Connect with us

BCH

St. Kitts And Nevis To Explore Possibility Of Making Bitcoin Cash Legal Tender By March 2023

Published

on

St. Kitts And Nevis To Explore Possibility Of Making Bitcoin Cash Legal Tender By March 2023

St. Kitts and Nevis will explore the possibility of making bitcoin cash legal tender by March 2023. The statement was made by St. Kitts and Nevis Prime Minister Terrance Drew as part of the Bitcoin Cash 2022 Conference held in the country, declaring that Bitcoin Cash mining activities will also be explored in the same way.

Bitcoin Cash Could Become Legal Tender in St. Kitts and Nevis Next Year

The Government of St. Kitts and Nevis will be exploring the possibility of declaring bitcoin cash legal tender as part of the process of introducing cryptocurrencies into the economy of the country. The announcement was made by Prime Minister Terrance Drew, who participated in the Bitcoin Cash 2022 Conference on Nov. 12.

As part of his speech, Drew stated:

Advertisement

I welcome the opportunity to dialog further with a view to exploring opportunities for Bitcoin Cash mining and making bitcoin cash legal tender in St. Kitts and Nevis by March 2023 once the safeguards to our country and our people are guaranteed.

Drew explained that his country was aware of the possible advantages that adopting a cryptocurrency as a legal tender would bring, stating that many businesses on the island already accept bitcoin cash as a payment method. However, he was clear that this move could only be made after considering all the important aspects of such an endeavor, and complying with due diligence.

The move would follow in the steps of countries like El Salvador, which declared Bitcoin legal tender in June 2021.

Benefits of Making Bitcoin Cash Legal Tender

St. Maarten’s Member of Parliament Rolando Brison explained the benefits that declaring Bitcoin Cash as legal tender might bring to the country. Brison, who declared that he was planning to receive his full salary paid in bitcoin cash in March, stated that making bitcoin cash legal tender would simplify the procedures to collect salaries in that cryptocurrency.

Also, Brison stated that legacy legal contracts are based on legal currency, so no such large transactions could be completed with bitcoin cash without it having legal tender status. This would also ostensibly exempt bitcoin cash holdings from capital gains taxes and would simplify accounting paperwork and procedures for cryptocurrency holders. Finally, Brison stated this was the best way of countering the trend of Central Bank Digital Currencies (CBDCs) that many governments are currently exploring.

Brison has been a supporter of the cryptocurrency in his country, exploring regulations to make bitcoin cash legal tender since March.

Advertisement

What do you think about St. Kitts and Nevis’ plan? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Advertisement

Analysis

Biggest Movers: BCH Climbs To 1-Week High, DOT Declines

Published

on

Biggest Movers: BCH Climbs To 1-Week High, DOT Declines

Bitcoin cash rose to a one-week high in today’s session, despite crypto markets mostly trading lower. The global cryptocurrency market cap is down by 2.45% as of writing, which comes as traders reacted to rising geopolitical tensions. Polkadot was a notable token to slip, as prices collided with a key support point.

Bitcoin Cash (BCH)

Bitcoin cash (BCH) raced to a one-week high on Wednesday, despite cryptocurrency markets mostly trading lower.

Following a low of $103.09 on Tuesday, BCH/USD surged to an intraday peak of $109.09 earlier in today’s session.

Advertisement

The move saw BCH hit its highest point since November 8, when the token was trading close to a high of $120.00.

BCH/USD – Daily Chart

As can be seen from the chart above, today’s high saw bitcoin cash move closer to a key resistance level of $110.00.

The 14-day relative strength index (RSI) also rose higher, with the index breaking out of a ceiling of its own.

Currently, the index is tracking at 46.52, which is above the aforementioned ceiling at 45.00.

Polkadot (DOT)

Polkadot (DOT) on the other hand was back in the red on Wednesday, snapping a two-day win streak in the process.

Advertisement

DOT/USD was down by as much as 5% in today’s session, falling to a low of $5.72.

Today’s drop saw the token move closer to its support level at $5.60, which has mostly been in place for the last week.

DOT/USD – Daily Chart

Looking at the chart, the RSI also dropped to a floor of its own, with the index colliding with its support at 41.00.

Should the index move below this point, we will likely see polkadot move towards $5.30, which would be a two-year low.

Traders will likely also be paying attention to the moving averages, as the indicator still looks positioned for further downward momentum.

Advertisement

Register your email here to get weekly price analysis updates sent to your inbox:

Could we see polkadot decline further in the coming days? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Altcoins

Bitcoin Cash [BCH]: All you need to know before you write off this alt

Published

on

Bitcoin Cash [BCH]: All you need to know before you write off this alt

Sharing a statistically significant positive correlation with the leading coin Bitcoin [BTC], Bitcoin Cash [BCH] logged a decline in its price in the last week. According to data from the cryptocurrency analytics platform CoinMarketCap, the price per BCH coin fell by 8% in the past seven days. 

Data from Santiment showed that the consistent decline in the price of the asset pointed to BCH distribution by investors. 

