Google Searches for Bitcoin Growing Fast!!!
Today, we have picked four hottest pieces of news happening in the crypto market. Let me give you a glance at what they are. First up, it looks like worldwide Google searches for bitcoin are now near a three month high! Second up, the Future of cryptocurrencies in the UK hangs on FCA’s Decision. Next we have Peer-to-peer crypto trading volume increasing by 2800% in South Africa, and finally, last but not least, the Malta-based cryptocurrency exchange OKEx declared that it will launch Tether (USDT) futures trading, offering a linear futures contract with leverage of up to 100x.
The Market Today
The crypto sphere is mainly in the green today. Bitcoin is currently priced $9,376, increasing 0.7% from Tuesday. Similarly, ETH and XRP are still gaining pretty well with 3.23% and 1.65% respectively.
Bitcoin hits a 3-month high for searches on Google trends
Cointelegraph reported that Worldwide Google searches for Bitcoin, are now at a three-month high according to Google Trends. It looks like current interest is at the highest level since early August when Bitcoin prices were around the $11,700 mark. It’s interesting to see that three of the top five regions reporting the highest searches for the keyword are in Africa. The top five regions are Nigeria, South Africa, Austria, Ghana, and Brazil. Meanwhile, there have been no major leaps in searches for ‘blockchain’ despite receiving a lot of praise from regulators and governments. A great example is the Chinese president demanding the country to accelerate blockchain development. As you can see in the chart here, the number of searches for blockchain has been much more stable and lower than that of Bitcoin. On WeChat trends, it looks like searches for blockchain and Bitcoin soared. Overall you can see that there is a strong correlation of searches with price. Google Search interest in Bitcoin hit its lowest levels this year in September as the price flatlined.
FCA will decide on crypto future in the UK
It looks like the future of cryptocurrencies in the UK hangs on the FCA’s Decision. To give you guys a bit of context, in July 2018, the FCA stated that digital currencies could negatively affect consumers who are generally misinformed about the market. They went on to suggest that derivatives and exchange-traded notes were “ill-suited” to small investors. In a later report, the FCA expressed its thoughts to mitigate the downsides and increase market integrity, as well as stop criminals from taking advantage of the cryptos. In response to the proposal, on Oct. 21, the U.K. government stated that they will leave it to the FCA to decide whether to ban cryptos or not. Commenting on the situation, Sukhi Jutla, co-founder of the U.K.-based blockchain platform MarketOrders stated:
“The proposed ban will be seen as a major blow and backward step for innovation in the crypto-asset space. It will also signal that despite the U.K. being the leaders in the Fintech scene, they will have effectively be compromising on this position.”
At the moment, the FCA hasn’t made any specific crypto-focused law just yet, but it’s great to hear that its regulators have had a fairly lenient approach when it comes to digital assets.
Trading platform Paxful has seen 2,800% growth
Paxful, a Peer-to-Peer (P2P) cryptocurrency trading platform, recently witnessed a dramatic increase of 2800% in terms of crypto trading volume in South Africa. The growth rate was calculated by comparing this month’s volume with October’s volume last year. In a blog post, the company also revealed that Johannesburg, Pretoria and Cape Town are the three cities with the highest numbers of users. On a larger scale, the trading volume in the African continent has risen 64% from 2018. In addition to that, the crypto exchange is also facilitating more than 50,000 transactions every day, with up to 3 million wallets on the system. For those who are not aware, Africa is set to be the next battleground for major crypto-asset exchanges, as the conditions on the continent are favorable for virtual currency, and as a leading economy, South Africa could lead the charge in this digital transformation.
OKEx will launch Tether futures with 100x leverage
Last but not least, the 5th largest crypto exchange in the world OKEx is planning to launch Tether (USDT) future trading, offering a linear futures contract with leverage of up to 100x. According to Cointelegraph, the USDT futures will have daily settlement and offers supported pairs with Bitcoin, EOS, Ether, Litecoin, etc. With the new derivatives contracts, crypto holders will have a simpler and more efficient means to navigate the market and calculate their risks. Furthermore, Lennix Lai, Financial Market Director, revealed that OKEx can possibly launch USDT-based stablecoin derivatives to provide similar, simplified hedging instruments. The director shared the reason behind the latest move:
“Most of the time, users are not willing to hold altcoins as margin, and they also see inverse contracts itself are complicated to understand. We see this linear contract would be an open door to many new retail traders.”
So, when are they offering the new options? According to their announcement, USDT Futures Contracts will be launched on Nov. 14, and simulation will start on Nov. 5. USDT Perpetual Swap will launch on Dec. 9, and simulation will start on Nov. 30.
That’s everything you need to catch up today guys!
Are you surprised by Bitcoin’s popularity on the Google Search engine?
Do you think the FCA will take a more lenient and open approach to crypto?
Will Africa be the next horizon for crypto-assets?
And are you going to be trying out OKEx’ Tether futures trading?
Please leave a comment right below to let me know what you guys are thinking.
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.