditional and cryptocurrencies. 

The firm claimed that it has 3.1 million registered users from 130 different countries and that WireX has generated £315 million in revenue, so far. The company had earlier made headlines for receiving various licenses and now holds an e-Money license in the UK, and a US Money Transmission in USA – Georgia. The firm has also applied for a PSA license in Singapore. 

According to the release, the Ripple-powered firm planned to become a “bridge between fiat and crypto” which could be why WireX has been allowing its customers to use XRP wallets, since 2018,

Source: https://eng.ambcrypto.com/ripple-powered-wirex-raises-1-5-m-in-under-2-hours-for-security-offering

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Crypto Industry Thriving on the African Continent

Africa is fast emerging as one of the planet’s centers for Bitcoin and cryptocurrency interest. Recent weeks have seen several developments that show a thriving industry on the continent. Developments include the addition of USDT to Africa’s largest peer-to-peer (P2P) marketplace, the expansion of crypto exchange and gift card services into new countries, and a […]

The post Crypto Industry Thriving on the African Continent appeared first on BeInCrypto.

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Africa is fast emerging as one of the planet’s centers for Bitcoin and cryptocurrency interest. Recent weeks have seen several developments that show a thriving industry on the continent.

Developments include the addition of USDT to Africa’s largest peer-to-peer (P2P) marketplace, the expansion of crypto exchange and gift card services into new countries, and a major South African bank joining the Contour Blockchain Network.

Meanwhile, Google Trends data demonstrates Africa’s growing interest in digital assets.

Cryptocurrency Industry Continues African Expansion

For years, proponents of the technology have speculated that cryptocurrencies may find greater adoption among those without access to modern banking services. According to ItNewsAfrica.com, as many as 66% of sub-Saharan Africans are “unbanked.”

Those who lack the banking services used in the so-called ‘developed world’ are largely excluded from an increasingly digital global economy. However, crypto now appears to be changing that.

As highlighted by Twitter user and cryptocurrency proponent Elisha (@ghcryptoguy), there have been numerous industry developments in Africa in recent weeks.

Crypto Exchange and Gift Card Services Spread

Two developments over the last week will allow more Africans to spend cryptocurrency at various online retailers. Firstly, the African-focused crypto exchange and gift card platform Yellow Card announced that it would begin offering its services in Tanzania.

The company allows users to buy or sell crypto either online or instore. It has proved popular with those sending remittance payments back home.

Recently, a Reuters report stated that the platform’s volumes had increased five-fold in 2020. Yellow Card says it handled $25 million in cryptocurrency payments in August alone.

In related news, FastBitcoins, a service also allowing users to buy and sell Bitcoin online and in real-world locations, partnered with Flexepin. According to Flexepin’s website, the company provides cash top-up voucher services, allowing those without bank accounts to shop online.

The partnership, announced on Sept. 24, significantly increases FastBitcoins’ coverage. It can now serve 14 African nations.

Additional Developments Help Drive African Interest

Recently, Africa’s most popular peer-to-peer cryptocurrency exchange, Paxful, added trading in USDT. The incorporation of the stablecoin will reportedly help protect Paxful users from not only the volatility of BTC but also from fluctuations in national currencies.

Traditional banks in African are also becoming increasingly interested in blockchain technology. Highlighting this was last week’s announcement that South Africa’s Standard Bank is joining the Singapore-based Contour blockchain trade finance network.

Contour uses the R3 Corda blockchain to increase efficiency in bank processing times. Standard Bank is the first bank on the African continent to join the trade finance ecosystem.

Interest in Bitcoin and cryptocurrency appears to be thriving in Africa thanks to developments like those detailed above. Google Trends data shows that the three top regions searching for the term “Bitcoin” are Nigeria, South Africa, and Ghana.

Three African nations lead global Google searches for “Bitcoin” | Source: Google Trends

Meanwhile, for the term “cryptocurrency,” Nigeria and Uganda occupy the first and second positions. In the sixth, seventh, and ninth places, respectively, are Ghana, South Africa, and Kenya.

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Source: https://beincrypto.com/crypto-industry-thriving-on-the-african-continent/

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