Also, the surge in BCH’s trading volume and the lack of a corresponding price rally during intraday trading hours on 13 October hinted at buyers’ exhaustion. As per CoinMarketCap, BCH’s trading volume had rallied by 65% in the last 24 hours.

Source: Santiment

Advertisement

Sellers “cashing” out

With the last seven days marked by a decline in BCH’s price, buying pressure dropped in the last week on a daily chart. As a result, on 5 October, the asset’s Relative Strength Index (RSI) and Money Flow Index (MFI) fell below their respective neutral lines to pursue new lows. 

At press time, the MFI inched toward the oversold region at 33.41. Following a similar progression, BCH’s RSI rested at 41.79 at press time.

As sellers gradually overran the BCH market, a new bear cycle was initiated on 10 October. At press time, the Moving average convergence divergence (MACD) was made of red histogram bars with an intersection of the MACD line (blue) with the trend line (red) in a downtrend. 

In addition, a look at the asset’s On-balance volume (OBV) confirmed that investors have heavily distributed BCH since 9 September. The indicator has since been on a downtrend, and the price has fallen by 15%.

Source: TradingView

Advertisement

Before you write off the Bitcoin fork

While these key indicators have shown a decline in BCH’s accumulation in the last week, a look at the asset’s Chaikin Money Flow (CMF) revealed a divergence with its price.

In the face of its falling price, BCH’s CMF rested above the center line to post a positive value of 0.08. This typically represents a surge in buying pressure which usually precipitates a rally in the price of an asset. 

However, as in the current market, a CMF/price divergence occurs when the price of a crypto asset trades at the oversold zone while its CMF continues to rise. This is usually taken as a buy signal, so traders looking to move against the market need to take note of this.

Source: TradingView

Advertisement

Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.

Advertisement

Continue Reading

15 blockchains

Tether Reveals USDT Stablecoin Is Now Supported By Polkadot

Published

on

Tether Reveals USDT Stablecoin Is Now Supported By Polkadot

Tether is now live on 15 different blockchain networks, according to the company’s latest announcement on Friday as the firm detailed that it is now supported by the Polkadot blockchain system. The stablecoin’s new support follows the token being added to the Near Protocol 11 days ago. The news further follows Tether being ordered by a New York judge to produce financial documents last Tuesday.

Polkadot Blockchain Ecosystem Adds Tether

Just recently Tether Operations Limited announced that it was added to the Near Protocol on September 12 and 11 days later, the stablecoin firm revealed it is now hosted on the Polkadot blockchain.

Polkadot (DOT) is an open source distributed ledger project that connects blockchains, decentralized finance (defi), and the Web3 ecosystem. Tether manages the largest stablecoin asset worldwide as it commands a ​​$68.24 billion market valuation on September 23.

Advertisement

Out of the $963.16 billion crypto economy today, USDT dominates by 7.078% of that value. On Friday, Tether said the addition of USDT to the Polkadot blockchain ecosystem is “another milestone” for the stablecoin issuer.

After being added to the Near Protocol and Polkadot Polkadot blockchain ecosystem, USDT is now hosted on 15 different blockchain networks. In a note sent to Bitcoin.com News, Paolo Ardoino, the CTO at Tether said the company is “delighted” to launch tether on the Polkadot blockchain network.

“Polkadot is on a trajectory of growth and evolution this year and we believe Tether’s addition will be essential in helping it continue to thrive,” Ardoino noted. In the last 30 days statistics show that tether’s market cap grew by 0.8% and on Friday, USDT commands $45.51 billion of the $81.84 billion in global crypto trade volume.

Tether’s volume equates to 55.60% of the $81.84 billion in swaps today and 62% of all BTC trades today are paired with tether. The Polkadot blockchain support follows a New York judge ordering Tether Operations Limited to produce financial documents that show USDT’s backing.

The judge’s order stems from a class action lawsuit filed three years ago by five plaintiffs. The case further involves the law firm Roche Freedman LLP and just recently Tether’s lawyer said the law firm should be dropped from the case following the controversy surrounding Roche Freedman’s co-founder Kyle Roche.

Advertisement
Tags in this story

15 blockchains, Algorand, Avalanche, BCH, bitcoin cash, British Pound, EOS, Ethereum, Kusama, Kyle Roche, liquid network, NEAR, omni, Paolo Ardoino, Polkadot, Polkadot Blockchain, Polygon, Roche Freedman LLP, Solana, Stablecoin, Stablecoin issuer, stablecoin USDT, Statemine, Tether, Tether stablecoin, tethers, Tezos, tron, USDT

What do you think about tether being added to the Polkadot blockchain ecosystem? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Advertisement

Image Credits: Shutterstock, Pixabay, Wiki Commons

Advertisement

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Continue Reading

Top posts

Assessing what’s next for Yearn Finance (YFI) as we gear up to close Q4 Assessing what’s next for Yearn Finance (YFI) as we gear up to close Q4
Altcoins9 hours ago

Assessing what’s next for Yearn Finance (YFI) as we gear up to close Q4

YFI suffers a bearish divergence that indicates a decline in buying momentum. Sellers take control of the YFI market during...

CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash
Wrapped11 hours ago

CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash

CryptoSlate Wrapped Daily: Hopes for Celsius withdrawals to reopen, Do Kwon questions SBF involvement in LUNA crash Liam ‘Akiba’ Wright...

Uniswap NFT volume declines by a great margin, but here’s the catch Uniswap NFT volume declines by a great margin, but here’s the catch
Altcoins11 hours ago

Uniswap NFT volume declines by a great margin, but here’s the catch

Uniswap witnessed a decline in NFT volume lately. This decline affected other areas of the DEX, including the count of...

Huobi predicts crypto market bottom in early 2023 Huobi predicts crypto market bottom in early 2023
Analysis11 hours ago

Huobi predicts crypto market bottom in early 2023

Huobi predicts crypto market bottom in early 2023 Christian Nwobodo · 15 mins ago · 2 min read According to...

Forex Trading in Portugal Forex Trading in Portugal
Uncategorized11 hours ago

Forex Trading in Portugal

European traders also have massive potential for gains when trading forex. If you’re a trader living in Portugal and thinking...

Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet
Bitcoin12 hours ago

Is Bitcoin Bottom In? This On-Chain Condition Hasn’t Been Met Yet

A Bitcoin on-chain metric still hasn’t formed the same condition as in the previous bottom, suggesting that the current low...

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all
Bankruptcy12 hours ago

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all

Kevin O’Leary paid $15 million as a FTX spokesperson, but lost it all Soumen Datta · 2 hours ago ·...

Simply Business Insurance Review Simply Business Insurance Review
Uncategorized12 hours ago

Simply Business Insurance Review

Simply Business Insurance Ratings at a Glance Product Offerings Simply Business Customer Service Simply Business Claims Support Simply Business Pricing...

Best Cheap Seasonal Motorcycle Insurance Best Cheap Seasonal Motorcycle Insurance
Uncategorized12 hours ago

Best Cheap Seasonal Motorcycle Insurance

All riders will agree that there is nothing like hitting the open road on your motorcycle. It is an indescribable...

Hiscox Insurance Review Hiscox Insurance Review
Uncategorized12 hours ago

Hiscox Insurance Review

If you own a small business, you likely want to do all you can to ensure that it is protected...

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure
Exchanges12 hours ago

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure

Binance Labs leads funding round for GoPlus Security to advance web3 security infrastructure Josh O’Sullivan · 3 hours ago ·...

MATIC Price Battles Under $1 Despite Bullish Signals MATIC Price Battles Under $1 Despite Bullish Signals
Cryptocurrency news13 hours ago

MATIC Price Battles Under $1 Despite Bullish Signals

The Polygon (MATIC) price momentum registered a positive shift over the last 24 hours. The altcoin gained close to 3%....

Layer 2 networks see jump in dApp migration; the reason might surprise you Layer 2 networks see jump in dApp migration; the reason might surprise you
Altcoins13 hours ago

Layer 2 networks see jump in dApp migration; the reason might surprise you

dApps have increased migration to layer 2 networks. Arbitrum continues to lead as the layer 2 network with the highest...

TRON [TRX] is ready for a further rally; investors can profit from this level TRON [TRX] is ready for a further rally; investors can profit from this level
Altcoins14 hours ago

TRON [TRX] is ready for a further rally; investors can profit from this level

TRX was in a bullish market structure. A break of the current support resistance at the 38.2% Fib level ($0.5345)...

Waves down 12% as Upbit issues investment warning Waves down 12% as Upbit issues investment warning
Stablecoins15 hours ago

Waves down 12% as Upbit issues investment warning

Waves down 12% as Upbit issues investment warning Christian Nwobodo · 5 hours ago · 1 min read Upbit has...

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows  Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 
Analysis16 hours ago

Biggest Movers: LTC, ATOM Extend Declines, Hitting 10-Day Lows 

Litecoin fell for a third consecutive session on Thursday, as the token continued to move away from recent highs. Cryptocurrencies...

Bitcoin Whales Dump 20,000 BTC On The Market, Sell Side Strengthens Bitcoin Whales Dump 20,000 BTC On The Market, Sell Side Strengthens
Bitcoin16 hours ago

Bitcoin Whales Dump 20,000 BTC On The Market, Sell Side Strengthens

The Bitcoin price action remains stalled as the cryptocurrency moves in a tight range; uncertainty is king in the current...

Research: Bitcoin, Ethereum derivatives are unwinding Research: Bitcoin, Ethereum derivatives are unwinding
bitcoin futures16 hours ago

Research: Bitcoin, Ethereum derivatives are unwinding

Research: Bitcoin, Ethereum derivatives are unwinding Andjela Radmilac · 6 hours ago · 3 min read Data analyzed by CryptoSlate...

Trending

Free Bitcoin MiningEarn from $50 to $75 daily with just your phone