Bitcoins and other cryptocurrencies, although revolutionizing payments, are yet to find haven in some countries like India, China, and Iran, among others, due to non-existent regulatory clarity. Recently, LocalBitcoins.com, a Helinski-based Bitcoin exchange, stopped servicing Iran residents, while the Central Bank in India issued a circular preventing banks from entertaining users buying crypto.
However, LocalEthereum, based in Australia, published a blog explaining how they had dropped the charging fees for buying and selling Ethereum. The blog stated:
“The global war on cash and privacy continues. LocalBitcoins suddenly removed all cash-in-person offers today, without any warning to its users. In response, we’ve reduced the trading fee on cash exchanges to 0%. From today until July 1st, you can buy or sell ETH with cash using LocalEthereum for free.”
Similar to LocalBitcoins, LocalEthereum is a peer-to-peer trading platform of Ethereum. LocalEthereum’s Michael Foster said that LocalBitcoins’ decision had to do with “the new EU directive, which regulated custodian wallet providers”. He also commented:
“LocalBitcoins is based in Finland. We are in Australia. LocalEthereum is fully non-custodial. We hold zero ETH and zero fiat for users — even ETH in escrow is outside our custody (the escrow is a smart contract).”
The decision taken by LocalEthereum would further foster the adoption of cryptocurrencies, especially considering the recent Bitcoin, which pushed the collective market to bullish pastures, including coins like Ethereum, and Bitcoin Cash.
Some users also questioned the legitimacy of cash transactions taking place on LocalEthereum and how it could pose risks of counterfeit currency and other concerns of meeting a buyer in person.
A Reddit user Introspecter commented:
“The peer-to-peer cash-to-crypto economy is our last line of defense to a decentralized future. We all owe LocalEthereum and services like them a tremendous debt of gratitude.”
Ethereum, at press time, was priced at $268 and had a market cap of $28 million. The currency had surged by over 7% in a week.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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