Only BULLISH News For BITCOIN Today
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 appears China is warming up to bitcoin once again, as the nation has removed bitcoin mining from the list of activities it plans to ban. Second up, Bitcoin and altcoins may get legalized in Ukraine shortly, as Binance exchange has signed an MOU with Ukrainian authorities to see to that. Ripple’s Brad Garlinghouse believes only 1% of cryptos currently in existence will survive, last but not least, the Bitcoin trading volume on Bakkt is aiming for the moon once again.
The Market Today
The bears have a slight upper hand in the crypto sphere today. Bitcoin is currently priced at $9,232, decreasing 1.3% from Wednesday. Similarly, ETH is down by 1.86%, while XRP is losing by 2.63%
China removes the crypto ban
It looks like China, the world’s most populous nation is beginning to have a friendly stance towards bitcoin and altcoins once again. According to a report by Cointelegraph, Chinese authorities have confirmed that Bitcoin mining will no longer be banned in the nation. As stated in the latest edition of China’s Industrial Structure Adjustment Catalog, crypto mining is no longer among the list of industries Chinese authorities plan to crush. It will be recalled that China placed an embargo on all things crypto trading in 2017, triggering a massive bitcoin bloodbath at the time and the nation has been making plans to oust mining. However, the Chinese crypto and blockchain ecosystem received a breath of fresh air just last week, when President Xi Jinping made it clear that the nation must take its blockchain industry more seriously. Also, Canaan Creative and Bitmain, two of the world’s largest manufacturers of Bitcoin mining equipment have both filed for an initial public offering in the U.S.
Binance works with Ukraine to set the legal status for cryptos
Binance, the world’s number one crypto exchange wants to see to the legalization of Bitcoin in crypto-friendly Ukraine. Per a report by Cryptoglobe, the Changpeng Zhao-led exchange has signed a memorandum of understanding (MOU) with the Digital Transformation Ministry of Ukraine. The deal opens up the Ukranian market to Binance exchange, while also enabling CZ and his team to guide the nation on the best way to regulate is crypto sphere. Commenting on the exciting development, Mykhailo Fedorov, the Vice Prime Minister of Ukraine said:
“At last, Ukraine is finally in a situation where the executive, legislative authorities and market have come to an understanding of the regulation of the Ukrainian cryptocurrency market. By the end of this year, the Ministry of Digital Transformation, together with members of Parliament and representatives of commercial companies, plan to finish work on the relevant bills and present them to our parliament. The ministry intends to create a comfortable, competitive environment for the crypto industry in Ukraine.”
Also commenting on the matter, Zhao reiterated that the legalization of digital assets in Ukraine, and provision of a friendly environment for market participants will boost the nation’s economy significantly. In a tweet by CZ, the crypto behemoth revealed that:
“Boom, nice timing! Just a few hours ago, $UAH deposit and withdrawals are enabled on @binance. Buy/Sell of crypto using $UAH will be enabled tomorrow. What a nice feeling to be able to participate in these discussions. A real change from a few years ago.”
In October CZ also visited Russia, declaring that the nation is a key market for Binance.
Ripple CEO: 99% cryptos will go to zero
While there are currently more than 2,000 cryptocurrencies on the market, Ripple CEO, Brad Garlinghouse has opined that most of these digital assets will crash to zero within a decade from now. Per a report by Cointelegraph, Garlinghouse has made it clear that it’s only a select number cryptocurrencies that have real use cases that will still be alive in a few years from now. He stated that a significant chunk of crypto project organizers is just in crypto because of the hype and FOMO that surrounds the crypto space. As such, it’s only a matter of time before these cryptos die a natural death. In his words:
“Anytime there is a new market, there are a lot of people that run into that market and try to show that they can solve a problem, they can deliver a customer need.”
As seen on Coinopsy, more than 900 cryptos have already kicked the bucket so far, with many more to join the dead soon. While the price of Ripple’s XRP is yet to hit the $1 region, it’s worth noting that Ripple has been working hard to create real use cases for its blockchain technology and native cryptocurrency. On November 6, 2019, reports emerged that Xpring, the investment arm of Ripple has invested in Flare Networks, a DLT project that has integrated XRP into its processes.
Bakkt’ Bitcoin futures might break the record this November
According to a Cointelegraph report, the average trading volume of Bitcoin futures contract on Bakkt has spiked significantly in November, as compared to last month. Reportedly, on November 5, trading volume saw a 96% increase over the previous day, as 1061 contracts worth $10 million were traded. Notably, it has been predicted that Bakkt could trade more than $200 million in Bitcoin futures contracts this month. Despite this, the Bakkt BTC futures contract still has a long way to go before it reaches the same trading volume with that of Binance, which currently boasts nearly $970 million in daily traded volume. While a section of the cryptoverse was of the belief that the launch of the Bakkt physically-settled Bitcoin Futures contract would send the price of bitcoin (BTC) to another all-time-high, that dream is yet to come to pass and it remains unclear when the markets will moon again.
That’s everything you need to catch up today guys! Do you think China’s renewed interest in Bitcoin will have a positive impact on the markets? Will Ukraine legalize Bitcoin this year? When Brad Garlinghouse’s prediction finally comes to pass, will XRP be among the dead coins? And what do you think about the Bakkt Bitcoin Futures contracts? Will it continue to wax stronger?
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.