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Cryptocurrency adoption has increased in Slovenia

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The adoption of cryptocurrency has grown rapidly in Slovenia, as over 1000 locations in the country now accept crypto payments. These locations include hotels, hair salons, dentists, restaurants, as well as cafes.

Number of crypto payment points on the increase

Last week Gocrypto announced that the number of payment points accepting cryptocurrency payments has risen rapidly, with some of the top retailers also showing interest in crypto acceptance. Big vendors such as Burger King, Atlantis Water Park, and Big Bang are some of the biggest retailers accepting cryptocurrency payments. Gocrypto has remarked how easy it is to find a retail or service shop that accepts crypto payments in the country.

“You can just use your crypto wallet when getting around your daily life,” Gocrypto noted:

As the top country with the largest number of physical areas accepting crypto payment, Slovenia is now leading the rest of the world in that regard.

Singapore Brings New Payments Legislation to Help Global Crypto Firms

Gocrypto has branches in 15 different countries

Based on the information available on its website, Gocrypto exists in 15 different countries presently. Additionally, the number of activities within the firm’s platform has increased tremendously as about 150,000 products could be bought within the platform.

Gocrypto has an operational presence in Slovenia, Venezuela, the UK, Switzerland, Slovakia, Romania, Portugal, Japan, Hungary, Czechia, Croatia, Colombia, Bulgaria, Australia, as well as Argentina.

In some states, Gocrypto’s partner controls activities instead of Gocrypto itself. These states include Venezuela, the UK, and Switzerland.

As at press time, Gocrypto’s website shows 1,416 retailers are using the Gocrypto’s platform, with only 95 of them being online stores. The Gocrypto system comes with one or more point-of-sale (POS) terminals linked to the Gocrypto payment network. Customers can use euro token, ether, bitcoin, Bitcoin Cash, or the GOC (Gocrypto’s native token) to pay for goods and services. The merchants will get the payment in their local currency. Presently, Gocrypto is compatible with the Bitcoin.com Wallet and Elly wallet app.

The first version of Gocrypto was tested at Ljubljana BTC city

Ellypay was the first version of Gocrypto, which was first tested at BTC City in Ljubljana. The city gets close to 21 million visitors each year, making it one of the biggest shopping centers in Europe. Additionally, map.Bitcoin.com has more than 500 merchants that accept bitcoin cash in the country.

For a list of merchants that accepts cryptocurrencies, the information is available on Green Pages and websites like Accetpbitoin.cash.

Source: https://insidebitcoins.com/news/cryptocurrency-adoption-has-increased-in-slovenia

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Mike Novogratz: BTC Is Less Dangerous Than Stocks

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CEO of Galaxy Digital Michael Novogratz is at it again with his praise and pushing of bitcoin. In a recent interview, he said that BTC was less risky than the stock market.

Mike Novogratz Is Pushing BTC Again

As it stands, bitcoin has been going through something of a rough patch. The currency recently fell from about $12,400 to its present figure of $10,800, which is about $400 higher than where it stood just a few days ago. The good news is that bitcoin is quite close to hitting the $10,900 mark, and considering it gained more than $100 from just yesterday to today, it’s easy to assume that it will hit the $11,000 line again relatively soon.

Bitcoin is being viewed as a “safe haven” of sorts. Similar with gold, many see bitcoin as a tool to hedge one’s wealth and keep one’s money and finances protected during times of inflation and economic strife. The conditions of the country – and of the world – have been relatively unstable since the coronavirus hit in mid-March of this year, and with fiat currencies such as the US dollar falling regularly, many think of bitcoin in a more positive light.

As it turns out, the stock market has been on pins and needles over the past few weeks considering the NASDAQ recently fell as much as 800 points. Novogratz has taken note of this fall and believes that this is a dangerous time to be involved in the stock market for several reasons.

For one thing, he states that election years are always very shaky for stock shares, and with just over 30 days to go until the U.S. decides who it’s leader will be for the next four years, the ground that supports stocks is moving up and down rather quickly earthquake style. Many Wall Street players have already expressed concerns about the economy should Biden win considering they don’t label him as an money-friendly leader.

Novogratz concurred, explaining:

If Biden wins, he’s raising taxes and he’s raising capital gains tax, most specifically. The market is not going to digest that well.

Furthermore, Novogratz has said that many top-notch companies’ stock shares have already reached their highs for the year. Companies such as Apple and Tesla have reached their peaks for 2020 and are likely to fall in the coming weeks. In fact, he believes the NASDAQ could find itself trading for as much as 11 percent less than where it is today.

Some Danger for Future Stocks

He later stated:

To illustrate, if the NASDAQ fell five percent today, bitcoin would probably be lower, not higher, but I think you are going to see those correlations break down… We don’t know what’s going to happen. The level of uncertainty around the dollar and inflation has to be significantly higher than any in our lifetime sales.

