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After Malta, Colombia welcomes cryptocurrency and blockchain technology firms

Priya

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After Malta, Colombia welcomes cryptocurrency and blockchain technology firms
Source: Unsplash

Cryptocurrency has been getting a wave of support from several countries. The most notable one being Malta, which drew the attention of all the biggest cryptocurrency firms in the world. This was followed by CZ, the CEO of Binance, the biggest cryptocurrency exchange platform in the world in terms of trade volume, announcing that they will be setting-up their operations in the country. This resulted in Malta becoming the ‘Blockchain island’.

Recently, the President of Colombia, Ivan Duque, announced his support towards cryptocurrencies at the International Congress on Information and Communication Technologies. He has invited all the cryptocurrency firms to set up their business in the country. Along with this, the President of Colombia has stated that they will not impose income tax on any of the cryptocurrency firms based in Colombia for the 5 years.

He stated that he wants the firms to be formed to the country so that they can be a ‘great player’ in the cryptocurrency industry. He further added that these firms will have to ‘generate a number of jobs’ in the country in return for waiving their income tax.

The President believes that blockchain technology could help them solve the corruption in the country. In addition, it could also improve industries such as law, medicine and security.

Debl, a Redditor said:

“This is very weird. I’m Colombian, and I know that the Colombian government is VERY corrupt and sold out to the US. We’ll see how this plays out and if he really does what he is saying. He promised things before becoming president and now he did the very opposite (like rising taxes when he said he would lower them)”

Dirty-Dusty another Redditor said:

“I plan to renounce US citizenship within the next few years when I sell my business here. I already have Colombian and Honduran citizenship so if I don’t have to pay taxes on my gains, Colombia will be my first choice. I’ll stay there while I figure out which country I want to permanently move to.”

Ollice420 said:

“Until they get upset with you or need money and then freeze your bank accounts and appropriate your funds. Not trusting central or South American governments. Anyone here seen Blow?”

Recently, the country’s private and public companies joined together to form a new blockchain association in order to support cryptocurrency and blockchain technology and help the government to make decisions related to its regulation.

Even during the Senate Debate, Senator Navarro Wolff claimed that the technology could reform the lives of Colombians if applied in economic, political and administrative sectors.



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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb on the bull after price stays locked down

Akash Anand

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Bitcoin [BTC/USD] Technical Analysis: Cryptocurrency fails to climb the bull after price stay locked down
Source: Unsplash

The cryptocurrency market’s bearish woes do not seem to have waned with several popular coins seeing a continuous price downturn. Bitcoin [BTC], XRP, and Ethereum [ETH] have only enjoyed sporadic bullish spikes with a definite control being exerted by the bear.

1-hour

The one-hour BTC chart shows the gradual drop in prices. The support has been holding at $3214.17 while the resistance is maintained at $4160.21. The recent downtrend took the prices down from $3558.58 to $3367.97.

The Relative Strength Index shows a slight spike towards the overbought zone. This means that the buying pressure is increasing slightly more than the selling pressure.

The Bollinger band shows a clear divergence with the upper band and the lower band indicating an imminent sideways price movement.

The Parabolic SAR has been predominantly bearish with the markers staying above the markers. At the time, the SAR indicators were below the price candles which is a bullish sign.

1-day

The one-day chart for Bitcoin does not paint a better picture for the cryptocurrency with no uptrends in sight. The long-term support has been holding at3346.6 while the recent downtrend saw the price fall from $6262.97 to $3408.

The MACD indicator shows the MACD line and the signal line moving as a conjoined pair. Other than the bearish dip, the MACD histogram has been undergoing a lull.

The Chaikin Money Flow indicator is just below the zero line, which is a sign of the money flowing out of the market being more than the money coming into the market.

Conclusion

The above-mentioned indicators all point to an extended bear run with the prices still being clamped below the $4000 mark. With the year coming to a close, the predicted bull run does not seem to be occurring anytime soon.

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU

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Binance Coin [BNB] takes off by 11.31%; ERC20 uniswap bug affecting BNB users, but CZ says funds are SAFU
Source: Unsplash

Binance Coin [BNB], in the 24-hour time frame, has spiked by a massive 11.31% leaving other Bitcoin [BTC], Ethereum [ETH], XRP, and other cryptocurrencies to eat dust amid the doom-December.

In the 24-hour time frame, the BNB coin started trading at $4.63 with a market cap of $605 million on December 11, 16:30 UTC. The price dipped to $4.59 within a couple of hours but didn’t stay there for long as the prices saw four significant spikes.

Source: CoinMarketCap

The first spike propelled the price to $4.90 while market cap increased by $34 million, this was followed by a correction of prices to $4.83.

The prices couldn’t reach the $5 mark as the prices exhausted at $4.97. The third spike which was followed after the correction also lost the strength and ended up at $4.97.

The most significant rise was the one that took place on December 12, 16:10 UTC which propelled the prices beyond the $5 mark as it reached $5.15. The market cap also took a huge bump and reached $675 million.

The price fluctuation could be attributed to two reasons, the first being the launch of Binance DEX, which will swap the ERC20 token, BNB from Ethereum platform to Binance blockchain, which was announced by Binance and CZ.

It could also be due to a bug that was tweeted out by a Twitter user Uniswap.

The tweet stated:

“1/ WARNING: BNB providers

Due to a bug in the binance BNB contract it’s possible to add liquidity to the Uniswap BNB<>ETH liquidity pool but not remove it.

This bug is a variation on the “missing return value” ERC20 bug which affects several tokens.”

CZ replied to this tweet:

“Nothing new here. If you send token to a contract address, you won’t get it back. Just like if you send tokens to an address you don’t control for no reason, or a (valid formatted) address no one controls, you won’t have a way to get it back.”

CZ eventually being the humble person he is, tweeted out saying that people who had lost tokens due to this would recieve BNB from Binance.

CZ replied in subsequent tweets about this bug.

“Protecting users is not just talk. It requires action. Stay #SAFU!”

“One guy actually made quite a bit of profit out of his honest mistake. He sent it when it was cheap, and got it back when it was a big multiple.”

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