In the past week, the turbulence of the cryptocurrency market has increased. In addition, there have been incidents such as FCoin explosions, bZx attacks, and Binance exchange failures, which have made this week quite unsettling.
Several events in the crypto industry this week appear to be eating into investor confidence.
FCoin issued an announcement saying that it is expected that the scale that cannot be redeemed is between 7000-13000 BTC, which triggers a chain reaction in the currency circle and many projects are affected.
The decentralized lending agreement bZx was hacked for the second time this week, with a total loss of about $ 954,000, and the security of DeFi raised questions.
Immediately afterwards, the major cryptocurrency exchange Binance Trading Platform broke down and was temporarily maintained for more than 6 hours. On Friday, Malta's regulator, the Financial Services Authority (MFSA), issued a statement denying that Binance had obtained a license to operate cryptocurrency operations in the country and stated that Binance was also not regulated in the country. This also makes Binance Exchange stand on the cusp again.
The cryptocurrency market's shocks increased this week. Bitcoin, the highest cryptocurrency by market capitalization, fluctuated sharply between $ 9,500 and $ 10,500. The sharp rise and fall during the week led to a large number of account bursts.
Most of the other major cryptocurrencies closed down this week. Of the top 20 cryptocurrencies by market capitalization, only Tezos and Cosmos rose by 6% and 9%, respectively.
Thomas Lee, veteran crypto market analyst, said this week that the price of Bitcoin "is likely to" reach $ 500,000. Bitcoin advocate Max Keizer predicts that the price of Bitcoin will reach $ 400,000. He said, "I formally raised my target price forecast for bitcoin. When bitcoin was still $ 1, I predicted that bitcoin could reach $ 100,000. Now it is my first formal increase in bitcoin target price forecast in eight years. 40 Ten thousand U.S. dollars."
In terms of stablecoins and digital currencies, Bitcoin.com CEO Roger Ver said that Tether (USDT), the world's highest stablecoin, is about to join the Bitcoin Cash (BCH) blockchain network.
Riksbank said this week that it has begun testing e-krona, which puts the country one step further from creating the world's first central bank digital currency. The bank's official statement stated that if the digital currency finally enters the market, it will be used for daily banking operations, such as payments, deposits and withdrawals from digital wallets such as mobile applications.
Benoit Coeure, head of the BIS Innovation Center, said this week that even with the advent of digital currencies, central bank currency will remain the core of the system. "(Fiat money) will be part of the support because it is necessary for the stability of the system," he said.
Randal Quarles, chairman of the Global Financial Regulatory Commission's Financial Stability Board (FSB), said this week that global financial regulators are likely to be left behind due to the rapid innovation of the digital payment industry and therefore need to develop digital currency regulatory rules more quickly. Quarles also said that a dedicated working group is studying policies to address the risks and benefits of stablecoins.
Reporting to the G20 rotating chair country report on the research agenda and policy advisory network of the summit T20 revealed that it will set up a working group to study cryptocurrency supervision. T20's TF8 team will be responsible for studying "regulations and regulations for cryptocurrencies and financial technology, their impact on the international monetary system, their potential applications in money laundering and terrorist financing, and how to monitor these activities."
In the U.S., presidential candidate Michael Bloomberg has released a financial reform plan during this week's election campaign that proposes a “clear regulatory framework” for cryptocurrencies. The proposal requires financial institutions to monitor risks, record all financial transactions in a centralized database, create a regulatory sandbox for startups, and provide a clear regulatory framework for cryptocurrencies.
US SEC Commissioner Hester Peirce proposed earlier this month the idea of a "safe harbor" proposal that provides a three-year grace period for legitimate crypto projects. This week she detailed her thoughts and sought industry feedback. She believes that Safe Harbor aims to balance the goal of protecting token purchasers with the regulatory flexibility to enable innovation to flourish.
The US SEC announced this week a $ 500,000 settlement with blockchain startup Enigma MPC. According to the SEC, ENG tokens issued by Enima MPC through the ICO are considered securities, but the company has not registered them as securities under federal securities laws. In addition to a $ 500,000 fine, Enigma agreed to return the funds raised by the ICO to investors, register ENG tokens as securities and submit periodic reports to the SEC.
In Europe, the Paris Court of Appeals on Monday rejected BTC-e exchange operator Alexander Vinnik's appeal. Vinnik, who was arrested in northern Greece during his vacation in 2017, has been charged with laundering billions of dollars using cryptocurrency. Both the United States and Russia have filed extradition requests.
The Russian Central Bank is linking money laundering with crypto transactions. The Russian Central Bank (CBR) has issued a series of new rules on suspicious transactions, which classify all cryptocurrency-related transactions as potential money laundering risks.
