Following significant developments in the nation, Cwallet’s CEO recently referred to Ripple as a ”big player” in Qatar. This comes as, in a groundbreaking move, Ripple partner QNB introduced a direct remittance service for transfers of funds from Qatar to the Philippines in July. It now holds the distinction of being Qatar’s first bank to offer the service.
To provide this service, QNB will connect with China Bank, one of the leading private universal banks in the Philippines, using Ripple’s financial technology, “RippleNet.”
According to blockchain analytics company CryptoQuant, a significant movement in the market’s trajectory requires a change in the trend of Bitcoin exchange inflow.
In its weekly Bitcoin highlights report, the company claims that despite the cryptocurrency market’s Wednesday surge on the release of the US Consumer Price Index (CPI), Bitcoin is still in a downtrend and continues to flow heavily into exchanges.
“Exchange Inflow Spent Output Value Bands, which show the value of bitcoin addresses inflows to exchanges, demonstrate a bigger amount of bitcoin addresses moved to exchanges after the inflation data was announced,” Crypto quant stated.
According to CryptoQuant’s flow research, for Bitcoin to exit the bear market, it must shift from spot exchanges like Coinbase to derivative exchanges. According to the data, a key sign of a risk-on mentality in the markets is the movement of Bitcoin from spot exchanges to derivative exchanges, which shows that traders are willing to trade using leverage or to use Bitcoin as collateral for other deals.
After declining earlier in the day below $24,000, the price of Bitcoin (BTC) recovered it. The biggest cryptocurrency recently traded in a range barely above this limit. Over the past week, Bitcoin increased by 3%, maintaining the previous momentum. Bitcoin trades at $24,112 at press time.
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