Market weekly (23/10/2020)

Paypal’s move pushed Bitcoin (BTC) to 13,200 USDT, the highest level throughout the first half of 2020, but has pulled back slightly today. It is currently trading between 12,900 to 12,990 USDT, and is down approximately 1.8% over the past 24 hours.

The price of BTC continued to increase, driving the total cryptocurrency market capitalisation pumped 2.4% to $400,037,027,014, according to Coingecko. Meanwhile, Ether (ETH) came along and broke through the resistance at $395, BTC dominance has decreased to 59.9%.

News of the week

Mode Invest 10% cash reserves in Bitcoin

Mode Global Holdings PLC, a listed corporation in London Stock Exchanges, announced to invest 10% cash reserves in Bitcoin to prevent investors’ assets from being affected by currency devaluation, as a long term investment strategy. It is the third listed corporation who buy Bitcoin as a long term investment asset after Square and Microstrategy.

Paypal accepts cryptocurrency for payment

PayPal enables customers to buy and sell Bitcoin and other cryptocurrencies through PayPal. Buying Options will first start in the US next week, and rollout entirely early next year.

Turkey’s heavy inflation drive people to Bitcoin

Turkey’s embattled currency touched 7.95 to the dollar, which has increased 33% in the exchange rate. Numbers of registration pumped up 274% in Paxful, a Peer-to-peer Bitcoin Exchange, indicating that residents intend to own Bitcoin to against inflation.

LINE Corporation launches social banking platform in Thailand

LINE Corporation announced the launch of LINE BK, a “social banking” platform in Thailand. According to Line, LINE BK will cooperate with the subsidiary of Kasikornbank, Thailand’s one of Thailand’s leading banks, to open up several financial services and products.

5. Unstoppable Domains and Chainlink open up Twitter authentication

Unstoppable Domains, a company building blockchain domain names, in partnership with Chainlink, the oracle network, announced the implementation of their Twitter authentication service for .crypto addresses, aim at preventing phishing scams

BTC analysis

TideBit is a leading crypto asset exchange supporting fiat currency.