The cryptocurrency markets is showing signs of life, though some describe the current range-bound prices as making for a rather trading experience. For the first time since the Merge, the price of Ether went above $1600. The uptick could be the result of some positive news of abatement in rise in interest rates.
Cointelegraph in a report described the current sentiment as “neutral” based on the options and futures trends in Ether. For Bitcoin too, volatility has dropped. The report cited Kaiko data that shows that the 20-day rolling volatility of Bitcoin was below that of Nasdaq and S&P 500. This is the first time since 2020 that the levels breached this mark. The report also noted the more positive correlation between crypto markets and stocks, attributing this to rising share of institutional investors.
Despite the bear trends, the UK in recession and the overall negative outlook due to inflation, there is still interest in the organized finance sector when it comes to adopting cryptocurrencies.
The credit card network Mastercard is adopting blockchain, and recently launched a new service for banks to help them offer crypto trading services. Another deal has happened between Visa and FTX crypto exchange, where the latter will be able to offer debit cards to users linked to their trading account.
Another recent move has come from Revolut, the payment platform. Revolut users can now use cryptocurrency for everyday shopping, and even get 1% cashback, or “cryptoback” in this case. The offer is for UK users and is for a limited time only. The feature uses the expression “spend from crypto” to let users pay using their crypto balance. Revolut has more than 40 cryptocurrencies to choose from, such as Polkadot, Dogecoin, Cardano, Ripple, etc.
What allows Revolut to offer crypto payment features on its app? The company was included in the approved list of crypto services by UK’s Financial Conduct Authority.
Sources:
https://www.cnbc.com/2022/10/31/bitcoin-volatility-has-eased-but-thats-not-a-bad-thing.html
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