NewsThis Week in Crypto

This Week in Crypto 02/11/2020

En+ Partners BitRiver to set up Bitcoin Mining Farm in Russia

A new report shows that En+, a Moscow-headquartered aluminum, and hydropower giant, in collaboration with BitRiver, the largest known bitcoin miner hosting provider in Russia, sets up Bit+. With the two companies confirming this, Bit+ is the duo’s first phase bitcoin mining facility. It’s already up and running with a ten megawatt-hour of capacity provided by En+.

Bit+, however, will not engage in self mining activities but offer mining services to customers. It will also allow customers mine other cryptocurrencies as well and not just bitcoin.

In Anticipation of Ethereum 2.0, Deposit Contracts Launches

As Ethereum gets ready to transform from a proof-of-work blockchain to a proof-of-stake, the Ethereum team releases the final spec dubbed version one. With this update, the deposit contract for the Proof-of-Stake has been published too. The minimum time set for the Ethereum 2.0 genesis block is set to December 1, 2020, provided the 524,288 ETH by 16,384 validators needed is deposited.

In two hours the spec went live, 4,037 ethers were deposited, worth about $1.6 million. If the requirement is met before the set date, the genesis block automatically goes live. If not, it goes live when the requirement is met.

Australia Reveals Plans To Launch CBDC, and It’ll Be On The Ethereum Blockchain

The Reserve Bank of Australia (RBA), partnering with Australia’s two largest banks, and ConsenSys, a leading Ethereum software company, are looking into the potentials of the use of tokenized central bank digital currency, CBDC, which will run on the Ethereum blockchain.

The RBA’s assistant governor, Michele Bullock, speaking on this, said,

“While the case for the use of CBDC in these markets remains an open question, we are pleased to collaborate with industry partners to explore if there is a future role for a wholesale CBDC in the Australian payment system.”

Findings will be made public in early 2021.

PayPal Raises Limit To $15,000 As Demand For Crypto Assets on the Platform Rises

Before now, PayPal revealed that users on the platform can now buy, sell, and hold cryptocurrencies such as bitcoin, ethereum, and a host of other cryptocurrencies on the platform. Coupled with that, PayPal users will be able to spend their cryptocurrencies at any of the 26 million merchants using PayPal.

However, a new announcement from PayPal CEO Dan Schulman reveals that the company has now raised the limit of cryptocurrency purchases from $10,000 to $15,000. He also said that interest from crypto purchases was two to three times of what PayPal expected.

Ethereum Miners Generated over $200 Million in October 2020

According to recent data, a total of $214 million in revenue emanated from ethereum mining in October 2020. This is a -33.33% drop from the previous month, September.

Bloomberg’s Top Reporter Calls BTC Digital Gold and Hedge Against Inflation

Tracy Alloway, Bloomberg financial journalist, is now a bitcoin believer. In her confession statement, Tracy said she was now bullish on bitcoin and also “bullish on cognitive dissonance in a complex society, and on people’s ability to produce endless narratives for the cryptocurrency – even ones that are at times contradictory.”

She affirms bitcoin as a method of payment and also a speculative financial asset whose “value is destined to go up.” She went further to say bitcoin is a hedge against inflation.

Morgan Creek’s Co-Founder and Partner Believes Bitcoin Could Hit 1 – 3 Million Dollars in Five Years

In a recent statement, Jason A. Williams, the co-founder and partner at Morgan Creek Digital Assets said that Bitcoin could hit 1–3M dollars in the next five years. He said this when asked about his position on bitcoin as a safe haven. Further, he said, “people have no idea what it will look like when large banks and countries start holding bitcoin in their treasury.” He believes that “Bitcoin’s digital scarcity is a key feature in its continued growth across institutional contexts.”

Breaking Above Resistant Zone of About $14K Could See Bitcoin Making New Highs

Crypto Michael, a full-time trader, and analyst from Amsterdam Stock Exchange, recently asserted through a tweet that a breakthrough $13,850-13,925 resistant zone and bitcoin is expected to make new highs. At the time of writing, bitcoin trades at $14,800, and more analysts think it’s on its way to breaking all-time high and even beyond.

SFC To Further Regulate Cryptocurrency Exchanges in Hong Kong

According to a recent press release by the Hong Kong Securities and Futures Commission (SFC) on November 3, 2020, cryptocurrency trading platforms operating in the financial hub will be fully regulated. On the other hand, other financial centers in Asia, such as Japan and Singapore, already have to license structures that require the regulation of cryptocurrency trading platforms.

Binance Uganda To Shut Down Operations

Binance recently announced that the platform’s Ugandan arm would be completely closed on November 28, 2020. Binance Uganda was launched in June 2018. It was launched to allow Ugandans to access cryptocurrencies using the country’s local currency, UGX.

However, this closure doesn’t mean Ugandans won’t be able to use binance anymore. As announced, Ugandans can still deposit through payment channels available on Binance.com. This closure is scheduled in 3 phases. Phase 1 of the closure will see a suspension of deposits and new registrations from October 28, 2020. Phase 2, all trading services on the platform will be closed from November 11, 2020. And then, the total shutdown is expected on November 28, 2020.

$300 Million Now Spent on China’s CBDC Pilot Program

According to Yi Gang, the governor of the People’s Bank of China (PBoC), over 2 billion yuan (equivalent to $300M) have been spent since China’s CBDC’s pilot program launched. However, the governor said the program is still in its early stages. This “new type of currency” would require a “fairly complicated” legal framework before it is integrated with traditional currency.

Billionaire Jeffrey Gundlach Admits He Now Sees Bitcoin In A Different Light

Billionaire Jeffrey Gundlach, the CEO of DoubleLine Capital LP, recently admitted on the Rosenberg Research webinar that he now views Bitcoin as a good hedge against inflation. Before now, Jeffrey dismissed Bitcoin as “a lie.” Back in 2017, he also criticized those who predicted bitcoin could hit a million dollars. In his statement, he says he sees bitcoin hitting $15,000 in 2020.

How Justin Sun Combatted The Large-Scale Attack That Rocked The Tron Ecosystem

In a recent thread post, Justin Sun revealed to the Tron community about a wide-scale attack that rocked the Tron mainnet. Explaining what happened, he said the attack occurred when the upgrade to version 4.1 was ongoing. Sun said the attack was to profit from the suspension of block production. However, the team sprung quickly into action, combatting the incident. He later assured the community that “data on the chain remains intact and user assets are absolutely safe.

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