Tags: , , Source: https://www.livebitcoinnews.com/mike-novogratz-btc-is-less-dangerous-than-stocks/

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Bitcoin Difficulty Ribbon Could Indicate Imminent Price Increase

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One is called the difficulty ribbon, and it has just broken out of the green buy zone for the first time since March in terms of compression. The metric was reported by analytics provider Glassnode, which added that historically, these had been periods characterized by a positive momentum indicating significant price increases.

Historical Bitcoin Buy Signal

The Bitcoin difficulty ribbon was created by chartist Willy Woo. It consists of simple moving averages of network difficulty enabling the rate of change of difficulty to be easily seen. Periods of high ribbon compression, such as the current situation, have been historically good buying opportunities.

There have been several significant price increases over Bitcoin’s lifespan that followed this ribbon compression breaking out of the green zone. The most recent was around April 2019 when BTC prices surged from below $5k to top out over $13k just three months later.

It was also observed that there had been a massive divergence in difficulty ribbon compression and Bitcoin price over the past six years. However, the chart has used a logarithmic price chart, which may have caused that anomaly.

Bitcoin’s hash ribbon is a similar metric, and CryptoPotato reported that it was flashing buy signals back in July. In the five weeks that followed, BTC price surged 34% to make its 2020 high.

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BTC Price Action Update

Looking at the shorter term, Bitcoin’s price chart has just printed another ‘Bart Simpson’ pattern with a sharp 2.3% decline in just over an hour, wiping Monday’s gains.

Prices had recovered to $10,725 at the time of writing, and sentiment appears to be bullish for BTC, according to a recent poll by analyst and trader Josh Rager.

Bitcoin is currently trading right on the 50-day moving average, which is acting as resistance at the moment. The next step above this is a break above $11k, while on the low side, there is strong support at the $10k level. Analyst ‘CryptoHamster’ added:

“After the breakout the resistance line became support. Now it is getting tested. If it holds, it would be a very nice sign. But it has to hold, otherwise the whole growth is just a short squeeze.”

Short term charts suggest price could go either way, but longer-term on-chain analytics, such as the difficulty ribbon, are more bullish.

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Source: https://cryptopotato.com/bitcoin-difficulty-ribbon-could-indicate-imminent-price-increase/

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Bulgarian National Convicted For His Role in a Bitcoin-Related Crypto Exchage Scam

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The owner of a cryptocurrency exchange has been recently convicted in a transnational scheme of defrauding people through an online auction fraud. Court says the scam reached a multi-million dollar scale.

At Least 900 Americans Victimized

As per a recent report, people who suffered from the fraud were probably more than 900 American citizens. According to the official statement, 53-years-old Rossen Iossifov, formerly of Bulgaria and reported owner of a Bulgaria-based Bitcoin exchange R.G. Coins, was convicted of both conspiracy to commit racketeering and money laundering. After a two-week trial, the jury in Frankfort, Kentucky and U.S. District Judge Robert E. Wier scheduled the sentencing to Jan 12, 2021.

Reportedly, some of the Romania-based members of the group posted a false advertisement to promote an online auction and sales websites, among which Craigslist and eBay. The ad promised its victims high-cost goods (typically vehicles) that did not exist.

As per the release, members of the scam would use stolen identities to promote and convince their victims to send money for the advertised items via “persuasive narratives”. For example, some of the ads had impersonated a military member in need of selling the advertised item before deployment.

The scammers also provided invoices with trademarks of reputable companies to their victims, making the transactions seem legit. The legal document also reveals that members of the conspiracy set up call centers, offering customer support. This way they would provide advice to client questions and “alleviate concerns over the advertisements”.

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Converting The Stolen Funds Into Crypto Assets

According to the official statement, once Iosiffov received the victims’ funds, he and his fellows would convert them into crypto assets and transfer them to off-shore money launderers.

As per the court documents, “since at least September 2015 to December 2018, the Bulgarian exchanged crypto assets into local fiat currency on behalf of his Romania-based partners in the scam, knowing that Bitcoin presented the proceeds of illegal activity.”

According to the court statement, in just two and a half years, Iossifov exchanged more than $4.9 million worth of Bitcoin for only four of the members of the criminal team.

A total of seventeen defendants have been convicted in the case. Three others are fugitives. Police departments in the U.S. and Romania have led the procedures on the case.

It’s worth noting that the US DOJ is becoming increasingly active in pursuing crypto-related fraud. As CryptoPotato reported earlier, it went after 280 cryptocurrency accounts related to hackers from North Korea.

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Source: https://cryptopotato.com/bulgarian-national-convicted-for-his-role-in-a-bitcoin-related-crypto-exchage-scam/

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