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Australia’s central bank has found that only 1% of Australians use cryptocurrencies to pay for goods and services, although 80% revealed they were aware of what cryptocurrencies are.
Coinbase has hit a new traffic record this month, amid a massive sell-off that saw the price of Bitcoin drop from about $7,100 to $4,000 in two days. The crash wiped over $90 billion from the crypto ecosystem.
Tether’s USDt stablecoin has launched on the Bitcoin Cash blockchain. It’s now live on seven blockchains in the cryptocurrency space, with most USDt circulating on Ethereum.
Top stories in the Crypto Roundup today:
- Only 1% of Australians Use Cryptocurrency, Despite Most Being Aware of It: Study
- Coinbase Hit New Traffic Record During Crypto Market Crash
- Tether’s USDt Launches on Its Seventh Blockchain
At the time of writing, bitcoin (BTC) is trading at $5,789.20 (-7.50%) with a daily Top Tier volume of $3.11. As for ether (ETH), it is trading at $121.89 (-8.11%) with a daily Top Tier volume of $833.05 million. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 2,070.55 (-3.57%).
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Only 1% of Australians Use Cryptocurrency, Despite Most Being Aware of It: Study
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A study conducted d by the Reserve Bank of Australia (RBA), Australia’s central bank, has found that less than 1% of Australians have used cryptocurrency to pay for consumer goods and services last year.
According to the central bank’s triennial Consumer Payments Survey (CPS), cryptocurrency is the third most recognized “alternative payment method,” behind only “tap and go” mobile payments and “buy now pay later” services.
The study was conducted between October and November 2019 and, out of 1,100 respondents, 80% revealed they are aware of what cryptocurrencies are. Only 1% of respondents did, however, use them to pay for goods and services.
While cryptocurrencies were found to be well-recognized in the country, they had the worst usage-to-awareness ratio. Alternatives like AliPay and WeChat Pay, as well as the “Beem It” and “PayID” services beat cryptocurrencies. The study reads:
“Although many respondents had heard of ‘cryptocurrencies’, very few had used a cryptocurrency such as Bitcoin to actually make a consumer payment over the past year.”
The study further found that cash use in Australia dropped last year, only remaining the most popular payment method for those 65 and up.
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Coinbase Hit New Traffic Record During Crypto Market Crash
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San Francisco-based cryptocurrency exchange Coinbase has, according to its CEO Brian Armstrong, seen record site traffic and a surge in 24-hour trading volume during this month's crypto market crash, that saw BTC drop from $7,100 to $4,000 in two days.
Coinbase’s daily trading volume this month reportedly hit a $2 billion high, while its previous traffic record was beaten by over 50%. Speaking to CoinDesk, Armstrong noted that while other trading platforms experienced outages, Coinbase remained operational as it has been preparing for a crisis “for the last couple years.”
Armstrong was quoted as saying:
“This hard work contributed to our stability ... while many platforms, in both crypto and traditional equities, struggled with the increased volume.”
This month's market crash is believed to have been fueled by the coronavirus outbreak, which also affected commodity and equity markets. Coinbase’s response to the situation has been to implement remote work.
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Tether’s USDt Launches on Its Seventh Blockchain
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Tether’s USDt stablecoin has launched on the Bitcoin Cash (BCH) blockchain via the Simple Ledger Protocol (SLP). The launch sees the stablecoin enter its seventh blockchain, as it’s already live on Omni, Ethereum. Algogrand, the Liquid Network, EOS, and TRON.
According to Tether’s treasury data, over 5.7 billion USDt tokens are now in circulation, with 3.7 billion tokens circulation on the ETH blockchain. On Omni, 1.5 billion are currently in circulation, while on TRON there are 762 million tokens.
Paolo Ardoino, Tether’s CTO, said:
“Our latest collaboration with Bitcoin Cash will provide Tether with a variety of benefits. We expect the adoption after launch to be pretty easy for any integrator. The launch will also support more applications on the Bitcoin Cash chain, with Tether facilitating payment for these applications.”
Tether, it’s worth noting, has launched a gold-backed stablecoin earlier this year called Tether Gold (XAUt). The gold-backed cryptocurrency’s market cap surpassed $21 million earlier this month.
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BitStarz Relaunces Slot Wars with Huge €5,000 Prize Pool!
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BitStarz is well known the world over as the online casino that takes promotions to the next level, but you probably know that already.
Cranking up the heat like never before, our most popular weekly promotion has been revamped, rejuvenated, and relaunched. Introducing the brand new Slot Wars, with more cash rewards and free spins than ever before, as well as an expanded leaderboard to include payouts to more players.
It’s no wonder that BitStarz has become one of the favorite casinos of millions, as they will never stop serving pumped up, cash powered promotions!
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State of the Crypto by Top Tier Exchange Volume
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