Australia is one of the foremost countries to accept blockchain technology and cryptocurrencies, says recent reports. The latest addition to the bandwagon is Fred Schebesta, an Australian entrepreneur and Co-Founder of comparison website, Finder.
As per recent reports, Schebesta revealed that he is all set to ‘build the crypto bank of Australia’, a ‘multibillion-dollar’ scheme which he plans to complete within the next 18 months.
According to a recent interview with an Australian news website named News.com.au, Schebesta stated that:
“There’s a lot of intricacies when it comes to cryptocurrency and how it actually operates. We understand this market, we know how to make it safe and make it scalable and actually bring it to banks.”
Schebesta believes that once cryptocurrency adoption spreads, the need for several services such as cold storage, custodianship, exchange, spending, and lending are all going to be in high demand.
Finder is believed to be one of Australia’s leading comparison websites which compares an extensive group of major banks, insurers, and product issuers. Finder commenced its cryptocurrency comparison on the website in September 2017.
After Schebesta was able to gauge the growing interest in the new feature and the massive traffic it garnered, he decided to invest in the technology further.
The Co-Founder of the comparison website, Frank Restuccia went on to launch an OTC [Over The Counter] cryptocurrency exchange known as HiveX soon after.
These new developments and many other recent reports seemingly make Australia, a country that is well on its way in adopting cryptocurrency into the public sphere.
On 4th August, the government of Queensland had announced a scheme to add Bitcoin and other cryptocurrencies into its system effectively seeking a wider adoption of the coin. Recent reports also saw the Australian Tax Office extending its tax obligations to cryptocurrency holders as well.
The famous blockchain and cryptocurrency firm, NEM, recently launched 2 NEM blockchain hubs to further education and blockchain knowledge in Australia. Recent reports also saw cryptocurrency exchange platform Huboi launching their platform in the Australian market.
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Bitcoin’s on-chain/off-chain valuation indicators the key point of focus as coin heads to $13,000
With the rise in Bitcoin’s price, the rest of the cryptocurrency market has followed suit by displaying a green trend across the board. In a recent series of tweets by popular cryptocurrency analyst Adam Tache, users were informed about the top Bitcoin on-chain and off-chain valuation indicators, derived from on-chain valuation models.
The analysis touched on the Mayer Multiple created by dividing the price by the all-important – 200 day moving average. The current average Mayer Multiple stands at a figure of 1.39, which may climb higher. Looking at previous figures, the normal Mayer Multiple figures stated that if the value shoots up to 2.4, then Bitcoin eventually retraces back to a comfortable 1.5. The Mayer Multiple is usually considered as the original indicator used to clock the valuation of Bitcoin.
Another major indicator discussed in the thread was the NVT Ratio invented by Willy Woo, Partner at Adaptive Fund. The indicator is used to calculate Bitcoin’s prominence or value in the cryptocurrency space by evaluating the amount transacted on the blockchain as a “proxy for investment flow and bear and bull market cycles.”
At the moment, the NVT ratio for Bitcoin is in an abnormal region compared to the start of previous bullish patterns. The NVT ratio was above the “bear market” separator, which meant that the cryptocurrency was overbought. When Bitcoin is overbought, it usually means that the buying pressure is much higher than the selling pressure. Adam Tache opined,
“NVT signaling overbought is likely due to a number of factors — namely the proliferation of exchange-based, purely off-chain txs driving short-term price action.”
The analysis also pointed out the liveliness of the Bitcoin indicator created by Tamas Blummer. The indicator showed the inverse count of lost or ‘HODLed’ Bitcoin, while stating that when the ratio increases, long-terms holders of the cryptocurrency decrease their positions. The indicator conveyed accumulation of Bitcoin when the ratio decreased.
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