CBX Weekly Newsletter // 20 November 2019

Bitcoin Looking at Lower Prices

UK Law Panel Defines Crypto Assets as Property

LocalEthereum becomes LocalCryptos

Bitcoin Looking at Lower Prices

The price of Bitcoin (BTC), as well as the rest of the cryptocurrency market, has been decreasing on a daily basis with lower-highs and lower-lows. Bitcoin is priced at $8,100 at the time of writing and this is the lowest level we have had over a month since the last move to the upside when BTC went over $10K in just two days gaining over 40%.

When Bitcoin reached $10K in just a few days it was due to recent comments from Chinese President Xi Jinping saying that the country planned to embrace the blockchain. However, since then there hasn’t been any further development on this narrative or any news supporting the upper trend, many investors took this chance to sell their positions.

According to some cryptocurrency analysts in the Blockchain space, there is a chance that Bitcoin can drop to lower lows. If BTC cannot support $8K it will most probably drop to the mid or low $7Ks. Although, if the Bulls can reverse the price to the upper $9K area we can ignore the Bearish scenario.

According to CoinMarketCap.com, the overall capitalization of cryptocurrencies is at $220 Billion.

UK Law Panel Defines Crypto Assets as Property

Crypto Assets are being recognized as “tradable property” under English and Welsh law, according to a legal statement published by The UK Jurisdiction Taskforce of the Lawtech Delivery Panel. The statement also includes smart contracts and defines them as “enforceable agreements” under English law.

The government-backed LTDP is an industry-led effort set up to assist the transformation of the U.K. legal sector through technology. The statement is expected to provide a solid foundation for the mainstream adoption of crypto assets and smart contracts in the U.K. and potentially give a boost to companies working in the crypto industry.

The task force further explained the potential importance of smart contracts in the press release published last Monday, saying:

Smart contracts can be used to create more secure and more efficient ways of implementing (and automating performance of) contracts between parties. This could revolutionize agreements, from mortgages and medical research to property ownership, as smart contracts automatically execute transactions and remove the need for a middle man.

LocalEthereum becomes LocalCryptos

A new competitor is taking away market share from the local LocalBitcoins which is a very famous Bitcoin Exchange for P2P transactions. LocalEthereum now named LocalCryptos added support for Bitcoin while still having very little user information, on the other hand, LocalBitcoins is taking the opposite road looking for more regulation from the local regulators in Finland.

“LocalCryptos will list some of the most popular Ethereum-based tokens over time. We’ll develop a new smart contract to handle ERC20s, and, in the more distant future, ERC721s.”

Executives had incrementally phased out ways of trading on LocalBitcoins without revealing one’s identity, with cash trades now banned and ID submission obligatory. This is a feature that most users look for when using P2P platforms to trade Cryptocurrencies. LocalCryptos doesn’t have these requirements which support the user’s privacy and identity.

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