Here is what you need to know on October 6, 2020

BTC/USD is trading at $10,754 recovering well from the last dip and forming an equilibrium pattern on the daily channel.

ETH/USD climbed above the daily 12-EMA hitting $352 after a similar recovery period. The second-ranked cryptocurrency is now looking to establish a new daily uptrend.

XRP/USD broke out of a descending parallel channel formed on the daily chart and is seeing a good amount of continuation. XRP is one of the first to confirm a new uptrend in the short-term.

Chart of the day: XRP - BTC - ETH Comparison

btc price

Market

Jay Clayton, chairman of the U.S. Securities and Exchange Comission (SEC) has recently stated that all stocks could become tokenized. The tokenization of assets basically refers to a security token that represents a real tradable asset. They are cheaper, more transparent, more accessible and should provide greater liquidity because they can be traded on a secondary market.

Clayton appeared in a webinar hosted by the CDC and Securrency, a blockchain startup, stating:

It may be very well the case that those all become tokenized, adding, Our regulatory framework, the principles of our framework, is time tested, and it's been time-tested through many innovations.

One of the main concerns behind this statement and tokenized assets in general is the lack of clarity in what constitutes a security token. Clayton tried to clarify this problem by saying:

If you're not trying to finance your network, you're not trying to give people a return on your network, it's probably not a security. But if what you're trying to do is finance your network with your token or provide people with a return for using the network with your token, you look at the traditional tested security, it's pretty clear it's a security.

According to the most recent reports, cryptocurrency exchange trading volumes almost surpassed $170 billion in September. The blockchain industry continues growing at an increasing pace and governments around the world are noticing.

Industry

Xfers, a payment company based in Singapore announced the release of XSGD, a new stablecoin pegged to the Singapore dollar. XSGD would become the first ever stablecoin pegged to the Singapore dollar.

The primary use case of the new stablecoin will be to provide financial institutions with access to crypto-based institutions. Sharon Paul, the head of payments for Xfers stated in a recent interview:

Payments are more often than not, the first step in enabling financial access. With this in mind, and observing the rise in tokenised assets, it was a natural progress for our team to include Stablecoins into our suite of payment options. It is with great joy to offer XSGD as an interoperable and hence seamless settlement option for the digital assets and capital markets industries.

Quote of the day

Bitcoin, and the ideas behind it, will be a disrupter to the traditional notions of currency. In the end, currency will be better for it.

– Edmund Moy

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Week Ahead: Crypto’s doom or a new all-time high in the making? Premium

Week Ahead: Crypto’s doom or a new all-time high in the making?

Bitcoin price shows no signs of a directional bias as it hovers around $66,000. The 2019 BTC price fractal hints at a potential correction should the US Fed cut interest rates.

More Bitcoin News

Binance faces backlash following announcement to delist FET

Binance faces backlash following announcement to delist FET

Binance released an announcement stating it will delist FET, stirring FUD among holders. FET experienced a heavy price drop following the announcement, with crypto community members criticizing Binance. FET is down 8% following the announcement.

More Binance News

Ethereum resumes downtrend as Canada sees another staked ETH ETF launch

Ethereum resumes downtrend as Canada sees another staked ETH ETF launch

Canada-based Purpose Investments announces conversion of its Ethereum Capital Corporation into staked Ethereum ETF. Conversion sees Canada embracing Ethereum staking ahead of US after SEC signals discomfort with concept.

More Ethereum News

Crypto ETFs experience heavy outflows after FOMC meeting

Crypto ETFs experience heavy outflows after FOMC meeting

CoinShares' weekly report reveals crypto ETFs experienced heavy outflows of over $600 million. US Bitcoin ETFs experienced the highest decline with $565 million in outflows. Bitcoin, Ethereum and Solana start week in decline.

More Cryptocurrencies News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis

BTC

ETH

XRP