News Roundup for 11/10/20: EndSARS Protests Are in Full Swing

Tell your friends to tell their friends that October will be HOT! 🥵 At the top of our news roundup, EndSARS protests are fully underway. Nobody is having it this time and we’re here for the energy! Next, the price of BTC could swing like a pendulum following the U.S presidential election. Bitcoin has FINALLY hit $11,000 again but what’s next? Central bank digital currencies have turned into a multinational group project in our next story. The U.S has released yet another set of crypto regulations 📜. And finally, we expose the crypto cash money spenders of Latin America. So lean back and enjoy!

The Real SARS Virus Killing Nigerians

The SARS epidemic didn’t kill us in 2003 only for SARS officials to kill us now. Nigerians are saying ‘NO MORE!’ by exercising their rights to peaceful protest. The youth are loud and proud with one demand: To end SARS. This means an executive order directly from the president disbanding the unit. 

So far, young people have held protests all over Lagos, Abuja, Rivers, Edo, and several other states. International protests are also going on in London, New York, Berlin and other cities around the world. Here’s how we’ve participated and how you can join the movement.

Trump and Dump? How the US Presidential Election Could Affect Bitcoin

After the US elections this year, some traders will be chopping life while others will be dragging their bank manager’s shirt 😅. Which one will you be? If fundamental analysis has taught us anything, it’s that elections affect the price of BTC. Knowing how the coming election will affect currency prices will determine whether you sink or swim. 

So let’s look at the last election. When Trump won the election in 2016, stocks fell. But Bitcoin saw an opposite effect by rising to $740. But things are different now and it could go either way. Monitor channels like reddit, Facebook and crypto influencers on Twitter for bad news with other major currencies. In 2016, issues with the Mexican Peso also drove more people to buy Bitcoin after the elections. 

Bitcoin Price Finally hits $11,000 But it’s Not Enough… Yet

Bitcoin’s village people have finally left it alone for us🥳 . In the past week, we’ve seen a 6.5% jump taking the price of BTC from $10,500 to $11,000. If you’ve been following the news, then you know BTC has been trying to break this price point. But exchange hacks and Trump’s Covid-19 announcement slowed things down. But since the price of the dollar fell in the past week, more people are buying Bitcoin and gold. Square buying $50 million in BTC also made more people buy. So the real question is “what comes next?’ 

$10,500 is an important price point for Bitcoin. Last year, Bitcoin always fell immediately after hitting $10,500. But if you want to cash out this year like 2017, then we can’t keep having that. Experts have put the critical point at $13,000. Meaning that if we have a strong enough event to push BTC there, then we may see 2017 numbers again. With the US election coming up, it could go either way so fingers crossed 🤞🏾

Central Bank Digital Currencies = World’s Most Complicated Group Project

CBDCs are a whole new level of complexity. Why? Because countries have to come together to set the standard. They have to figure out so many things from the structure of the currency to how it will be used. According to the bank of international settlements, 7 countries are working together on a document for CBDCs. The team is led by the bank of England, U.S federal reserve, and Bank of Japan. At this rate, we might actually see a fully fledged central bank currency to compete with what China is already doing on its own. 

The US has Increased a Set of Crypto Regulations… for the Millionth Time

If you’ve seen this headline once, then you’ve seen it a thousand times. Thankfully, cryptocurrency needs all the regulation it can get. In the latest episode of crypto regulation in America, the US attorney General has issued a statement. It details the legal and illegal uses of crypto as well as plans for its regulation in the future. Most of the focus is also with privacy coins like Monero, Zcash, and Dash. Will these guidelines stick? Will America ever have true crypto regulation? Find out next week on American Regulation: the thing that always comes, but never stays.  

Guess Who the REAL Crypto Spenders of Latin America are 💵💰

If you said Venezuela, then you are definitely…wrong! But we’ll give you clues: tacos, El Chapo,  and everything we loved about Coco, the movie. Yes, Mexico takes the lion share of retail crypto payments in Latin America. So they’re not just adopting or trading crypto like Venezuela, they’re spending it on retail. According to research by Chainalysis, Mexico spent up to $25 million in crypto on retail in other countries in the past year. It also received $24 million in crypto retail payments. This makes up 11% of all retail crypto payments in the area. But if we’re looking at overall adoption, Venezuela still takes the cake.

Quidax Africahttp://www.quidax.com
Quidax is an African focused cryptocurrency exchange that provides a simple platform for you to send, receive, store, buy and sell digital currencies. Our aim is to educate you about cryptocurrency. It should not be considered as financial advice. We recommend conducting your own research before deciding to buy, sell or hold any cryptocurrency.