Cryptocurrency Market News: Venezuela is looking into using crypto to collect taxes

Here is what you need to know on Thursday 12, August

BTC/USD continues trading at $11,560 after defending the daily 12-EMA. Bulls are now looking at $12,000 again and picking up momentum in the short-term after a healthy consolidation period. 

ETH/USD has done something similar after buyers bounced back up above the daily 12-EMA. At this point, the daily chart is still a bull flag which could see a continuation move quite soon.

XRP/USD remains the weakest as bulls are struggling to stay above the 12-EMA. The consolidation looks worse but the daily uptrend is not lost just yet as the 100-EMA and the 200-EMA just crossed bullishly.

One of the biggest gainers today was ChainLink which has amazingly continued with its bull rally hitting $16. Aragon and IRISnet also had 30% rallies today while Compound (COMP) exploded in volume with more than $400 million in the last 24 hours.

Chart of the day: COMP/USD daily chart

Market

Venezuela is known for its recent release of Petro, its own cryptocurrency. Venezuelan authorities have been pushing hard the adoption of Petro by incentivizing people to use it in various ways. According to recent news, there is a new agreement stating that Petro will be the official payment method to collect sanctions and taxes in Venezuela. 

Vice President Delcy Rodríguez stated: 

It is the simplification of procedures, making more efficient the administrative activity of the State at the service of the people, of the economic sectors that stimulate economic activity in the productive and commercial areas, framed in this week of flexibility that begins from this Monday

Industry

PumaPay is adding support for crypto buying through its mobile wallet. According to the press release, the platform will allow users to directly purchase several digital assets including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. 

LocalCryptos has partnered with ChangeNOW to integrate its p2p marketplace with the platform and allow users to swap their cryptos through its built-in non-custodial wallet. 

Quote of the day

I understand the political ramifications of [bitcoin] and I think that the government should stay out of them and they should be perfectly legal.

– Ron Paul