In a polarising move that has drawn mixed reaction from the company’s user-base, cryptocurrency exchange BitMEX announced today that it’s making KYC verification mandatory on the platform.
The noises surrounding the move are hardly surprising given that privacy and easy-registration were two of the primary factors that contributed to the exchange’s growing popularity.
Some BitMEX users are, however, in favor of the decision as it may help the exchange improve its security and appeal to would-be customers. All said and done, the u-turn into a conventional exchange underlines the impact of tightening crypto regulations worldwide.
More on that and other big stories from the day in BeInCrypto’s daily news roundup for August 14, 2020:
BitMEX to Start Mandating That All Users Undergo KYC
BitMEX’s KYC verification program will necessitate that users go through a four-step process similar to the checks found on other cryptocurrency exchanges.
It will also require the exchange to change its homepage where taglines like “sign up take less than 30 seconds” and “trade in minutes; deposits only require one confirmation” are still being displayed.
Perhaps anticipating a backlash from a good chunk of its user-base, the exchange will also be holding a new trading tournament to incentivize users. The tournament will allow users who have completed the process to compete for prizes.
Is Bitcoin Correcting or Just Cooling Off?
The bitcoin price reached a top of $12,067 on August 10 and immediately fell back. The decrease was preceded by bearish divergence on the 12-hour RSI (in red below). After the drop, the RSI generated hidden bullish divergence and was able to propel BTC back to the $11,700 – $11,800 region.
Furthermore, the MACD has given a reversal signal on the 12-hour time-frame, even though it’s still bearish on the daily chart.
- The bitcoin price has recovered the majority of the losses from the August 10 drop.
- The price is following an ascending support line and could be trading inside an ascending triangle.
- The price is facing short-term resistance at $11,800 and has support at $11,450.
Crypto Steps Up to the Contactless Payment Adoption Plate
The COVID-19 pandemic and its highly contagious nature is expediting the growth and reach of contactless payment methods that don’t require the touching of widely circulated bills, or for that matter, any device or surface whatsoever.
Naturally, this has manifested in a higher-than-usual spike in digital payments even though spending has lowered considerably.
Crypto is doing its part to speed up the reach of these contactless payment methods. In fact, since crypto banknotes do not exist, cryptocurrency appears to be a natural solution for the problem. Any device with NFC (near-field communication) can be used for payments, provided it has the right crypto wallet on board.
China CBDC Trials Coming to Beijing and 27 Other Cities
China’s Ministry of Commerce has announced plans to extend the ongoing DCEP pilot tests via a press release issued on Friday. According to the official statement, these CBDC trials will cover Beijing, Tianjin, and the Hebei province.
Other regions involved in the test include Macau and Hong Kong. Apart from these major cities, some rural townships will also participate in the program.
TRON (TRX) Finally Closes Over Long-Term Resistance
The TRX price has been increasing on top of an ascending support line since reaching a bottom on March 13. The support line is strengthened by the 50 and 200-day moving averages (MA), which have already made a bullish cross.
On August 13, the price broke out from the $0.214 resistance area, which should now act as support. The breakout took place on significant volume, increasing its legitimacy.
Litecoin (LTC) Fights for Continuation of Bullish Trend
LTC was able to recover from a daily low of $51.90 yesterday to close slightly above $57. LTC is still trading above the 50 and 200-day moving averages (MA), which have made a bullish cross.
As long as the price is trading above this level, the trend is bullish and LTC should make another attempt at breaking out above the $64 resistance area.