This week has been saturated for the entire crypto industry. What happened?
Bitcoin increases up to $12,900
The price of Bitcoin jumped to $12,937 on the Bitfinex exchange, updating the annual high. At the time of writing, 1 BTC is trading at $12,837.
Over the past weeks, the first cryptocurrency entered the positive zone and was able to overcome the important resistance level of $12,000. The value of the cryptocurrency increased by 7.40% in 24h, by 13.24% over the week, and by 45% over the year.
Altcoins have also increased in price as follows: Ethereum (+7.1% / 24h), Ripple (+4.4% / 24h), Litecoin (+11.5% / 24h).
PayPal will offer crypto payments
Today, PayPal announced the launch of a new service that allows users to buy, store and sell cryptocurrency using a PayPal account. The service will be available to US residents in a few weeks. The company's plans for 2021 are to expand the service allowing 26 million merchants to provide the opportunity to accept payments in cryptocurrency for goods and services. Well-known representatives of the crypto industry expressed their views on the importance of this step.
Users unable to withdraw funds from OKEx
Since October 16, 2020, the OKEx crypto exchange has suspended withdrawals due to an investigation into the holder of the private key. Within 5 days, the situation has not changed, causing panic among users. On October 20th, 2020, CEO Jay Hao tweeted once again, “Your assets are safe. We'll do our best to resume withdrawals ASAP. ” Users did not receive any more useful information from the company.
Huobi adds a number of national currencies
You can buy cryptocurrency on the Singapore-based Huobi exchange with Euro (EUR), Pound Sterling (GBP) and Australian Dollar (AUD). The solution was implemented in partnership with payment solution provider Banxa.
The limit was set at $20,000 per single fiat transaction and $ 60,000 on monthly purchases.
Binance spot trading volume increases
Trading volume on crypto exchange Binance grew by 110% to $306.6 bn, which is double compared to previous Q2. This is assumed to be happening as Binance gains interest from retail investors.
The Bahamas launches CBDC
The Bahamas, located in the Atlantic Ocean, with a population of about 400,000 people, has launched its own cryptocurrency available to everyone in the country. The national cryptocurrency is called “Sand Dollar” and is pegged to the Bahamian dollar, which is pegged to the US dollar.
To start using Sand Dollar, you need to install a central bank approved e-wallet. The central bank plans to phase out fiat dollars gradually.