Let’s start this digest off with the announcement of the October promo-code “LUMI”, the promo code is valid from the 9th till the 26th of October, don’t miss your chance for a 0% fee exchange in Lumi Wallet, and in the meantime try our new way to manage wallets – swipe for hide or add suggested wallets. As for other market news from this week, we covered Ethereum 2.0’s latest test, the total stablecoin supply in 2020, and the investigation against BitMex exchange.
Read about this and other reports in our summary of the main and current affairs in the cryptocurrency market this week:
- The bitcoin price has continuously dropped a few weeks in a row. For a few days it was up to $10,800, but then the BTC price began to decline. By the end of this week, its market price had risen to $10,877. While analysts predict that BTC may be on the verge of a breakout of the $11,000 price line, others are wondering if Bitcoin’s quantity will be enough, as there are only 2.5 million Bitcoin left to mine and its demand is on the rise.
- The Ether price, just like Bitcoin’s, can’t boast a rising price, its market price by the end of this week held at $349. Something can be said about its fees though, for the first time in 2020 Ethereum’s cumulative fees have eclipsed Bitcoin’s. Cumulative transaction fees paid to Ethereum (ETH) miners clocked in at $276 million versus the $146 million to Bitcoin miners and Ethereum hash rate broke the 250 TH/s barrier. By the way, on Tuesday the latest in the series of Ethereum 2.0 testnets, called Spadina, was tested.
- This week, Lumi Wallet announced a new update of ways to manage wallets. Now users can hide or add suggested wallets more easily with a swipe function. Also, we recommend to test our new feature: switch transaction history USD – Crypto. We are always working on our functionality & usability upgrade. For more information about Lumi Wallet’s updates, read in our article, dedicated to Lumi Wallet’s Birthday.
- The president of Venezuela, Nicolas Maduro considers cryptocurrency as a way to avoid the impact of U.S. sanctions. He presented a bill where one of the parts was about using various cryptocurrencies in both domestic and foreign trade. We will see how this rescue measure of a non-popular leader will impact the reputation of the cryptocurrency market.
- The main scandal of this week is The United States Commodity Futures Trading Commission finding the BitMex CEO and other affiliated entities offering US customers crypto trading services in violation of federal law. Their users massively withdrew Bitcoins from the exchange.
- The CTO of Tether said “2020 seems to be the year of stablecoins,” and he has many reasons to make such a statement, the industry’s supply of crypto dollars rose to $20B this week.
- According to the latest Chainalysis research, Latin America represents 7% of the entire global cryptocurrency economy. This region has received $24 million in retail crypto transactions and sent $25 million to other continents over the past year, and Venezuela leads the list of crypto-welcome countries in Latin America.
All information stated above is provided only for general information purposes. We do not promote any cryptocurrency, do not recommend or advise anything. All decisions about investments should be made by yourself. Our team works to satisfy our clients’ needs.
Stay tuned to our wallet, enjoy the usable interface and transaction security, and check back for updates and news on Twitter, Telegram, Facebook, Reddit, and LinkedIn. Let’s learn the cryptocurrency market together step by step!