Policy and Technology Hinder Adoption of P2P Crypto-Currency Services in the Middle East

Data published by Arcane Research suggests that the main P2P cryptomoney trading platforms have struggled to take off in Iran and Lebanon.

Data published by Arcane Research suggests that, despite the demand for peer-to-peer crypt trading platforms in the Middle East, regulations and lack of infrastructure are holding back their adoption.

However, undocumented migrants in Western countries have been using these platforms to send money home.

According to an October report by the company, the volume of trading in peer-to-peer, or P2P, crypto-currencies across the Middle East and North Africa is approximately 15% of what it was at the end of 2017 on the main LocalBitcoins and Paxful platforms, or approximately USD 682,000 per week.

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„In general, there are several centralized exchanges that provide services in the more developed Arab states,“ the report states. „However, other countries in the region do not have this exchange infrastructure, and also lack financial and political stability, but [have] not recorded any notable cryptoadoption in P2P services.

There is a demand for P2P services in Middle Eastern countries that are facing inflation, as it allows residents to take money out of the country or simply convert it into crypto currencies. The Lebanese pound has suffered massive inflation in 2020. And while Iran has been a hot spot for cryptomakers because of the low cost of electricity, its currency has also been devastated by crippling hyperinflation since the US re-imposed sanctions in 2018.

Despite this, P2P exchanges in both Lebanon and Iran are struggling to establish a foothold because „poor Internet infrastructure and political regimes are negative for Bitcoin.

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Instead, Arcane researchers found that Bitcoin’s „less sophisticated“ P2P trading methods (BTC) have grown in the region over the same period, driven by messaging applications such as WhatsApp.

The report also indicated that undocumented immigrants living in Western countries are turning to crypto currencies to send funds home using gift cards in conjunction with P2P commerce platforms when local laws make sending crypto currencies more difficult.

In September, Paxful announced that it would no longer provide services in Venezuela due to regulations and sanctions related to the U.S. Office of Foreign Assets Control. In spite of this, the country represented 42% of the volume of P2P services in all Latin America, which is now USD 4.3 million.

Arcane Research suggests that Venezuelan immigrants have found „solutions“ for sending money home amid „restrictions on crypto-currency and strict currency control.

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According to researchers, immigrants can buy gift cards from any number of popular retailers such as Amazon or simply a prepaid credit card, and send a photo of it to family and friends abroad. Recipients could then sell it through Bitcoin using a P2P platform and convert it into local currency. The report stated that this method of shipping was fast and reliable, but involved significant costs.

Bitcoin is also a good way to get money out of the country. „Bitcoin can be used as a capital flight tool for Venezuelans,“ the report stated. „Hyperinflation is a big problem for Venezuela and has caused more than 10 percent of the population to leave the country.

Bitcoin on todellakin arvoinen 15 000 dollaria tämän avaimen hyväksymismittarin perusteella

Bitcoinin hinta on noussut 40% vuodessa. OG-kryptovaluutta on toiminut erityisen hyvin pandemian keskellä osittain siksi, että se toimii luotettavana arvovarastona, kuten kulta.

BTC pitää kuitenkin epätoivoisesti kiinni $ 10K -tasosta tällä hetkellä. Mutta erään nousevan analyytikon mukaan salausvaluutta on aliarvostettu hullulla marginaalilla.

Bloombergin vanhempi hyödykestrategi Mike McGlone uskoo bitcoinin käyvän arvon olevan 15 000 dollaria, jota omaisuus ei heijasta. Keskeisen hyväksymismittarin perusteella BTC käy tällä hetkellä kauppaa noin 50% alle sen käyvän arvon.

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Nykyisellä 10 642,12 dollarin hinnalla bitcoinilla on vielä pitkä matka käyvän arvon saavuttamiseksi.

Bloombergin äskettäisessä raportissa analyytikko Mike McGlone ilmoitti, että bitcoinilla on enemmän pakenevia voittoja. McGlone perusti analyysinsä bitcoinin hajautusvoiman historiallisiin huippuihin ja mikä tärkeintä, bitcoin-osoitteisiin. Erityisesti BTC: n osoitteiden 30 päivän keskiarvon perusteella bitcoinin tulisi olla noin 15 000 dollaria.

”Bitcoinin hash-prosentti nousee edelleen ja saavutti äskettäin uudet korkeimmat. Myös etenevät ovat osoitteet. Huippumittari hyväksyttäväksi, Bitcoin-osoitteiden 30 päivän keskiarvo vastaa hintaa, joka on lähempänä 15 000 dollaria, kun mitataan automaattisen mittakaavan perusteella vuodesta 2017. “

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Tärkeää on muistaa, että jopa viimeisimmän vetäytymisen yhteydessä bitcoinin perustekijät pysyvät vahvemmina kuin koskaan. Ketjuanalyytikon Willy Woon mukaan markkinakorjaus tarttui useimpiin BTC-sijoittajiin housut alas, koska myyntiä edeltävää tavallista ketjun toimintaa ei ollut. Hän mainitsee korrelaation osakkeisiin syynä siihen, miksi BTC yhtäkkiä romahti.

Vaikka osakemarkkinoiden syvempi vetäytyminen voisi vetää bitcoinin hinnan alas lähitulevaisuudessa, krypto-omaisuus on varmasti irtautunut pian irti vanhoista markkinoista johtuen nousevista perustekijöistään inflaation suojauksena, Woo esitti.

Lisäksi McGlone, joka on pysynyt bitcoin-diehardina lippulaiva-salauksen villistä vuoristoradasta huolimatta, ehdottaa, että bitcoinin hinta nousee lähitulevaisuudessa.

„Graafiamme kuvaa ensisijaisia ​​ketjumittareita, jotka Bitcoinin tulisi kääntää, jotta Bitcoin ei pystyisi arvostamaan hintaa – hash-määrää ja aktiivisia osoitteita.“

Katse loppuvuodelle, vankat perustekijät voivat olla muuttuja, joka auttaa käynnistämään seuraavat härkämarkkinat – huolimatta siitä, että bitcoin on tällä hetkellä syvällä karhualueella.

Crypto betting providers predict Trump’s term of office will end early

A crypto bet suggests that a majority believe that the Trump presidency will end early.

After it was reported that US President Donald Trump was infected with COVID-19, the crypto betting providers are also seeing increased activity.

A corresponding bet from PredictIt, a crypto betting provider operated by Victoria University Wellington in New Zealand, accordingly raises the question of the current president’s ability to continue to govern.

It says: „Will Donald Trump end his first term?“

Originally, the bet was launched to determine the likelihood of a successful impeachment.

After Hope Hicks, a close adviser to Trump, initially tested positive and as a result the president and his wife were also tested, the trading volume of the above bet jumped suddenly from 6,000 to more than 37,000 US dollars.

A majority seemed to be betting on „No“ because the price for bets on „Yes“ has fallen by $ 0.04 to $ 0.82 as a result of the news

When it turned out the following morning that the president and his wife were actually suffering from Corona, the “yes price” fell another US $ 0.04 to just US $ 0.78. A week ago the price was still at $ 0.90.

However, the betting conditions include the restriction that „a temporary ability to govern, which entails a temporary transfer of power, is not decisive for the betting result“.

Since the impeachment process is no longer a threat to the presidency of Trump, the bettors are betting more or less on his „death“.

Even if Trump belongs to the risk group due to his age , such an outcome is unlikely. At least the incumbent president has to interrupt his election campaign for another term.