NewsThis Week in Crypto

This Week in Crypto 26/10/2020

JP Morgan Inaugurates New Unit; Onyx To Oversee Its Blockchain Projects Amid Commercial Use of its Digital Currency

With its digital currency now being used commercially for the first time this week, Wall Street giant JP Morgan Chase has announced the creation of a new business unit called Onyx. This unit will be equipped with over 100 staff and will focus on its blockchain and digital currency projects.

 

ZCoin Rebranding to Firo

Privacy-driven digital currency project ZCoin announced on its website on October 27, 2020, that the firm will change its name to Firo (XFR). The change is expected to take effect from November 30, 2020. This move is to eliminate the confusion of mixing up the company with another privacy-focused firm, ZCash.

 

Prominent Analysts Who Predicted Bitcoin’sBitcoin’s Flip to $10K Says it Could Hit $16K Next

A top cryptocurrency analyst with the pseudonym Jack Sparrow thinks bitcoin could hit $16k next after he shared charts on Twitter. The analyst had correctly predicted that bitcoin would undergo a V-shaped reversal to $10,000 in May or June earlier this year.

 

Singapore’sSingapore’s DBS Bank Rolls-out Its Crypto Exchange, DBS Exchange

DBS Bank, Singapore’sSingapore’s largest bank, on October 27 announced plans to launch its cryptocurrency exchange, DBS Exchange. The new crypto exchange, which is fully backed by the bank, will accommodate the transactions of 4 cryptocurrencies, namely, Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH).

 

Bitcoin Whale Numbers Hits an All-Time High

According to data, the surge in bitcoin prices in the last few days has seen an influx of big investors, with the number of holders owning over 1000BTC reaching an all-time high.

 

Hackers Steal $24 Million Worth of Cryptocurrencies from Yield Farming Startup, Harvest Finance

DeFi Yield farming protocol, Harvest Finance were the victim of hackers on October 26, with the hackers draining $24 million worth of cryptocurrencies from the protocols BTC and stablecoins pools. The hackers later returned $2.5 million to the platform for reasons yet undiscovered.

 

Analysts Predict Bitcoin to hit $17K by Year’sYear’s End

According to a crypto analyst, Crypto Michaël, bitcoin could hit the $17,000 mark at the end of the year but may face consolidation at the $13,000 price mark.

 

Open Interests on Augur Prediction Markets Surges Past $1 Million

According to data from the research and analysis platform, The Block Crypto, the Augur prediction market’s open interests have exceeded $1 million as of October 22, 2020. It is believed that the surge in open interests is due to the impending U.S. presidential elections.

 

CEO of Abra Invests 50% of His Investment Portfolio in Bitcoin

Bill Barhydt, Founder of California-based exchange Abra, has disclosed that Bitcoin claims 50% of his investment portfolio. He further stated that “Bitcoin is the best investment opportunity in the world right now.”

 

Cambodia Introduces Blockchain-Powered Platform for Digital Currency Transactions

The National Bank of Cambodia has announced its inter-bank transaction platform, which is based on blockchain technology; this platform is called Bakong. The Apex bank further stressed that Bakong is not a digital currency, but “a payment and money transfer service through banks or microfinance institutions.”

 

MicroStrategy Chief Executive Claims He Owns 17,732 BTC

The CEO of MicroStrategy, Michael Saylor, disclosed on Twitter that he acquired 17,732 BTC when it was worth $9,882. He disclosed this amid questions about how much Bitcoin he owns.

 

Finance Guru Raoul Pal Predicts Bitcoin Reaching $20,000 Early 2021

Raoul Pal, the CEO of Real Vision and a seasoned finance expert, believes that bitcoin is set to smash past the $14,000 mark, which will set off a bull run to $20,000 in the first quarter of 2021.

 

CME Tops BitMEX and Others to Become Second-Largest Bitcoin Futures Exchange

CME Group, a bitcoin futures trading platform based in Chicago, has become the second-largest platform with an open interest of $790 million, surpassing Binance’sBinance’s $718 million and BitMEX’sBitMEX’s $601 million.

 

Coinbase to Begin Issuing of Crypto Debit Cards to Users

San Francisco-based crypto exchange giant, Coinbase has successfully launched its Visa debit card for its users in the U.S. and most parts of Europe. The cards will be in distribution this winter and would cost $5 with a 2.49% liquidation fee for transactions.

 

Combined Crypto Market Cap Exceeds $400 Billion

The total market cap for all cryptocurrencies has surpassed the $400 billion mark, with bitcoin responsible for over 60% ($250 billion) of the combined market cap, followed by Ethereum ($45 billion).

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