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While most of us have been focused on Covid-19, whichever country we are in, a quiet revolution has been happening in Africa, according to a report by Arcane Research and Luno, Cointelegraph reports.

T...he study analysed Google searched ‘Bitcoin’ and found that Uganda, South Africa, Nigeria, Ghana and Kenya were amongst the Top 10 countries for crypto-related searches.
It goes on to say that Africa is “one of, if not the most promising region for the adoption of cryptocurrencies,” in part because adoption so far has been low, but interest is high and growing.

The continent is promising, because it has a distinct combination of “a young population, frequent monetary crises and currency failures, large unbanked or underbanked populations, and expensive means of payment.”
In terms of numbers, Nigeria has for some time dominated cryptocurrency trade volume, but it emerges that South Africa has the highest percent of cryptocurrency ownership or use among internet users in Africa with 13%, followed by Nigeria with 11%. Indeed, worldwide, South Africa ranks fifth in the world for cryptocurrency adoption.

The current health crisis, and the many restrictions imposed, appears to have encouraged South Africans to head towards Bitcoin. In the last week, the country has posted “its second-strongest weekly volume on peer-to-peer Bitcoin marketplace Localbitcoins, with nearly $1.65 million worth of BTC changing hands.” It surged to the extent that its P2P knocked Kenya out of its crypto trade position.

P2P in Nigeria is also showing record highs, achieving $9.2 million in combined weekly trade, while Kenya has also seen a spike in Localbitcoins trade between BTC and the Kenyan shilling producing its second-strongest week on record for the third consecutive time. Morocco and Egypt have also reported record trade activity.

For the first time ever, P2P volume in sub-Saharan Africa has out-performed Latin America, so it’s definitely a continent with plenty of crypto confidence.

https://medium.com/@lendoplatformltd/africa-shows-big-surge-in-crypto-confidence-f55fdad6b8cfShow more >

Recently, Cointelegraph reported that Coinbase, the major crypto exchange, has come under fire “for its alleged efforts to sell crypto surveillance services to both the U.S. Drug Enforcement Administration and ...the Internal Revenue Service.”

Coinbase has responded by saying, “the company’s analytics services do not share any personally identifiable data with law enforcement,” and that it sources all data from publicly available information.

Some dispute Coinbase’s claims, and a source who worked in compliance with crypto exchanges revealed “that multiple government entities have been actively monitoring users across nearly every centralized exchange and custodial crypto service provider for years.” The anonymous source also claimed that this activity goes back to the early days of Bitcoin, and that after the Mt Gox incident, it increased and intensified.

The source told Cointelegraph: “I’ve worked for crypto exchanges, bitcoin ATM companies, general crypto services providers, and more. They all engage in surveillance practices. They have no choice.”
They also explained, “that the U.S. government’s favored methodology is called a Suspicious Activity Report, or SAR. While SARs are common in most money transmission businesses, crypto SARs appear to operate under different standards.” They said: “In traditional institutions, a transaction needs to meet certain criteria in most cases to be deemed suspicious. That’s not really true for Bitcoin and other cryptocurrencies though. As far as the government is concerned, the threshold of ‘suspicious’ is met as soon as cryptocurrency is involved.”

...

https://medium.com/@lendoplatformltd/is-big-brother-watching-your-crypto-98dbbd602ca5Show more >

According to an article in Cointelegraph, there are five signs that Bitcoin is about to enter a bull market phase and crash through its multi-year resistance at $10,500.

The Bitcoin price since the hal...ving in May has been seeing some sideways action, which Keith Wareing writes is reminiscent of early 2017, “when Bitcoin hit $1,180 for the second time, triggering a catastrophic sell-off.” It appeared that the leading cryptocurrency was dead, but instead “what happened after is the first sign that we were in for a bull market.”

The Trap

This is the first sign. Wareing explains “you can see that the pattern that played out after the 40% dump from $1,180 in January 2017 is almost identical to that of the 57% dump that occurred on March 12 2020.” What happened next in 2017 was a 2000% rise in the value of Bitcoin.

The Range

Sign two is “seeing a new descending channel opening up that has perfect Fibonacci levels lining up.”

The Orderbook

Wareing says, “there are significant sell-orders as denoted by the yellow line around the 50% fib at $9,450 and interestingly a lot of buy orders around $8,800.” He explains, “As the shorts pile in targeting $8,700, the spoofers can take a large long position, remove their $9,450 sell-wall and scoop up all those liquidations.”

...

https://medium.com/@lendoplatformltd/the-signs-of-a-bitcoin-bull-market-5651067289a3Show more >