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Bitcoin Remains Stable as Uncertainty Surrounding US Election Deepens

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Bitcoin Retained Most of Recent Gains Ahead of US Election

Cryptocurrency’s most dominant coin Bitcoin continues to trade above $13,500 a coin as the uncertainty surrounding the United States dollar deepened.

The cryptocurrency rose from about $10,000 a coin it has been trading Bitcoin halving of May 12 to over $13,721 on October 27, 2020, a 16-month high despite the global selloff in stocks. Suggesting that the digital asset is mirroring gold as a haven asset that people actually realised or have come to term with.

Investors are jumping on the digital asset to avoid the negative impact of the United States’ presidential election on their portfolio and curb unnecessary exposure to risk. Meaning, investors have started attributing haven assets characteristics to Bitcoin despite the fact that it is unregulated and a tool in the hands of cybercriminals.

Still, Bitcoin declined by 0.64 percent on Friday to $13,543 as the race to the White House between Joe Biden and President Trump intensified amid rising support for the former Vice President of the United States, Joe Biden.

“With the U.S. election just days away, we are going to have to be patient when it comes to headwinds lifting BTC (BTC, -0.64%) to new multi-year highs,” Matt Blom, head of sales and trading at Diginex, a cryptocurrency-focused financial firm.

While Bitcoin had dropped 0.64 percent on Friday and retains most of its gains in recent days, traditional assets in Europe, US, Asia and even commodities have all nosedived more in terms of percentage and capital inflow.

In a note to clients, Jean-Francois Paren, the head of global market research at Credit Agricole CIB, said “Our short-term risk appetite indicator is firmly in negative territory.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Cryptocurrency

Bitcoin Hits Record $19,259 a Coin on Tuesday as Demand Jumps Through the Roof

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Demand for the world’s most dominant cryptocurrency, Bitcoin, rose to a record high on Tuesday amid Trump’s renewed attack on China and general global uncertainty.

Bitcoin rose by 5.2 percent to $19,259.64 or N9.471 million per coin as of 2.24 pm Nigerian time on Tuesday.

Ripple rose by 25.05 percent to 0.00003271 BTC or N233.25 per coin, representing over 100 percent increase in the last one week.

Similarly, Bitcoin Cash advanced to fourth place among the most capitalised cryptocurrencies after gaining 16.90 percent in the last 24 hours to 0.00154 BTC or N129,101 per coin with N2.36 trillion market capitalisation and N170.29 billion volume of trade in the last 24 hours.

Demand for cryptocurrencies rose late on Monday after President Trump renewed his trade war with China, in a move that suggested he is out for revenge.

Few reports have said China was supporting the President-elect, Joe Biden, prior to the US presidential election, and as such was using cyberspace to push that agenda like Russia did in 2016.

The surged in global tension despite COVID-19’s three different vaccines led to an increase in demand for cryptocurrencies by institutional investors in the last 24 hours.

Also, demand for crypto assets on both PayPal and CashApp platforms has exceeded the entire supply of newly minted bitcoins, suggesting a serious supply pressure and likely surge in price above the current level in the near-term.

Bitcoin could set a new all-time record high in few days if demand remains high.

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Paypal Bullish on Bitcoin But as a Currency

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Dan Schulman, the Chief Executive Officer, PayPal, said he is positive about bitcoin’s usefulness as a currency and believed that single fact will prevail over the buy and hold ethos.

According to Schulman, there will be more use cases for cryptocurrencies over time. This, he said would boost cryptocurrency acceptability, growth and stability.

He said “I think that there’ll be more and more use cases for cryptocurrencies,” that make bitcoin more widely accepted, more stable and probably “more valuable” over time.

Schulman further explained that at this stage, central bank digital currency is now a global inevitability. As that happens, “you’ll have more and more utility happen with cryptocurrencies,” he said.

“Both may play important roles going forward,” he said.

PayPal got into cryptocurrency space as an exchange two months ago after pulling out of Facebook’s Libra Group following parliament’s rising scrutiny into Facebook businesses.

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Symatri Launches Kala Pro Wallet With Enhanced Cryptocurrency Protection

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Kala Wallet, which is used by over 30,000 people, has today launched its Pro Wallet, which comes with enhanced security features and three levels of theft insurance cover: Bronze, which covers up to $1,000; Silver, up to $10,000; and Gold, up to $100,000.

The new Kala Pro Wallet is protected through a partnership with Coincover, creators of the safety standard for crypto, which provides theft cover underwritten by Lloyd’s of London.

While cryptocurrency continues to grow in popularity, a constant concern for anyone that holds – or is considering holding – crypto is the potential to lose access to their assets, whether through an accidental loss of their keys, or a malicious attack.

With Coincover in place, the Kala Pro Wallet provides peace of mind by offering financial protection should a user’s cryptocurrency be inaccessible or stolen. It also notarizes the insurance policy on the Kala blockchain for further proof of coverage.

Darren Olayan, CEO of Symatri, said, “Our community of 30,000 Kala Wallet users already benefit from Kala blockchain’s inherent value and asset verification capability within the Symatri ecosystem, and with the launch of our Pro Wallet they can access enhanced protection against theft and loss.

“We aim to provide the most versatile, secure and usable cryptocurrency and platforms, and our partnership with Coincover supports this ambition.”

David Janczewski, co-founder and CEO of Coincover, added, “As more people benefit from their crypto assets being protected, the popularity of cryptocurrency will continue to grow, and we’re delighted to help companies like Symatri make cryptocurrency an important and useful part of people’s daily lives.”

Kala Pro Wallet offers coverage at three levels, paid annually: Bronze, up to $1,000 coverage for $45; Silver up to $10,000 for $195; and Gold up to $100,000, for $1,020.

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