Cryptocurrency Weekly Roundup: Insight To The Events Occurred In Crypto Industry This Week

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • The Binance crypto exchange announced the acquisition of CoinMarketCap,  a popular cryptocurrency data aggregator. 
  • The court dismissed Telegram’s request of GRAM token issuance to the investors who are non-US citizens. 
  • As per the interview held with the head of the Duma Committee on the Financial Market Anatoly Aksakov,.he stated that the reason for State Duma to not be able to adopt the law on crypto-sphere is due to the coronavirus pandemic.

There have been a lot of happenings in the crypto industry amidst the on-going chaos of the coronavirus crisis. To deviate the focus on the major events occurred in the time of a week.

The following records will help develop insights of all that has happened the past week including what opinions people owned, what the studies revealed and the regulations that are being looked forward to.

The opinions stated by few major influencers of the crypto industry

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  • The First Deputy Head of the Central Bank of the Russian Federation was heard saying that the blockchain technology should not be considered a “universal solution”.
  • Tone Vays, a well-known tarder stated that after bitcoin having grown by 70% since its drop to $ 3,700 in March, has probably reached its low.
  • Concern of Former Goldman Sachs and Galaxy Digital CEO Michael Novogratz is that the now was the time to invest in bitcoin. He stated his point that if Bitcoin does not show growth by the end of the year, then he doubts if Bitcoin will ever grow at all.
  • The founder of Bitmain mining company Cihan Wu believes that May Halving (reduction of the miners’ reward) might not necessarily indicate the start of rally and adds that this year is a way for Bitcoin to reach new heights.
  • Stephen Stonberg, financial director of Bittrex Global expressed that the coronavirus pandemic has led many investors to have less trust in the traditional market making way for them to switch to Bitcoin as the most independent asset.
  • Saying of Paolo Ardoino, CTO at Tether and Bitfinex cryptocurrency exchanges was that the USDT stable-coin owns provision of high liquidity and stability in the emerging DeFi industry.
  • As per Vitalik Buterin’s belief, co-funder of Ethereum, the launch of Ethereum 2.0 testnet with several clients has likely chances to occur in April.

What do the Studies report?

  • In the first few months of this year, the cryptocurrency industry reported huge losses. Although the sufferings of Bitcoin was lesser than the stock indices .
  • A comparison of asset returns was conducted by The Block analyst Larry Chermak  during the COVID-19 crisis (from February 19 to March 30).
  • A new study by Binance Research revealed that bitcoin in the past few months showed a moderate correlation with the US stock market. And simultanously, there was no significance of relationship between the cryptocurrency and the metals market.
  • A study by CoinMetrics stated that the reduction in the reward for mining a block in the Bitcoin network will lead many miners to concede. The cryptocurrency market price cut compelled the mining companies to sell the assets at a discount in the previous month.
  • There is a decrease by 25% in The number of bitcoins owned by the BitMEX crypto derivatives exchange over the past few weeks. According to Coin Metrics, after BitMEX underwent liquidations due to the drop in bitcoin prices on March 12-13, a decrease was observed in the  number of BTC on the platform.
  • The probability that the price of bitcoin will reach a high by end of this year is 4%, according to the options market.
  • The number of active wallets with XRP tokens was observed to fall by more than 80% In February-March this year. XRP is prone to become inferior than the Doge coin project, by the number of active addresses.

Exchanges

  • Binance announced the delisting of all existing tokens of the FTX crypto derivatives exchange stating its reason as the the lack of understanding of the operation and pricing of tokens with a leverage by many users. It also announced the launch of the KR crypto exchange for users from South Korea and the launch of an over-the-counter trading portal.
  • Coinbase published a report about the description of users reaction to the crypto currency market crash on March 12. The report said that for 48 hours during and after the rapid drop in the price of bitcoin on the Coinbase retail trading platform, trading activity for 12 months was recorded.
  • OKCoin looks forward to launch a new crypto exchange in Japan, after undergoing  the registration process and receiving thelicense from the country’s financial regulator (FSA) for the same.
  • The deadline to provide a rehabilitation plan for users of the closed Mt.Gox extended until July 1, 2020 After facing criticism by lenders of the exchange about the project proposed last week

New Directives

  • The Anti-Money Laundering Financial Action Task Force (FATF) stated its conclusion that in the area of ​​digital assets, the United States complies considerably with the standards to prevent money laundering and the financing of terrorism (AML / CTF).
  • France states its decision to speed up its launch of a regulated digital currency (CBDC). The Central Bank has begun to consider options for the integration of CBDC with its financial system as per the European media reports of this week.
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