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Crypto News: This Week in Crypto 05/10/2020

Ripple Threatens to Move from the US over Strict Regulations 

According to Chris Larsen, co-founder and executive chairman of Ripple Labs, the company may relocate its headquarters based in San Francisco, overseas due to the federal government’s regulatory stance towards the crypto industry stifling the industry’s ability to compete globally.

 

Bank of Thailand partners with IBM to Launch Blockchain-powered Government Savings Bond

Thailand’s central bank has successfully launched the world’s first government savings bond issuance platform, which utilizes IBM Cloud to sell bonds to costumers. Within a week, $1.6 billion worth of bonds have been traded as per IBM’s announcement on its website on October 5.

 

“We Must Be Prepared to Issue a Digital Euro” – says European Central Bank Executive

Executive board member of ECB, Fabio Panetta, said in a blog post on October 2 that the European Central Bank should prepare to issue a digital euro to complement banknotes “if and when” it becomes necessary. He also re-emphasized that the digital euro would complement cash and not to replace it.

 

Many Egyptians Turn to Bitcoin amidst Pandemic Crisis in the Country

Many Egyptians have turned to Bitcoin in the country since the recession hit the country, raising unemployment rates as a result of the Coronavirus pandemic. According to experts, over 16,000 Egyptians have joined the Bitcoin Egypt Community over the past year, and experts believe more will follow.

 

Ethereum Transaction Fees Fall by over 85% in Less Than 3 Weeks

After ETH transaction fees peaked at an all-time high of $12, it has witnessed a considerable fall by 85% in just under three weeks, according to data from Glassnode. The volume of transactions on the Ethereum network has also fallen considerably by 29.2%.

 

Romania Government Agency set to Auction off Seized Bitcoin and Ether

The National Agency for the Management of Seized Assets (ANABI) Romania will be holding its first auction for Bitcoin and Ethereum confiscated in a criminal case, according to the Romanian Journal. Potential buyers will be required to conform to (KYC) rules on the website to participate in the auction.

 

Former UK MP Invests in Bitcoin despite BOE Governor’s Anti-Crypto Beliefs

Godfrey Bloom, a UK Politician, and former MP, have lent his support to the Bitcoin movement by investing and speaking in support of cryptocurrency adoption. This is amid rejection of cryptocurrency from some quarters in the country, most notably the Bank of England.

 

Estonia’s Central Bank Commences CBDC Research Project

Eesti Pank, Estonia’s Apex bank, has launched a research project to determine the viability of CBDC. The project aims to determine if the KSI Blockchain, already deployed in the Estonian government’s e-initiatives, is suitable for launching a central bank digital currency (CBDC) to work alongside cash.

 

Top Analyst Predicts the fall of XRP, LTC, and Bitcoin Cash from Top 10 Crypto Assets

Michaël van de Poppe, a well-known crypto analyst and trader, says many of the top crypto assets will slide down the pecking order due to the emergence of new breeds of digital assets. He stated that “pivotal changes will trigger a major shakeup in the list of cryptocurrencies by market cap.”

 

Blockstream CEO says Bitcoin could hit $1 Trillion Market Cap in 2 Years

Blockstream Chief Executive Adam Back gave a bullish prediction on Bitcoin on October 5, saying that the BTC market cap could increase by 400% before 2022. He further stated that Bitcoin would be worth about $50,000 in that same timeframe.

 

Governments may Adopt CBDCs as a Response to the Advancement of DeFi

According to a Forbes report, the boosted popularity of DeFi in the traditional financial systems are now beginning to key into the benefits of Blockchain-based technology, which turns their attention to CBDC development.

 

22,000 Bitcoin Addresses Created – Top Analyst says China’s Crypto Campaign Could be Behind the Record Spike 

On-chain Analyst and market cyclist Cole Garner believes that China’s media campaign advocating the use of crypto could be the reason for a record spike in Bitcoin addresses where 22,000 BTC addresses where created within a week. He predicted that the increase in volume might lead to a price increase.

 

Bloomberg Market Analyst Predicts Bitcoin to Hit $100,000 in 5 Years

Mike McGlone, a Bloomberg commodity analyst, predicts that Bitcoin, which has a habit of increasing significantly, would hit the $100,000 mark in 2025, further stating that Bitcoin could be worth more than $14,000 before the end of 2020.

 

MetaMask Records more than 1 Million Users

Ethereum-owned digital wallet and browser, MetaMask has surpassed one million users on its platform. The increase is attributed to the meteoric rise of DeFi usage. USA, India, Nigeria, and the Philippines are the top countries in terms of volume.

 

Ripple Rolls out Plans For XRP Adoption, Rebrands amidst Company Shake-up

The San Francisco-based exchange has revealed plans to further the adoption of XRP and renamed two of its ventures; XRP investment as RippleX and Ripple for Good is rebranded Ripple Impacts.

 

KuCoin Partially Resumes Crypto Transactions after Major Hack

KuCoin, a crypto exchange startup that recently suffered a significant security breach, has beefed up its security and partially resumed operations like deposits and withdrawals as per an announcement on their website on October 7.

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