Market Commentary: Bitcoin Goes To Cuba, As Cosmos And Dash Rise

The end of the week brings the market back to a familiar situation. Bitcoin remains largely uneventful, gaining only $100 on yesterday’s price. Top altcoins appear to be on the same boat with the exception of ATOM and DASH, which gained 23.67% and 10.67% respectively.

Binance Coin has recovered from yesterday’s hiccup, while MaidSafeCoin has now posted a new ATH since July.

 

Cryptocurrency market dynamics since September 12. Source: Coin360

 

As the world focuses on Venezuela, Bitcoin is making inroads in another Latin American country: Cuba.

According to a report by Reuters, Cubans are appreciating crypto’s borderless nature. The country has been subjected to a decades-long embargo from the U.S., which completely disconnected it from international finance and made it impossible to obtain a simple debit or credit card.

Cryptocurrency’s potential is exemplified by Jason Sanchez, who is reported to have used bitcoin to purchase spare parts for his cellphone repair shop from an online store in China. Alex Sobrino, the founder of Telegram channel CubaCripto, provided more details on crypto adoption in the country. “We are using cryptocurrencies to top up our cellphones, to make purchases online, and there are even people reserving hotel rooms with (it),” he explained, estimating that there are 10,000 users active users in Cuba.

Still, crypto operates in an opaque grey field in Cuba. The central bank of the country has stated in July that it would explore the potential of crypto payments. But just like Iran, it might decide that a centrally-controlled digital currency could make for a better option – even though the pioneering Petro has failed to achieve its goals.

Cosmos recovers amid continuous software releases

The ATOM token has had a strong performance this week. After posting its ATL on September 5, it has rebounded by 58% in the past seven days – most of it due to today’s 23% gain.

Excitement is building for the upcoming release of IBC, the Inter Blockchain Communication protocol. The third Release Candidate version of its Interchain Standards was published a few days ago. This will be an important resource for developers on IBC, paving the way for additional attention by the community. The project has also announced Game Of Zones, a gamified network test for the system.

 

What Games of Stakes was for Cosmos Hub, Game of Zones is for IBC