In the ever-evolving world of blockchain and cryptocurrencies, several noteworthy developments have come to light. Payment giant Visa is looking to simplify cryptocurrency transactions by allowing users to pay on-chain gas fees directly in fiat currency through card payments. Meanwhile, the Securities and Exchange Commission’s (SEC) recent request for comments regarding spot Bitcoin exchange-traded funds (ETFs) has caused a delay in the listing process, raising questions about investor safety. Additionally, Chainlink (LINK) has found a solid support zone, although a decline in network activity suggests patience may be required for a potential market breakout. Let’s delve deeper into these headlines:
Visa’s Proposed Solution for Simplifying Blockchain Transactions:
Visa is exploring the use of its cards to enable users to pay on-chain gas fees in fiat currency, eliminating the need for users to manage their ETH balance. This innovation would streamline the onboarding process for new users and simplify blockchain transactions, making them more accessible to the masses. Under the proposed solution, Visa would receive the user’s gas fee payment off-chain through its card, and then cover the equivalent sum on-chain, eliminating the requirement for users to possess ETH.
SEC’s Request for Comments on Spot Bitcoin ETFs:
The SEC has requested comments regarding the spot Bitcoin ETF application presented by 21 Shares and Cathie Wood’s ARK Invest. This has resulted in a further delay in the listing process, adding to the existing postponement expected on November 11. Approval for a spot Bitcoin ETF in the US has gained significant momentum, with major players like BlackRock, Fidelity, VanEck, and WisdomTree filing applications. The competitive advantage of being the first mover in this space is deemed crucial, with industry experts, including Galaxy Digital’s CEO Mike Novogratz, expressing confidence in the market’s potential. It is worth noting that the SEC’s prior approval of a leveraged 2x Bitcoin futures ETF has raised concerns about investor safety when compared to spot ETFs. Grayscale is currently embroiled in a legal battle with the SEC over the denial of its spot Bitcoin ETF application.
Chainlink’s Support Zone Holds Strong:
Chainlink (LINK) has established a robust support zone between $6.63 and $6.88, with significant investment activity within this price range. Over 29,000 addresses have collectively purchased more than 295 million LINK tokens. As long as LINK remains above this support zone, investors are likely to remain bullish. However, crypto analyst Ali Martinez highlights a decline in network activity on the Chainlink network, suggesting that a market breakout may require patience. Despite a slight 1.36% decline over the last day, LINK has enjoyed gains of 3.66% and 17.67% in the last seven and thirty days, respectively. Furthermore, recent data from Santiment indicates LINK experiencing its highest level of dormant coin movements in six weeks, coupled with an uptick in Chainlink’s development activity.
The blockchain and cryptocurrency industry continues to witness exciting developments as Visa explores simplifying payment processes by enabling users to pay on-chain gas fees in fiat currency through card payments. The SEC’s request for comments on spot Bitcoin ETFs has resulted in further delays, while Chainlink’s support zone holds its ground, showcasing a positive sentiment among investors. As these advancements unfold, the future of blockchain technology and its impact on global finance remains as promising as ever.