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Daily Bitcoin and Crypto Analysis

This Week in Crypto…

October 11, 2020
This week in fintech, crypto took off in a northern African country, Italy now houses another titan, and France sees strides in blockchain voting.

Over the weekend…

Egypt saw a massive increase in Bitcoin traders. Lockdown restrictions, including reduced work hours, curfews, and work-from-home orders, encouraged Egyptians to begin trading BTC during their free time.

On Monday…

Two of Italy’s largest digital payment firms merged to create a $17.6 billion behemoth. The new firm will have a 70% domestic market share and be able to compete in the European market.

Thailand’s central bank launched the first savings bond issuance platform to be based on blockchain. The platform uses IBM’s blockchain technology and is able to reduce bond issuance time from 15 days to two days.

On Tuesday…

A French town used blockchain voting for a road project. “In Verneuil-sur-Seine, the decentralized and secure voting evidence on the blockchain resulting from French researchers at Tezos will make it possible to guarantee the sincerity of the ballot. The vote will thus be 100% secure and each voter will be able to check that their vote has been taken into account during the digital count.” — Avosvotes CEO Florian Ribière

On Wednesday…

Ethereum’s hash rate hit an all time high. It surpassed 250 TH/s. Mining ETH is now 3 times more profitable than BTC, according to mining pool F2Pool.

Christie’s auction house sold a crypto art piece for $130,000. The piece is made with code from Satoshi’s original BTC code.

On Thursday…

Accounting giant KPMG unveiled its blockchain-based emissions tracker. The ‘Climate Accounting Infrastructure (CAI)’ will allow organizations to measure and store their carbon emissions.

On Friday…

US Illinois Representative Bill Foster spoke at the Global Digital Asset and Cryptocurrency Association about digital identity importance. Foster said, “You can have the most rock-solid cryptographic guarantees of a blockchain or equivalent and it doesn’t do you any good if people are fraudulently participating on it under anonymous names”.

Netherlands central bank approves AMDAX BV. This marks the first time a digital asset company has been approved in the country since instituting. AMLD5 regulations.

Ethereum’s fees have now surpassed those of Bitcoin for two months and counting. ETH fees exploded during August as the DeFi bubble began to shift into high gear. The network traffic is caused in part by DeFi smart contracts, which require multiple ETH transactions.

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