Crypto Weekly News — November, 6
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What important crypto events happened last week?
The first cryptocurrency continued to grow in price, crossing the $15k mark on November 5, reaching this level for the first time since January 2018. The latest wave of Bitcoin growth continues on the background of the US presidential election. According to the last considerations of experts, the victory of one or another candidate will not have a radical impact on the crypto market, as the infusion from the Fed will continue in any case.
The difficulty of mining the Bitcoin cryptocurrency has plummeted, showing the largest percentage drop in the last nine years. The decrease in difficulty is a result of a significant decline of the hashrate over the past two weeks. The computing power often fluctuates sharply, but the latest lowering was the largest in a long time. Analysts associate this phenomenon to changes in the mining industry in China, which accounts for a large share of hashrate.
An unknown user has withdrawn 69,370 BTC from a wallet that hackers have been closely monitoring for several years. Many believe that the wallet may be linked to the founder of the now-defunct darknet marketplace SilkRoad, Ross Ulbricht, who is serving a life sentence in a US prison.
Ethereum continues to strengthen in price. The altcoin’s developers team has launched the Ethereum 2.0 Deposit contract and hopes to turn to the final version of the Protocol on December 1. Against this background, the cryptocurrency’s price has rapidly risen above $400, and according to analysts, it will continue to grow.
Projects And Updates
Klaytn, a large blockchain project managed by South Korean Internet giant Kakao, has announced that the Maker Foundation, issuing Ethereum-based MakerDAO project, joined the Governance Council of the Klaytn public blockchain. The Council comprises huge multinational companies in various industries, such as LG Electronics, Binance, and Ozys. Thus, Maker Foundation became the 32nd member of the Council.
The DeFi Dharma app has added support for bank and fiat purchases of Uniswap tokens in 13 US States. This will allow users of the app to buy crypto assets directly using money from bank accounts.
The largest trade conference, China International Import Expo, will take place in Shanghai, China, from November 5 to 10. To ensure strict rules aimed at preventing the spread of COVID-19, the organizers decided to use the MyCare service, based on the VeChain blockchain, which helps manage risk assessment, increase security, and reduce the number of infection transmissions.
The Bangladesh branch of the global banking company HSBC for the first time conducted a transaction for the import of 20000 tons of fuel with a letter of credit issued on the Contour DLT blockchain. HSBC Bangladesh CEO Mahbub Ur Rahman described the deal as a demonstration of the Bank’s commitment to supporting cross-border trade using innovative technology platforms.
PayPal will add the capability to buy, store, and sell cryptocurrencies for users of its platform from around the world in 2021. Also, the company believes that cooperation with CBDCs is a matter of time. Dan Schulman, CEO of PayPal, during his third-quarter report, said that the company does not doubt that the importance, functionality and significance of digital currencies continue to grow.
Gazprombank Swiss, managed by the Russian state-owned energy company Gazprom, has introduced a cryptocurrency service to clients from Switzerland. According to a new report, the Bank will offer Bitcoin trading and storage services to individual corporate clients in Switzerland. The Bank received the necessary approval for these services from FINMA, the Swiss financial market supervisory authority.
The Hong Kong Security and Futures Commission (SFC) plans to regulate all cryptocurrency exchanges in the city, whether they trade securities. According to the head of the SFC, Ashley Alder, some cryptocurrency platforms have decided not to register their activities. The new requirement should ensure better compliance of cryptocurrency exchanges with Hong Kong’s laws on countering money laundering.
South Korea’s Financial Services Commission (FSC) stated that local digital asset service providers no longer be able to use coins that pose a high risk of money laundering. This decision may seriously affect the inner use of well-known anonymous coins Zcash, Monero, and Dash.
The CEO of the FTX crypto derivatives exchange, Sam Bankman-Fried, made a $5.22 million donation to the presidential campaign of Democratic candidate Joe Biden, which made him a second-largest donor after Michael Bloomberg, New York ex-Major.
The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.
Originally published at https://coinjoy.io.