- Bitcoin steadies above USD 7,200 on the start of weekend trading
- Huobi crypto exchange expands in Indonesia with fiat-to-crypto gateway
- MenaPay enables stablecoin tipping for Twitch users
Bitcoin price is steadily creeping back up the hill beyond USD 7,200 on the weekend, as the final days of 2019 run out and the new year approaches. Despite the world’s most popular digital asset seemingly unable to shrug off the bearish trends marking lines all over technical analyses, price action continues to strongly favor the resistance from long traders.
For weeks now, the daily charts show a tightening range for Bitcoin, meaning that volatility is in store and monthly close fast approaching could propel the bulls to aim for the next resistance at USD 7,600. Without any notable volume though, change could just as quickly unravel.
Sentiment is lukewarm, but in Southeast Asia, crypto adoption is heating up with global names in crypto keen to make their mark. For instance, China origins crypto exchange Huobi has not launched a fiat gateway in Indonesia, enabling a fiat to crypto trading between the Indonesian rupiah (IDR) and stablecoin Tether (USDT).
A press release from the Huobi Group yesterday said this move would enable Indonesian investors to make use of their IDR holdings to freely trade over 250 digital assets on the subsidiary platform in the country, Huobi Indonesia. Huobi Cloud senior director David Chen stated:
“The new fiat gateway is part of Huobi’s global expansion strategy and reflects our ongoing commitment to working with strong local partners in key markets across the globe […] By continuing to add new fiat/crypto pairs for Huobi Cloud 2.0, we want to make it frictionless for investors anywhere in the world to trade digital assets on a trusted and proven platform.”
The crypto exchange sees one of the world’s most populous countries (Indonesia has a population of around 264 million) a “major opportunity to contribute to the growth of the greater blockchain community and help drive crypto adoption globally”. Huobi Indonesia CEO Xiong Dan also said that the company would not only expand in the new location but consolidate and improve service quality.
Huobi’s global expansion began with an inroad into Turkey earlier in the year, with a planned fiat onramp for Turkish lira still before the year’s end. Alphan Gogus had already been appointed for Huobi Turkey as a general manager and much is expected from crypto’s potential in a country where lira has been experiencing devaluation and constant economic sanctions.
Turkey, which is commonly associated within the Middle East and North Africa (MENA) region, is seen as a hotbed for mass crypto adoption. Recently, mobile payments service MenaPay also announced support for Twitch tipping with their MenaCash stablecoin. In a press release shared with CoinTelegraph, the company said that users of the popular livestreaming platform — typically gamers sharing livestreams of their gaming sessions — could now tip each other or their favorite players with MenaCash, a stablecoin pegged to the US dollar.
A week earlier, MenaPay apps could be used by streamers to seamlessly collect donations on the blockchain. It is thought that some 3.7 million streamers donate or subscribe to others on Twitch. MenaPay CEO Cagla Gul Senkarders reiterated her belief that the gaming community was core to the further development and recognition of blockchain technology, and that the new donation option was a “critical milestone” in that relationship. She said:
“Following the announcement, we saw incredible demand from Twitch’s viewer base, which also wants to use a simple means of donating. We made the necessary advancements and updated our app to support the gaming community further. Now, viewers can also integrate their MenaPay app with Twitch and make their donations from their smartphones in seconds.”
Turkey has been one of the surprise entrants in the blockchain and crypto space this year, with Binance calling it as a key target for blockchain development. Back in June, Turkey’s Vice President Fuat Oktay announced its intentions to launch a digital lira by the end of next year, with trialing set to start early 2020.
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