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November 2019

Bitcoin Slumps as Crude Oil Crashes

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Bitcoin

Bitcoin

Over the years, it became accepted wisdom that Bitcoin was a store of value, and that it could work as a hedge against market fluctuations. However, this has not turned out to be the case during the course of the current prolonged market turmoil. After the oil price crash on Monday, the world’s biggest cryptocurrency has continued to slump at an alarming rate. After having found resistance at $7,200, BTC soon plunged to $6,800 per token yesterday, and it remains to be seen whether it can manage to recover today as the market turmoil continues.

Oil’s Plunge Triggers BTC Sell-Off

On Monday, oil prices tanked as oversupply fears grew among traders and institutions. Traders started winding down their positions in the West Texas Immediate contracts and thereby sent the price of oil crashing. The price of oil sank into the negative territory, which indicated that entities were being paid to take oil from distributors. The historic sell-off resulted in a collapse in the financial markets all over the world, and in this regard, Bitcoin did not prove to be an exception. Stocks declined all over the world, and Dow Jones Industrial Average opened lower this morning as well.

The equities markets have now started to have a correlation of sorts with the price action in Bitcoin, and that was seen yet again as both declined in lockstep. The massive decline in the crude oil market has also had a profound impact on the stock markets, which were already reeling from the sell-off brought about by the coronavirus pandemic.

>> Bitcoin Halving is Coming Soon: What to Expect Now?

In addition to that, BTC is going to have its halving event in less than a month, and traders are likely considering the possible effects of the market situation on that event. In the past, BTC experienced a bump in price after a halving event, but there is uncertainty whether this will be able to happen under current circumstances. Investors and traders are likely to keep a close eye on Bitcoin in the coming days as it tries to recover lost ground.

Featured image: DepositPhotos © alexeys

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NetCents Technology Wins Merchant Share

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VANCOUVER, B.C., September 12, 2019 –  NetCents Technology Inc. (CSE:NC) (OTCQB:NTTCF) (Frankfurt: 26N) (“NetCents” or the “Company”). Canadian-based NetCents is unleashing payment freedom for cryptocurrency owners around the globe. Through its proprietary Merchant Gateway program, NetCents is winning the merchant share sign-up race and cementing its success as the seamless cryptocurrency processing payment model.

In the first 3 days of September, NetCents signed-up more merchants than the entire month of May, building on its average 95% month-over-month increases. Merchants are rewarding the Company for its seamless integration of cryptocurrency processing into their payment model, with benefits that include:

  1. new level of protocols to protect against fraud and identification theft;
  2. on the spot seamless conversion of crypto to fiat;
  3. lower transaction processing fees;
  4. merchant and staff training; and
  5. regulatory compliance.

“In our race to win market share, we need merchant share,” said Clayton Moore, Founder & CEO, NetCents Technology Inc. “We’re removing one of the industry’s largest pain points to advance both our technology and the industry.”

During 2019, NetCents’ merchants adopting the burgeoning financial services platform are from eCommerce, Travel & Tourism, and Financial industries, located in North America and Europe. Average merchant processing revenues range from CAD 1,000 and 200,000 monthly.

Creating a seamless and intuitive merchant terminal-enabled user experience for buying, selling and transacting with cryptocurrencies leads to consumer trust and adoption.  NetCents’ Merchant Gateway has compelling results with favourable monthly increases in transaction volume, average transaction value, processing volume, and new merchant sign-ups. Based on current pace, the company is projecting it will surpass a 2020 first calendar quarter with a CAD $2 million monthly processing volume.

About NetCents

NetCents Technology Inc. (CSE:NC) (OTCQB:NTTCF) (Frankfurt: 26N) (“NetCents” or the “Company”), the transactional hub for all cryptocurrency payments, equips forward-thinking businesses with the technology to seamlessly integrate cryptocurrency processing into their payment model without taking on the risk or volatility of the crypto market. NetCents Technology is registered as a Money Services Business (MSB) with FINTRAC.

For more information, please visit the corporate website at www.net-cents.com or contact Investor Relations at investor@net-cents.com

Cautionary Note Regarding Forward Looking Information

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

Please visit the company’s website atwww.net-cents.com. For a free report on NetCents Technology Inc. (CSE:NC) (OTCQB:NTTCF) (Frankfurt: 26N) visit cryptocurrencynews.com

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Grayscale Files to Become First SEC Reporting Crypto Fund

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Grayscale Bitcoin Trust is trading higher by 3% after it filed Form 10 with the United States Securities and Exchange Commission (SEC) to become the first-ever crypto fund to report to the regulator.

Major Development

The crypto ecosystem has grown at a breakneck pace over the past few years, and it can be said that a viable ecosystem has taken shape. Things like a Bitcoin fund could not have been envisaged half a decade ago, but they are now a reality. In a new development, one of those funds is going to report to the United States Securities and Exchange Commission. Grayscale Bitcoin Trust, which is a publicly-traded Bitcoin fund, has revealed that it has filed Form 10 with the SEC and is going to have the distinction of being the first such fund to report to the commission.

That being said, it should be noted that Grayscale has only applied for the approval, and things are far from finalized. The company released a blog post on November 19 with regards to the developments and revealed that many aspects of the fund will change if the application is eventually approved by the regulator. If approved, Grayscale Bitcoin Trust would have to abide by the rules of a company that abides by SEC rules, and that would mean the registration of its shares under the provisions of the Exchange Act.

>> Bitcoin Stays Bearish: Is the Bottom Finally in Sight?

Grayscale stated that accredited investors are going to benefit if the approval comes through. The company stated, “Accredited investors who have previously purchased shares in the Trust’s private placement would have an earlier liquidity opportunity, as the statutory holding period of their private placement shares would be reduced from 12 to 6 months.”

However, the more important thing to consider here with regards to the fund is the fact that approval will allow Grayscale to have access to a much bigger pool of investors. It shows how far the crypto industry has developed over the course of the past few years, and it is going to be interesting to see how Grayscale Bitcoin Trust operates if it does get the necessary approval from the SEC.

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