Fri, Jan 15, 2021 10:50 AM by Ivy Johns

Crypto Weekly News — January, 15

Weekly winter CoinJoy

What important crypto events happened last week?

Cryptocurrencies

Cryptocurrencies

📌 Chainlink Hits All-Time Highs, LINK Bulls Enter Price Discovery

The price of the Chainlink (LINK) token increased sharply and set an all-time high reaching $21.4. LINK's previous top price was $20.16 in August last year. Despite such a significant jump, analysts agree that LINK still has growth potential.

📌 Bitcoin (BTC) Bounces Back After Major Slip 

Bitcoin set an all-time high on January 8. After that, the price of the coin sank below $31000 on January 11. On the evening of January 14, the Bitcoin exchange rate bounced back above the $40000 mark, while the highest price of $40.1 thousand was recorded on the Coinbase exchange. On January 15, the price of the first cryptocurrency began its decline again, falling by about 10%.

Projects And Updates

Projects

📌 Ripple: UK’s HM Treasury Classifies XRP As ‘Exchange Token,’ Not Security

Her Majesty's Treasury has issued a report outlining the UK's regulatory approach to cryptocurrencies. The document classifies XRP, Ethereum, and Bitcoin as tokens that are primarily used as a means of exchange. So-called "exchange tokens" fall under the category of "unregulated", which means that they are neither electronic money nor security tokens. This decision is of great importance to Ripple considering the fact that the company is fighting a lawsuit from the US Securities and Exchange Commission, which claims that XRP is unregistered security.

📌 Cardano Now The Biggest Proof-of-Stake Network As ADA Flips Polkadot (DOT) To Become 7th Top Crypto

At the end of last week, ADA came out on top among staking assets in the rating of Staking Rewards, compiled by the size of blocked assets. Currently, $6.4 billion is staked on the Cardano blockchain, almost 70% of issued coins. Polkadot, which lost their first place, has 61.4% of the assets staked, which is estimated at $ 5.9 billion.

📌 Bitcoin: Today Is The Anniversary Of The First Transaction

On Tuesday, the crypto community celebrated the twelfth anniversary of the first-ever Bitcoin transaction sent from one person to another. The recipient was Hal Finney, one of the early Bitcoin contributors, who received 10 BTC from Satoshi Nakamoto, the anonymous creator of the network. This test transaction was made 9 days after the first block was created and three days after the start of mining.

📌 Ripple-Backed Flare Networks To Launch A Spark Token Airdrop For Litecoin

The Flare Foundation, a part of the Flare Network, plans to integrate with the Litecoin blockchain. Litecoin developers will be able to create DeFi applications, while LTC holders will gain access to smart contracts of Flare Network. After integration, the project will conduct an airdrop for Litecoin holders. Details of the airdrop in which the company will distribute 5 billion FLR tokens will be announced next week.

📌Tether And The January 15 Deadline

The New York Attorney General's Office also accuses the creator of Tether and iFinex of fraud, money laundering and market manipulation. According to law enforcement, Tether released billions of USDT stablecoins, which were not backed by real US dollars in the proportion of 1:1. Tether, in turn, claims that each USDT is backed by the company's reserves, including fiat currency, debt obligations and other assets. If the New York Prosecutor's Office finds evidence of fraud on the part of crypto companies in the documents provided today, Tether faces a high-profile trial.

Regulations

Regulation

📌 UK Bank Ban Digital Currency Deposits: Report

United Kingdom major banks are closing cryptocurrency exchange accounts, creating serious problems for investors and users of digital currencies in the country. HSBC, one of the largest banks in the UK, does not process payments related to cryptocurrencies and does not allow customers to cash out money from cryptocurrency wallets. Other leading banks accept transfers aimed at withdrawing money from cryptocurrency wallets to current accounts, yet at least part of them do not allow customers to use credit cards to buy or sell cryptocurrencies.

📌 New Zealand’s Financial Watchdog Warns on Crypto Investment Risks

The Financial Markets Authority of New Zealand has warned citizens of the country about the risks of investing in cryptocurrency as it refers to "high-risk and very volatile" assets. Therefore, citizens should be aware of these risks if they decide to invest in them. The representative also noted that there is no legislation on the regulation of the crypto market in New Zealand, which is actively used by hackers and scammers.

Mass Adoption

Mass adoption

📌 DeFi DEX Loopring Launches L2-to-L1 Gas Free Transfers

The Loopring decentralized exchange has launched an update that allows users to make fast and cheap transactions from L2 accounts. The latest feature lets to send payments from a Loopring L2 account to any L1 addresses, while the recipient does not even need to be on L2 or know about it.

📌 Monero, Kraken Allows Direct Purchase By Card

Some time ago, Monero, a coin that provides increased anonymity for its users, began having problems with listing on some major exchanges. That is happening is due to enhancing control by regulators in many countries, who are demanding KYC procedures. Despite this, Kraken has joined exchanges that allow their clients to buy Monero directly with a credit or debit card.

Hacking

Hacking

📌 Owner Of Crypto Exchange RG Coins Gets 10 Years In Prison For Laundering $5M

A court in the United States found guilty the owner of the cryptocurrency exchange RG Coins Rossen Iosifov in money laundering and participation in a multimillion-dollar fraud scheme aimed at residents of the United States. At least five major clients of Iosifov belonged to the Romanian AOAF criminal group, which organized a network of fraudulent online auctions. According to the Ministry of Justice, Iossifov earned more than $184,000 in money laundering. He was sentenced to 10 years in prison.

People

Peolple

📌  SEC Commissioner Peirce Speaks Out For First Time After Lawsuit Vs. Ripple

At an online discussion held this week, the Commissioner of the Securities and Exchange Commission (SEC) Hester Peirce shared the SEC's views on the regulatory approach to cryptocurrencies. One of the main topics of conversation was the situation around Ripple Labs, facing a lawsuit from FinSEN. She also discussed the future regulation of cryptocurrencies under the administration of the new US president.

📌  EOS Co-Founder Dan Larimer Resigns From Post As CTO Of Block.one

Blockchain entrepreneur Dan Larimer has left Block.one, which once raised $ 4 billion to create the software underlying the EOS blockchain. Larimer, who co-founded the company and has served as chief technology officer since April 2017, announced the resign by posting on Voice, the Block.one social network. According to Larimer, he will continue his work for developing decentralized technologies.

📌  Mark Cuban: Many Cryptocurrencies Will Not Survive

Billionaire entrepreneur Mark Cuban has expressed his opinion on cryptocurrencies in several recent tweets. For example, he compared the cryptocurrency market to the dot-com bubble of the late 1990s and early 2000s. According to him, the value of digital assets can fall sharply when the investment flows run out, and only large players such as Bitcoin and Ethereum can survive such collapse.

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