The Latest News in Cryptocurrency Developments: October 21st 2020

Crypto News Weekly Roundup: October 21st

As we enter the final quarter of the 2020 year, the crypto space has yet to show any signs of slow-down. Big corporates are buying crypto, monthly highs continue to be broken, trading activity and active wallets are all increasing, this is a great time to be involved with crypto. This week we’re issuing a challenge! Get a friend involved in crypto and win a coinpass Hoodie just in time for the winter months. Forward this article to a friend and get them to signup to the mailing list. We’ll select a new signup winner and both of you will get a coinpass Hoodie in the mail!

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Some analysts believe that the Ethereum’s Bull trend is just getting started even though traders are taking profits. The enormous success of recent DeFi projects (not including the recent rug pulls and exits schemes) has brought renewed life to the Ethereum ecosystem. Investors, Traders, and New Projects are still choosing Ethereum to launch their projects. With the ease of using platforms like UniSwap to launch a token and liquidity instantly available on many DEX’s, why would you need to pay a centralised exchange for a listing fee?

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Bitcoin ‘Mixer’ Fined $60 Million

Bitcoin mixers have risen in popularity in 2020 due to users wanting additional layers of privacy for their bitcoin transactions. Bitcoin mixers take in Bitcoin deposits and specified destination addresses to “mix transactions” to make them private and untraceable. Mixers have been essential in laundered crypto after large exchange hacks, investment scams, or exits scams by malicious users on the network.

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Bitcoin Addresses in Profit hit new ATH of 30.4M as BTC Reclaims $12k

Bitcoin has comfortably broken the $12k ceiling this week and with this move, the number of BTC addresses in profit has hit a new all-time high of 30.4 Million. It is still too early to comfortably declare that $12k is a new support zone for Bitcoin but $12k could very well be a new battlezone for Bitcoin similar to $10k in September.

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Bitcoin average transaction value increases 500% since July

The average transaction per block has spiked recently to over 500% since July 2020. The transaction per block was in the $25,000 range during July 2020 but has now ballooned to over $151,000 per block indicated a large presence of institutional investors on the network.

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