The people of Venezuela have been forced to cope with an increasingly difficult economic situation in recent years. This has led to a loss of trust in government-issued fiat by the population in a way that many believe exemplifies the need for cryptocurrency. This may account for why a major Venezuelan department store chain accepts cryptocurrency, something which is a rarity to see in more prospering economies.
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Traki Accepts Cryptocurrency Payments
Traki is a large chain of department stores operating in Venezuela for over 30 years. It encompasses 49 branches in many major cities across the country, selling everything from fashion to food and cookware.
According to its public profiles on social media, the company has opened up to transactions with digital assets since at least October. Traki accepts payments in a number of popular cryptocurrencies including bitcoin cash (BCH), bitcoin core (BTC), dash (DASH), ethereum (ETH) and litecoin (LTC).
Show of Support by Crypto Community
Due largely to government policies, exacerbated by a fall in revenue from oil exports, the economy in Venezuela has been in a sharp decline for years. Inflation in the country is expected to reach over one million percent by the end of 2018, and consumer prices are projected to rise by another ten million percent in 2019 according to recent data from the International Monetary Fund.
The situation in Venezuela has pushed many in the crypto community to try and promote digital assets as a solution to the problem unabated fiat printing has caused. A number of charities have also formed, such as the Eatbch initiative which we recently reported on.
On Friday, we received another example of cryptocurrency being used for good in Venezuela as a Reddit user spoke of buying over 800 items at Traki with donated BTC. She showed a video of herself buying clothing and school supplies with the funds that will be gifted to kids in need.
Is the economic situation in Venezuela likely to convince more people in the country to turn to cryptocurrency? Share your thoughts in the comments section below.
Current performing altcoins are Ontology, Dash, Bytecoin and Bitcoin Gold.
As another week comes to an end in crypto land markets are down once again on the week. After hitting a weekly low of $242 billion markets have clawed back a little but are still very bearish.
Bitcoin is up a meager 1.3% on the day to trade at $6,280. It broke through support at $6,400 and has fallen over the past week, a dip below $6,000 could be imminent if buyers cannot be found. Ethereum is up 2% on the day but still low trading at just over $440.
Most altcoins are marginally up today following a week of heavy losses. According to Coinmarketap the top performing coin in the top 25 at the time of writing is Ontology which is up 11% on the day. Currently trading at $3.60 ONT is up from $3.21 this time yesterday but down 25% from $4.73 this time last week. Over the past month Ontology has been hammered with all other altcoins losing over 40% from around $6 this time last month. Against Bitcoin ONT is up 8% on the day to 56900 satoshis from 52000 sats this time yesterday.
Momentum has largely come from the small rally that most altcoins are having after their lows of the week. According to their Twitter feed LianAn Technology has joined Ontology’s Co-Builder Plan as Security Specialists;
Most ONT has been traded on Asia’s top three exchanges OKEx, Huobi and Binance in USDT. Trade volume has declined from $83 million to $60 million indicating that things could be slowing down again. Other altcoins performing well today include Dash up 7.2%, Bytecoin rising 8.2%, and Bitcoin Gold climbing 19% on the day to just over $30.
Total market capitalization has clawed back 2.5% on the day to $250 billion from $244 billion this time yesterday. They dropped to a July low of $242 billion yesterday before rebounding slightly today. Trade volume has remained at around $11 billion but since last Friday crypto markets have declined 6.7% from $268 billion. Things are still looking very bearish however and we may not have reached the bottom just yet. Most altcoins are near to their lowest levels in 2018.
More on Ontology can be found here: https://ont.io/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals.
The post Cryptocurrency Market Update: Ontology (ONT) and Bitcoin Gold (BTG) Leading the Rally appeared first on BitcoinLinux.