This Week in Crypto – 27 Jan – 01 Feb
Crypto and Blockchain Firms Pitch In to Help Coronavirus Victims
Some blockchain and cryptocurrency firms have pledged to help victims of the coronavirus in Wuhan, China. Cryptocurrency exchange Binance pledged to donate 10 million Chinese yuan ($1.44 million) to the effort.
According to a Jan. 25 WeChat post by blockchain marketing service firm Krypital, the firm also launched a charity donation effort to acquire medical supplies for Wuhan coronavirus victims, they also announced to create a blockchain-based donation system that allows greater transparency and efficiency, they
Krypital also announced that it will create a blockchain-based donation system that allows for greater transparency and efficiency. The firm accepts Tether (USDT) on the Ethereum blockchain.
[Source: http://bit.ly/36SGxYl ]
Over 1,000 Bitcoin Miners Granted Licenses in Iran: Report
Amir Hossein Saeedi Naeini, an official with Iran’s ICT Guild Organization, reports that the crypto mining industry can boost Iran’s economy by $8.5 billion.
In 2019, the Iranian government proposed legislation that would officially recognize cryptocurrency mining as a legitimate business activity. Under a draft proposal, operators have to submit detailed information about their mining activities in return for a license that would need to be renewed on a yearly basis.
The licensing regime, which received formal approval from the Minister of Industry, Mine and Trade last summer, only applies to mining farms with equipment that consumes more than 30 kilowatts of energy, shutting out smaller household operations.
[Source: http://bit.ly/37PrJv5 ]
Deutsche Bank Says Digital Currencies Could Be Mainstream in 2 Years
Published Monday, the Deutsche Bank report said digital currencies, while only a decade old, have already been shown to have the “potential to radically change payments, banking, central banking and the balance of economic power.”
“We believe a new digital currency could become mainstream within the next two years,” according to the report, with both China’s digital yuan initiative and Facebook’s Libra project expected to launch this year. The report said that could make digital currencies available to more than 1.5 billion Chinese citizens and 2.5 billion Facebook users – combined, more than half of the world’s population.
As part of its research, Deutsche Bank surveyed 3,600 bank clients. Although restricted to a smaller percentage of the population, the report noted a “stark contrast” in attitudes between older and younger respondents.
While a larger share of the older generation had never held cryptocurrencies or understood how they worked, the report found a “large majority” of millennials – those born between 1981 and 1996 – had already traded cryptocurrencies and believed they would be beneficial for the overall economy.
[Source: http://bit.ly/2SdtfAD ]
Alleged Crypto Ponzi OneCoin May Have Used Flood of Fake Reviews to Boost Ailing Image
Research conducted by the Digital Forensic Research Lab (DFRLab) of the Atlantic Council think tank suggests that the infamous cryptocurrency-themed Ponzi scheme OneCoin used fake reviews on TrustPilot and Quora to lure investors.
DFRLab also found profiles praising OneCoin on question-answer platform Quora which showed “inauthentic behaviours, such as no profile pictures, no biographical information, inconsistent posting times, and exclusive interest in OneCoin-related discussions.”
OneCoin is one of the most well-known scams in the cryptocurrency space. The official OneCoin website only ceased operations in early December 2019. During the same month, the New York Southern District Court granted a continuance in the lawsuit against David Pike — the CFO of a private equity fund — over his alleged link to the scam.
[Source: http://bit.ly/38RkGSK ]
Litecoin (LTC) Grows Over 20% In The Past Day As Golden Cross Forms, Prepare For $100 Bulls!
The market is showing major movements again and this time Litecoin (LTC) is the coin to watch after a massive 10% gain in the past 24 hours.
At its very height, the price of LTC/USD reached a 20% increase as the price rapidly soared to intraday highs of $70.21 USD in the late trading hours in the Asian market. Litecoin currently places above EOS, Binance Coin and Ethereum Classic on the seventh position with a total market capitalization of $4.3 billion USD.
On the longer-term charts, LTC/USD is further showing possibilities of breaking above key psychological resistance at $100 USD. Being up almost 100% since December lows and LTC witnessing rising daily trading volumes, a bullish stance seems a solid bet. Can the rising interest in altcoins and Bitcoin’s upcoming halving have the desired effect on LTC?
[Source: http://bit.ly/2OkLhzB ]