• Bitcoin (BTC) started the week trading above $28,000 as markets responded to the deepening global banking crisis. Ethereum (ETH) consolidated recent gains during Monday’s session, as prices fell below $1,800.
• Several major G7 central banks took coordinated action to enhance market liquidity in light of Credit Suisse being bought out by rival UBS.
• BTC/USD jumped to an intraday peak of $28,527.72 earlier today while ETH/USD dropped to a bottom at $1,744.86 to start the week.
Bitcoin Above $28K
Bitcoin (BTC) was trading above $28,000 on Monday as cryptocurrencies extended a bull run to start the week. This upward sentiment comes after several major G7 central banks made coordinated moves to enhance market liquidity in light of Credit Suisse being bought out by rival UBS. BTC/USD jumped to an intraday peak of $28,527.72 earlier today and is now at its strongest point since last June with many now anticipating a move above $30,000.
Ethereum Falls Below $1,800
Meanwhile Ethereum (ETH) consolidated its recent gains during Monday’s session and prices fell below $1,800 following a high of $1,843.84 on Sunday. ETH/USD dropped to a bottom at $1,744.86 to start the week as ethereum bulls appeared be securing their gains after ETH rose to its highest point since August 2020.
RSI Overbought for Bitcoin
The rally has sent bitcoin into overbought territory with its 14-day relative strength index (RSI) tracking at 72.73 and next visible point of resistance appearing at 75 .00 should this be hit there is strong chance BTC will be at 30k .
RIS Below Ceiling For Ethereum
On the other hand some attribute etheruem’s decline RSI which fell below longterm ceiling 66 .00 mark ,at time writing index was tracking 63 .74 with floor 62 .00 possible target for bears .
Overall crypto markets had positive start this week with bitcoin showing strong potential break 30k barrier while ethereum consolidating recent gains but still looking bullish all signs pointing more upside coming short term could ethereum hit 2000 and bitcoin 30000 this month ?
• Fiserv, a global payments company, recently released a study on the payment preferences of Argentines.
• It found that 34% of Argentines prefer to use QR and digital wallets for their payments, replacing cash and credit card preference.
• Jorge Larravide, a specialist in means of payment, commented about the evolution of payments in the country, highlighting the advantages these digital options bring.
A recent study made by Fiserv, a global payments company, shows that QR and digital wallets have grown significantly as payment options in Argentina while credit card preference has stagnated and cash for payments has decreased.
Preference for Digital Payments
The study found that the payment preferences of Argentines have shifted towards QR code and digital wallet transfers. According to the study 34% of Argentines prefer to use QR and digital wallets for their payments, reaching the same preference percentage that debit cards have. The preference for credit cards has stagnated while cash payments have decreased with only 14% choosing it over other options in the country.
Growth of QR Payments
QR payments have also grown in Argentina with one out of every four transactions being settled using this kind of payment within its interconnected system. These results show that there is an increasing trend towards digital options which has increased 11% from last year while decreasing cash and debit card preference.
Commentary from Specialist
Jorge Larravide, a specialist in means of payment commented on this shift towards digitalization due to its convenience at time of paying as well as discounts offered by merchants when opting for these kinds of payment. In September last year it was reported that 3.15 million payments were made with QR codes setting a record high since its implementation in 2021.
This report highlights how Argentines are slowly turning to digital payments as part part their everyday arsenal to settle transactions replacing legacy methods like cash or debit cards due to their advantages such as convenience at time of paying or discounts offered by merchants when opting for these kinds of payment methods
• XRP and MATIC both gained in Tuesday’s session, as prices continue to move away from a long-term support point.
• The 14-day relative strength index (RSI) for XRP broke out of its own ceiling at 43.00, suggesting more bullish momentum ahead.
• Polygon (MATIC) also moved higher in today’s session, as bulls rejected a breakout at an important price level.
Biggest Movers: XRP and MATIC Rebounding on Tuesday
XRP and MATIC were two of the biggest gainers in Tuesday’s session, as prices continued to move away from a long-term support point. The global market cap was down 0.34% as of writing, but sentiment in cryptocurrencies remained largely bearish.
XRP rose higher on Tuesday following a low of $0.3648 to start the week. Prices reached an intraday high of $0.3751 earlier in the day, bouncing from a long-term price floor at $0.3650 after a recent four-day losing streak. This could be seen as the 14-day relative strength index (RSI) breaking out of its own ceiling at 43.00 before tracking at 43.97 with the next visible resistance point being 45.00. If this is hit, there is potential for XRP to trade above $0.3800 mark soon afterwards..
Polygon Gaining Momentum
Polygon (MATIC) also rose higher in today’s session after bulls rejected a breakout at an important price level yesterday morning.. Prices moved to a peak of $1
• Two Zimbabwean startups, Flexid and Uhuru Wallet, have launched a platform to offer digital identity and remittance services to Zimbabwean immigrants in South Africa.
• The platform is the first cross-chain collaboration between the two companies, harnessing the Algorand blockchain (Flex ID) and the Stellar blockchain (Uhuru Wallet).
• The platform aims to tackle high sending fees, limited access to formal financial services, and identity verification issues for Zimbabwean immigrants.
Zimbabwean Blockchain Startups Launch Service
Two Zimbabwean startups, Flexid and Uhuru Wallet, recently launched a platform that offers digital identity and remittance services to migrants living and working in South Africa. The two startups hailed what they’ve described as the “first cross-chain collaboration between the two companies.”
Harnessing the Benefits of the Blockchain
The Zimbabwean blockchain startup Flex ID and the South Africa-based Whatsapp remittance platform, Uhuru Wallet, recently said they have launched a platform that offers “combined digital identity and remittance services to millions of Zimbabwean immigrants in South Africa.” In a statement shared with Bitcoin.com News, the two startups hailed what they described as the “first cross-chain collaboration between the two companies.” As revealed in the statement, Flex ID harnesses Algorand blockchain while Uhuru Wallet is built on Stellar blockchain.
Addressing Financial Services Issues
Remarking on the two startups’ joint solution, Trust Jakarasi , CEO & Founder of Uhuru Wallet said: We are excited to partner with FlexID to offer our customers a more streamlined and secure remittance experience. By combining our strengths in digital identity and remittance services, we can better serve the needs of Zimbabwean immigrants in South Africa. Some of these challenges which include providing seamless & secure remittances experience are expected to be tackled via this partnership. It also plans on overcoming high sending fees & limited accessto formal financial services along with identity verification issues too.
Benefits of Leveraging Blockchain Technology
Victor Mapunga who co-founded FlexID spoke about leveraging blockchain technology & its importance by saying “By leveraging blockchain technology we can provide secure & efficient way for users to verify their identity & access financial services no matter where they are”.
High Cost Of Sending Remittances
South Africa is one of biggest senders if sub Saharan African countries however it costs anywhere between 5%-20% when using registered money transfer agencies for sending money from SA To Zim forcing many migrants from Zim use alternatives such as couriers or unregistered platforms instead .