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The Iranian government has made it compulsory for bitcoin (BTC) miners in the country to sell their coins to the state, so authorities can use the digital currency to pay for imports amidst crippling international sanctions, according to reports on October 30, 2020. Iran Hoping on Bitcoin  While Iran is one of the world’s richest

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During the past week, Bitcoin continued to increase in value as it managed to break the former 2020 high. More interestingly, though, this happens as Wall Street stocks are currently taking a beating.

While BTC was appreciating, all the prominent US-based indices such as the S&P 500, NASDAQ Composite, and the Dow Jones Industrial Average (DJI), are all bleeding out. Just today, the S&P 500 decreased by about 1.5%, while Nasdaq’s Composite index is down upwards of 2.5%.

Amid all this, Bitcoin started its uphill battle and continues to break new grounds. Overall, throughout the past seven days, the cryptocurrency is up by about 4.3%, which may not seem like a lot, but given the overall economic outlook, it sure signifies its current strength.

Many countries are contemplating second lockdowns as the new wave of the novel coronavirus COVID-19 is starting to make its claim. It’s becoming apparent that the markets are reacting, while Bitcoin demonstrates a serious decoupling throughout the past 3 months.

Moreover, BTC’s price performance has also pushed its overall market dominance, which currently rests at above 63%. This has caused many problems for the struggling altcoins, most of which are taking a serious beating against Bitcoin. Ripple’s XRP, for instance, is trading at prices not seen since back in 2017.

A serious development came from the country of Iran, which became the first to constitute Bitcoin as official and legal means of exchange. This came following a renewed wave of US sanctions.

The Bitcoin-friendly Avanti Financial Group also received an official banking license in the United States. As such, it becomes the second venue after Kraken with authorization of the kind.

In any case, it remains very interesting to see how the market will develop in the coming weeks and if Bitcoin will be able to maintain its positive performance going forward. Or maybe altcoins will wake up? Only time will tell.

Market Data

Market Cap: $394B | 24H Vol: 94B | BTC Dominance: 63.5%

BTC: $13,536 (+4.67%) | ETH: $381.65 (-7.35%) | XRP: $0.238(-6.73%)

Iran Becomes First Country To Use Bitcoin As a Medium of Exchange. Iran has officially become the first country to constitute Bitcoin as legal means of exchange. This came right after the US hit the country with renewed waves of sanctions. The proposal came from Iran’s Ministry of Energy and its Central Bank.

Bitcoin Won’t Attract The Unbanked, Says Mastercard CEO. The CEO of one of the world’s largest payment processing companies, MasterCard, Ajay Banga, has said that Bitcoin won’t be able to help bank the unbanked. He thinks that the cryptocurrency’s volatility is a major obstacle for this to happen.

Bitcoin-Friendly Avanti Receives License to be The Second Crypto Bank in The US. Following Kraken, Avanti Financial Group becomes the second company to get an official banking license within the United States of America. As such, it will now be able to offer banking services.

Coinbase Launches A Crypto Debit Card With a 1% Reward on Bitcoin Spendings. Coinbase, the leading US-based cryptocurrency exchange, has officially launched a crypto debit card. Currently available for US customers, the card will offer up to 4% of cashback on various cryptos and up to 1% on Bitcoin spendings.

Retail Investment in Bitcoin Soars to a New All-Time High. Data from the popular provider Glassnode shows that the number of retail investors in Bitcoin is sitting at an all-time high of 31 million. This means that the recent rally might also be prompted by regular folks buying BTC rather than just large institutional investors.

Banking Giant JP Morgan Releases Its Own Stablecoin. After about a year and a half since JP Morgan announced its cryptocurrency project called JPM Coin, the stablecoin has reportedly been already used by a technology company for cross-border transactions.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Chainlink, and Binance Coin – click here for the full price analysis.