Russian Deputy Prime Minister Dmitry Chernyshenko said in a letter to President Putin this week that the Russian Federal Security Service (FSB) has reached an agreement with the Russian Central Bank to prohibit the use of cryptocurrencies as a means of payment in Russia. The FSB has not previously made clear whether to allow or prohibit the use of cryptocurrencies like Bitcoin as a means of payment.
The Spanish government has approved a fintech sandbox program that will allow blockchain and cryptocurrency-related companies to use a controlled test platform before putting their products on the market. The regulatory sandbox may be officially opened sometime this year and will be overseen by the country's Ministry of Finance, the Spanish Central Bank, and two financial regulators.
Deribit, a Panama-based cryptocurrency derivatives exchange, launched Ethereum's daily options product this week. The strike price of the new option product is $ 5, and it expires every day at 8:00 UTC. The life cycle of each option contract is two trading days. Deribit Exchange CMO Andras Caron said that since February 19, the exchange will also reduce the volatility of all Ethereum options from the current 0.001 ETH to 0.0005 ETH.
Blocknox, a subsidiary of Boerse Stuttgart, Germany's second largest stock exchange, is expanding its cryptocurrency custody service to institutional participants. Blocknox has begun to provide custody services for crypto assets, and has provided the service to users of Boerse Stuttgart's BISON application and its digital asset exchange BSDEX.
According to information publicly disclosed by Fidelity International this week, the company has invested $ 14 million in BC Group, a Hong Kong cryptocurrency exchange OSL operator. Fidelity International bought 17 million shares of OSL owner BC Group for HK $ 6.50 (approximately US $ 0.83) per share, holding 5.6% of the company. The investment is part of a $ 36 million rights issue announced by BC Group, which was listed on the Hong Kong Stock Exchange last month.
Forbes released a list of the top 50 blockchains on Wednesday. Organizations entering the top 50 need revenue or valuations of more than $ 1 billion. The list includes many industry giants from finance and technology, such as JP Morgan, Citibank, HSBC, ING Group, Amazon, Google, Microsoft, BMW, General Electric, Honeywell, IBM, Intercontinental Exchange, Nasdaq, LV, Mastercard, Samsung, Wal-Mart, etc., Chinese technology giants Baidu, Ant Financial and Tencent are on the list. Other Chinese companies include China Construction Bank and Foxconn.
The e-commerce platform Shopify announced on Friday through its official blog that it has become the newest member of the stablecoin project Libra. Shopify is the first new member to join the association in four months. Shopify says it intends to “work together” with other companies to build a payment network that can be used anywhere.
Morgan Stanley acquires crypto-friendly brokerage firm E * Trade for $ 13 billion. According to the Wall Street Journal, this is the largest acquisition by a major US bank since the 2008 crisis.
The stablecoin issuance company Paxos has officially entered the blockchain-based equity settlement business. The company said that Credit Suisse and Nomura's Instinet are the first two companies to use its settlement services. Paxos provides services to help its customers settle U.S.-listed stock transactions.
Korean technology giant Samsung recently unveiled its latest Galaxy S20 series of smartphones at the Unpacked 2020 event in San Francisco. According to Samsung's new series of mobile phone information, although the new camera has received much attention, it will also improve the integrated blockchain security features introduced on the Galaxy S10 series of phones a year ago.
The Dubai Ministry of Economic Development (DED) in the UAE has established a "Know Your Customer" KYC blockchain alliance with six major banks. This blockchain-based regulatory platform aims to accelerate the process of digital customer data and document exchange while ensuring security. The project also intends to introduce a unified KYC platform among licensed financial institutions.
24 companies from the U.S. drug supply chain jointly submitted the final report of the MediLedger DSCSA pilot project to the US Food and Drug Administration (FDA), and proposed a blockchain system for an interoperable tracking system for U.S. prescription drugs.
Wikipedia co-founder Jimmy Wales said at the CoinGeek conference in London that he has not seen any actual cases that could convince him to use blockchain technology or cryptocurrency on the platform. Jimmy Wales believes that cryptocurrencies are not helpful to Wikipedia and will adversely affect the platform's unique way of operating and undermine their corporate vision.
The European Football Association (UEFA) will distribute more than one million tickets to football matches this year via a blockchain mobile app. The organization said in an official statement that the new ticketing system will allow fans to "smoothly, safely and reliably enter the stadium."
Nebulous, the developer of Sia Networks, has launched Skynet, a content distribution and file sharing network. Nebulous CEO claims that Skynet provides lower storage costs and higher speeds, and has advantages over centralized solutions.
By Liang CHE
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