Crypto Weekly | Good News from India and French
Time sure does fly, most times it feels like time counts faster at weekends when compared to the weekdays. Like seriously come on, after days of working our heads off, only to take a nap and boom its already a fresh week xD. Well, welcome to another beautiful week and this is the 2nd edition of the crypto weekly, bringing you some of the hottest news that happened in the crypto space days/weeks back.
As usual, our focus for this week will be on BTC, ETH, and EOS blockchains. Stay with us as we show you some of the hottest happenings on crypto last week
BTC
Last week, we saw a fall in bitcoin price and many thought it was heading back to its 7k+ while others thinking 8k+ would be the new low, taking a look at bitcoin price chart this week, a steady and gradual increase was seen, moving the price from its initial 8k+ to 9k+ and then back to its default price 8k+.
This was probably caused by some of the activities that happened in the last 7 days.
Wednesday last week, which was 4–03–2020, the supreme court in India made a ruling and struck out the ban of cryptocurrency trading that has affected cryptocurrency buying in India for several months. After a rule that was made several months back, cryptocurrency trading was considered illegal well up till now. This is definitely another win for the entire crypto community and also a steady pace to world adoption.
The Supreme Court on Wednesday struck down the curb on cryptocurrency trade in India. “SC rules curb on crypto currency trade illegal,” the report said while adding that the order lifted ban on trading in virtual currency, cryptocurrency and bitcoins.
While the celebration was ongoing concerning this ban lift, a French court on Thursday 5–03–2020 was on a sitting and Bitcoin was recognized as another form of currency, meaning it has purchasing power and could be paid for the exchange of goods and services.
If the above doesn’t improve your faith in bitcoin becoming a widely used and accepted form of payment in years to come, I doubt any other information would.
As usual, users are always advised to make their own research before investing in any digital platform.
ETH
With many considering ETH the best alternate cryptocurrency coin to bitcoin, its price surely isn’t looking up to the expectations, last week we saw a fall from its initial high to a new low and just like bitcoin, price chart on Ethereum also shows an increase this week before dropping down once again.
That said, individuals are always advised to do their own research before investing in any digital platform.
Speaking of investment and research, a few days back, I stumbled upon an article containing a write-up about ERC-721 tokens and how they could be lend from one user to another. For those not aware about ERC-721 tokens typically referred to as NFTs, these are crypto-collectibles that are earned from gaming, partaking in an event, quest or what have you, and one of their major use is giving stats, features to a blockchain-based game making the character somewhat special when compared to a none blockchain-based items. The article was about a platform called LEND721 that allows users to lend out their NFT’s at a price of their choosing to other users who are willing and able to pay on an agreed price. Using smart contract features, the renter would deposit a certain amount of tokens/coin agreed upon and the remnant would be paid back pending when the renter sends back the item. If for any reason, the renter refuses to return the item within the allocated time, this simply means they choose to purchase the item and thereby forfeiting any remnant from their deposited token/coins.
You can read more about the article here https://medium.com/@deimantasspucys/lend-and-borrow-ethereum-erc-721-tokens-with-lend721-platform-32f1a22905fd
EOS
While many consider EOS the blockchain of the future with its fast and gas-free transactions, others consider it to be somewhat complex to use and do not cover the ease of use cryptocurrency should be all about. For one, unlike Ethereum and Bitcoin that provides easy setting up of wallets, EOS is a little different but from experience, ones you understand the set-up it becomes easy and friendly. Just like Ethereum and Bitcoin, EOS also saw a gradual increase in its price until plummeting to its new low.
As usual, users are always advised to their own research on digital platforms and others before investing.
Not much activity went on this week on the EOS blockchain, although a decentralized stable coin built on the EOS blockchain called EOSDT is getting listed on https://exchange.bitcoin.com where it will be paired to BTC, BCH, ETH, USDT, while it is paired 1:1 with the USD, it provides a medium to hold a certain amount in cryptocurrency without the fear of price falling or increasing the next day. Well, this has proven to be true all this while but the future is still uncertain, that said this is a good adoption to the EOS community.
This is all we have for this week, don’t forget to follow us for more of this and stay updated with the happenings around the crypto-space.
To that, I say welcome to a new week.
Graphs used were collected from https://coinmarketcap.com a cryptocurrency market to get prices of different cryptocurrencies currently trading, exchange trading them and their price paired to USD
Written by Oteme Eghele
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