Staying updated on the ever-changing cryptocurrency market doesn’t have to be as tough as predicting FIFA World Cup standings. I’ve rounded up the latest set of news to help y’all stay in the loop.
First off, here’s a snapshot of how bitcoin and its buddies have fared in the past seven days as of July 6, 3:00 am GMT. Look at all that green!
Off to a fresh start!
There’s no denying that the start of a new week, month, quarter and not to mention the second half of the year is often accompanied by a fresh dose of positivity.
Of course there are naysayers brushing this off as a mere dead cat bounce or closing of positions from earlier declines, but it’s hard to ignore a week’s worth of slow but steady gains. Then again, the lack of negative reports this week (Whew, no new hacks!) may be the only thing keeping these altcoins in the green so far.
Spotlight on blockchain
The lack of major developments for altcoins themselves left a pretty slow news cycle for the week, but this also allowed blockchain to enjoy more attention.
In Spain, deputies from the ruling party proposed legislation that would introduce blockchain to the country’s public administration. Also, its securities regulator, National Securities Market Commission, and stock operator BME partnered with six banks to complete a blockchain warrant issuance in less than 48 hours.
In the United Kingdom, Housing Minister Hughes urged the government to use blockchain to rebuild societal trust through several proposals. Elsewhere in Europe, blockchain trading platform we.trade completed its first live trades involving 20 companies and five banks.
Meanwhile, Malta is keen to dub itself “blockchain island” as the country’s parliament passed laws to a regulatory framework for blockchain technology, namely the Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act.
In Australia, tech giant IBM scored a $740 million deal with the government to use the distributed ledger technology to help improve data security in defense and home affairs.
BTC China is now BTCC
Remember when one of the top bitcoin exchanges, BTC China, decided to shut down operations last year due to speculations of a massive crypto crackdown in the country?
Well, the company has relaunched its trading platform as BTCC and even shared plans to issue its native token. Looks like Binance has some competition!
BTCC is now live and offering trading for Bitcoin, Bitcoin Cash, Ethereum, and Litecoin versus the U.S. dollar, on top of crypto crosses. It also features a points-based system for clients to later on redeem in BTCC tokens, which have yet to be launched.
Indian Supreme Court upholds RBI ban
The slight dip in cryptocurrency prices around the middle of the week is being pinned on the Indian Supreme Court decision to uphold its central bank’s ban on crypto exchanges and companies.
This means that citizens can no longer buy cryptocurrencies through exchanges but will instead have to do so on a peer-to-peer basis. Crypto exchanges and companies also cannot receive loans from banks in the country from now on.
Indian cryptocurrency exchange Zebpay already announced a freeze on Indian rupee deposits and withdrawals prior to the Supreme Court Decision.
Recall that the bitcoin market in India quickly grew after Prime Minister Modi declared the start of demonetization in 2016 but despite the country’s large population, it only accounts for 2% of the global crypto market as of January this year.