Crypto News RoundUp: Crypto Community Rallies Behind India, Elon is a HODLer and Ethereum Is Hot

Another crazy week in the world of cryptocurrency is coming to an end, and you know what that means. Another Netcoins Weekly News Roundup!

While there are certainly some exciting news bits, as always, we start out on a more important note with the cryptocurrency community getting behind India as the country struggles to deal with coronavirus outbreaks.

Crypto wise, we see an influential technologist who calls himself The DogeFather on Twitter from time to time confirming that he is indeed a HODLer of Bitcoin.

As Ethereum heats up in anticipation of next year’s roadmap milestones and upgrades, there’s once again a lot to be excited about.

Let’s get you all caught up!

Crypto Community Donates $2 Million Worth of ERC-20 For COVID-19 Relief In India

Coronavirus cases in India are increasing at an alarming rate. The cryptocurrency community is collectively deciding to come together and help out. So far approximately $2 million worth of ERC-20 token (tokens living on the Ethereum blockchain) has been donated.

More than $700,000 worth of that comes from the founder of Ethereum, Canadian Vitalik Buterin.

Sandeep Nailwal, the co-founder of Polygon and a resident of New Delhi, started the initiative on Twitter. He’s calling it the India Covid-Crypto Relief Fund.

At the present moment, friends and family members are taking care of those who have tested positive for the disease, going from hospital to hospital in the hopes that their loved ones will receive care.

If you wish to make a donation to the project, you can access Nailwal’s original tweet for the ERC-20 compliant address and a Google form if you wish to provide your information for documentation purposes.

Elon Musk Confirms He’s A Bitcoin HODLer

When Elon Musk drops any news related to what he thinks about cryptocurrency, people listen. He became known as a voice in the crypto community when he started promoting the infamous Dogecoin on Twitter a few months ago. His promotion of the project is part of the reason it spiked to a value of approximately $0.50 Canadian per coin just a few weeks ago.

As the market now knows, Musk’s interest in crypto isn’t just about turning projects into memes. Tesla recently announced the purchase of $1.5 billion in Bitcoin. Now, the company has sold approximately 10% of those coins to show the world that there is more than enough liquidity available for other large companies to invest in crypto.

Neither Musk, nor his company intend to sell Bitcoin anytime soon.

Visa CEO Says the Company Is Going Big-Time into Crypto

Al Kelly is the CEO of Visa. In a recent podcast interview, Kelly stated that his company is going to crypto in a ‘very big way’. He went on to say that the company is going to move into Bitcoin and stablecoins, and eventually, central bank digital currencies.

His public admission is one of the worst secrets in the world. Both Visa and MasterCard have already published information suggesting future partnerships and project developments related to all things cryptocurrency and blockchain technology.

As credit card companies and traditional financial institutions continue to hedge their bets and get a piece of the decentralization pie, the adoption of truly decentralized cryptocurrencies rages on.

They may be helping themselves to a slice of the pie, but the rest of the dessert will always belong to you and I, the individual investors looking to reclaim our wealth.

Ethereum Outpacing Bitcoin and Other Cryptos

The price of Ethereum continues to gain momentum as both retail and institutional investors are growing in anticipation of the completion of Ethereum’s upgrade sometime next year.

The impending upgrade will introduce scaling solutions like a Beacon Chain as well as a proof-of-stake consensus algorithm that will make validating transactions and scaling Ethereum more efficient, both in terms of environmental and economic impact.

Lower smart contract fees are likely the biggest catalyst that will come out of this development, and the market is already keen to price it into the ETH token.

Ethereum has increased in value by 59% over the last 30 days and 15% over the last seven days. By comparison, Bitcoin is down to $67,000 from $70,000 in the last seven days and Binance Coin is down 3.5% over that same stretch.

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