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Bitcoin sets new records, cryptocurrency regulation intensified in Britain

In accordance with our tradition, we’re making a past week crypto industry news breakdown for you. Bitcoin price continues to rise, Coinbase buys Routefire, and Ripple plans to fight the U.S. Securities and Exchange Commission charges against them.

Bitcoin once again renewed its price record, rising 10% in a week to reach a value of $41,500. Thus, the growth for the month was more than 100%. Other cryptocurrencies followed suit. For example, ether rose to $1250, and there is only 15% left for it to update the historical maximum.

We have to say that Bitcoin has since undergone a price correction, and is currently traded at $ 35,456, while ETH is currently worth $ 1,107.

Against this backdrop, Mike McGlone of Bloomberg expressed the opinion that bitcoin is more promising for investment than gold. At the same time, McGlone believes that there are two possible scenarios in 2021 — either the depreciation of the main cryptocurrency to $20,000, or its growth to $50,000. He considers the second scenario to be more plausible.

Ripple, which the SEC accused of issuing unregistered securities, said it is not going to give up and will prove its case. In the meantime, the coin has dropped substantially, and XRP has been delisted from some wallets and exchanges (Swipe on January 5, Binance US on January 15 and Crypto.com on January 19).

The complexity of the bitcoin network increased significantly due to the increase in miners’ income and the shortage of equipment. It has reached 20.61 T, which is a new record. At the same time, the hash rate of the network is also growing. Experts believe that this trend will continue in the first half of 2021.

The UK Treasury Department is contemplating cryptocurrencies regulation. At the moment it’s all about how they will be viewed from the perspective of the traditional financial system. This is mainly about stablecoins, as they carry the same stability risks as the underlying assets on which they are based.

The U.S. cryptocurrency exchange Coinbase acquired the Routefire service which specializes in institutional bitcoin investments. A little earlier, the startup had already attracted venture investments from Blockchain Capital, FJ Labs, and Hustle Fund. By doing so, Coinbase is working on expanding its brokerage activities.

Overall, the past week was steady, with most events tied to the continued growth of bitcoin. Experts are coming up with one theory after another trying to guess when a BTC price correction awaits us.

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