News of the week

Bitcoin Price Defends $3500

The Chicago Board Options Exchange’s BZX equity exchange withdrew its request for a rule change by the U.S. Securities and Exchange Commission that would have allowed it to list a bitcoin exchange-traded fund backed by VanEck and SolidX. The market narrative with respect to the ETF is that its approval could trigger the next bull run in the leading cryptocurrency by market value. The latest ETF withdrawal, however, has barely moved the needle for BTC’s price. The cryptocurrency continues to trade in a sideways manner above the crucial support at $3,500. The calm response to the bearish news could be considered a sign of seller exhaustion – more so, as the primary trend is still bearish. As a result, the cryptocurrency could soon end the 14-day-long consolidation with a bullish breakout.

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Blockchain Investor Claims Bitcoin Will Drop to Minimum

Huw Van Steenis, the senior advisor to Bank of England’s governor, Mark Carney, bashed Bitcoin. The former Morgan Stanley economist then remarked that blockchain-based assets “fail” the basic tests that financial services are de-facto run through. Steenis explained that BTC, along with other digital assets, is slow, fail to hold their value over time, and aren’t a viable, bonafide Medium of Exchange (MoE). Jeff Schumacher, the founder of BCG Digital Ventures, a corporate investment and tech incubator group, claimed that the flagship cryptocurrency could capitulate to a value of zilch eventually.

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Galaxy Digital Raising $250 Million for Crypto Firms Loan

Galaxy Digital, the crypto merchant bank launched by former hedge fund manager Michael Novogratz, is reportedly raising $250 million to build a credit fund. The fund would offer loans in U.S. dollars to struggling crypto firms because the demand for credit is on the rise amid the current bear market. Loans would have to be backed by collateral such as crypto tokens, crypto mining devices and property. Galaxy Digital is expected to close the first round of fundraising in March.

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First Blockhain Regulation Terms in Italy

The Italian Senate committee has approved an amendment on blockchain industry regulation. The “Decreto semplificazioni,” has been approved by the Senate committees of Constitutional Affairs and Public Works yesterday, Jan. 23, and reportedly represents the first regulatory move in the blockchain space by the Italian government. The amendment provides basic industry terms such as distributed ledger technology (DLT)-based technologies and smart contract definitions, according to the publicly available document on the Senate’s website. The document also states that a blockchain-powered digital data record will enable a legal validation of documents at the time of registration.

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Samsung Galaxy S10 Leak Shows Cryptocurrency Wallet

Galaxy S10 appears to have leaked again, but this time images of a Samsung Blockchain KeyStore that would serve as a cryptocurrency wallet. The feature is located in the phone’s “Biometrics and security” menu. Its description says “Samsung Blockchain KeyStore is a secure and convenient place for your cryptocurrency,” and it appears to support only Ethereum at the moment.

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MIT Researchers Design Less Data-Intensive Cryptocurrency

Researchers at the Massachusetts Institute of Technology have reportedly developed a cryptocurrency that needs transaction-verifying nodes to store 99 percent less data when compared to Bitcoin. The cryptocurrency is dubbed Vault and will be presented at the Network and Distributed System Security Symposium next month. The cryptocurrency “lets users join the network by downloading only a fraction of the total transaction data.”

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