OTC’s Weekly Retrospect 02/01–06/01/2023

Each week we bring you a round-up of the most important Bitcoin and virtual asset-related stories making waves in the cryptosphere.­­­­

Major news stories this week;

1. The Genesis Block: The First Bitcoin Block. Bitcoin turns 14 years old!
2. BlackRock Adds Bitcoin to Their Global Allocation Fund
3. Morocco’s Central Bank Announces Completion of Bill to Regulate Use of Cryptocurrencies
4. Declining Demand for Binance’s BUSD Represents New Chapter in Stablecoin Wars
5. Crypto exchange Huobi says it will cut staff by 20%

Story Summaries;

1. On January 3, 2009, Bitcoin’s mystery creator Satoshi Nakamoto mined the first BTC block, marking the beginning of the digital currency’s 14-year lifespan. It was Genesis Block day which is also known as the “birthday of Bitcoin”. It’s still there today and will remain there as long as any computer runs the Bitcoin software.
2. One of the world’s biggest asset manager has added bitcoin to one of the most preferred fund for ordinary and passive investors. This is one of the first general fund to add bitcoin to their package, indicating the asset has become sufficiently established as a diversifier, and is a worthy addition even in a very conservative portfolio.
3. During a press conference following the fourth and final quarterly meeting of Morocco’s Central Bank (BAM) for 2022, the Governor, Abdellatif Jouahri, emphasized that the draft for a regulatory framework for cryptocurrencies is now ready.
4. Binance, the world’s largest crypto exchange, made a big push last year to promote its own stablecoin, BUSD, over those of rivals. But recent speculation over the exchange’s health appear to have undermined the progress, following a spate of $5.5 billion of net redemptions from BUSD in a month.
5. After days of rumors surrounding layoffs at Huobi, the Singapore-based crypto exchange confirmed it would cut about 20% of its overall staff. The planned layoff ratio is about 20%, but it is not implemented now. With the current state of the bear market, a very lean team will be maintained going forward,” a Huobi spokesperson said.

And that’s all for this weeks news! Wishing you a great weekend and a very Happy New Year!