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Market Turnover: Bitcoin Holds Up To $ 11,000 And Ethereum Futures At $ 1Billion
Bitcoin remained almost unchanged at around $ 11,000 on lower spot volumes as traders watch the Ether futures market rise
Bitcoin is trading at around $ 11,142 as of 20:00 UTC. Slippage 0.90% for the previous 24 hours.
Bitcoin remained almost unchanged Thursday at around $ 11,000 as traders digested reports that the US economy contracted at its fastest-ever second-quarter rate in the second quarter.
Trading on Coinbase has been negligible, with trading volume of around $ 113 million after a price rally earlier this week pushed volumes up.
Gold is up 28% year-over-year while bitcoin is up 53%.
US GDP Receives Historic Hit In Q2 As Bitcoins And Cryptocurrencies Rise
US GDP fell 32.9% in the second quarter, in stark contrast to the cryptocurrency market, which rose over the same period.
According to a second quarter report by the US Department of Commerce, US GDP fell 32.9% in the second quarter, the worst quarterly change in the country’s history.
The news comes amid 1.4 million new applications for unemployment benefits, bringing the total number of applications processed since the beginning of 2020 to 54 million.
Chinese police detain key members of PlusToken pyramid
The scale of the pyramid’s activity turned out to be larger than previously thought. Chinese police report that scammers have stolen nearly $ 6 billion from investors.
Chinese police arrested 27 suspects in the PlusToken pyramid scheme, as well as 82 participants in the case. According to the Chinese industry portal Chain News, members of the group were hiding abroad, but were discovered by law enforcement agencies.
The Iranian authorities have allowed industrial power plants that operate in the country to mine bitcoin. An important condition for this was the refusal of organizations from government subsidies. Information about this appeared in the local media.
eToro Acquires White-Label Marq Millions Debit Card Platform
Investors will soon be able to withdraw their crypto earnings using an eToro debit card.
eToro acquired FCA’s authorized debit card issuer Marq Millions for an unknown amount. The acquisition will result in the rebranding of the original company to eToro Money, which will serve as the foundation for the e-money business.
With the acquisition, eToro gains control of the original company’s EMI license and VISA membership, allowing them to quickly enter the market.
Chainlink Gunning for All-Time Highs, Tough Resistance Ahead
Chainlink seems to have ignored the FUD around LINK as tech specs suggest it is about to hit new all-time highs.
After hitting an all-time high of almost $ 9, Chainlink entered a two-week correction phase on July 15. During which the price of LINK fell more than 28% and reached a low of $ 6.4.
The price drop to the downside appears to have been predicted by the TD sequential indicator, which gave a sell signal on the LINK 3-day chart.
CB Insights: Amazon could become a monopoly in the financial services market
Analysts at CB Insights believe that the banking infrastructure that the company builds within its ecosystem could turn Amazon into a monopolist in the financial services market.
Yesterday, the US Congress held an antitrust hearing involving executives from Apple, Facebook, Google and Amazon. The Subcommittee of the Legal C ommittee on Antimonopoly Policy suspects the largest IT companies in the world of using non-competitive practices and abuse of their position in the market.
China named the criteria for legal transactions with bitcoin
Bitcoin transactions are not prohibited in China, but only if the cryptocurrency is considered a digital commodity in the transaction. This is the conclusion reached by the Beijing Arbitration Commission.
The organization’s employees analyzed the situation of cryptocurrency in China and presented the official point of view of regulators. Under Chinese law, BTC is a virtual commodity. Local regulators do not consider cryptocurrency as an alternative to fiat money. Based on the characteristics of bitcoin, the Beijing Arbitration Commission concluded that:
exchanging BTC for fiat through digital asset exchanges is prohibited;
selling cryptocurrencies for local currency through trading platforms during token sales is also outside the law.
At the same time, the aforementioned prohibitions do not apply to bitcoin if the cryptocurrency can be characterized as a digital product within the framework of the transaction. In other words, as long as BTC is not used as a means of paying for goods or services, transactions with the asset can be considered legal.