Cryptocurrency Market News: Venezuela looking to legalize Bitcoin mining

Here is what you need to know on Thursday 24, September

BTC/USD is trading at $10,285 after more weakness and what seems to be a confirmation of the recent bear flag.

ETH/USD had a similar fate, although the digital asset has dropped even lower than Bitcoin. It is currently trading at $326 as bears are eying up $308 as the next target.

XRP/USD has established a new monthly low at $0.226 and has almost no support levels on the way down to $0.20. 

Chart of the day: NEO/USD daily chart

Market

Flamingo Finance is the new DeFi project to launch. It will utilize the NEO blockchain and allow users to stake BTC, ETH, USDT, NEO and ONT in exchange for FLM tokens. Binance announced the listing of FLM this morning introducing a new LaunchPool.

Binance customers can use BNB or BUSD to farm FLM tokens. Around 4% of the total supply of FLM will be distributed among Binance users starting on September 27. The FLM token will be listed on Binance only seven hours later with BTC, BNB, BUSD and USDT trading pairs.

The news had a significant impact on NEO’s price pushing the digital asset 15% to the upside even though the market has been weak today. 

Industry

According to recent reports from Venezuela, the government has legalized the mining of Bitcoin in the country. Citizens of Venezuela will be able to mine Bitcoin, build mining rigs, import them and transact with them freely. Anyone interested in any of these actions will need to obtain a license.

Venezuelans will need to create RIM registry which will grant them licenses to mine Bitcoin or build ASIC mining rigs at a national level. It is not known yet the cost of these licenses or any other fees.

Quote of the day

Cryptocurrency is such a powerful concept that it can almost overturn governments

– Charles Lee