Make sure you check out our previous edition here, now let’s go over what happened in crypto this week. Also, make sure you subscribe for this weeks edition of The CCN.com Podcast on iTunes, TuneIn, Stitcher, Google Play Music, Spotify, Soundcloud, Youtube or wherever you get your podcasts.
- Bitcoin is up 7.15% to $7,200 after fluctuating just below the $7,000 mark last Sunday before finally breaking it on Tuesday. The price soared past $7,000 to $7,100 on Wednesday. The party didn’t last long with the party falling back down below the $7,000 mark the next day. The price found strong support at the $6,800 level and was able to recover to $7,200.
- Ethereum is up 7% to $292. The coin is still able to sustain breaking the crucial $300 price level and move with Bitcoin this week. The increase is encouraging after a 5% decline last week preceded by drops of 11% the week before and 24% the week before and single and double-digit drops going back months.
- The Coin Market Cap is up 7% this week with most alt coins closely following Bitcoin and Ethereum closely. This is a bullish sign and is refreshing in a bear market.
- BoA VP: Patents Are ‘Meaningless’ – Bank of America, which has filed for approximately 50 patents related to blockchain technology, has been called out for using patents for “press releases and public perception of innovation.”
- CBOE Close to Launching Ethereum Futures – Business Insider reports that CBOE wants to become the first U.S. exchange to list an ethereum futures product, which would transform ether into more of a two-sided market by allowing professional traders to go both long and short on the second-largest cryptocurrency. Pricing data would again come from Winklevoss led exchange Gemini.
- Dfinity Raises $102 Million – Dfinity token raised a $102 million round, led by A16Z and Polychain Capital to build a “world computer”. Dfinity, which was founded in 2015 and is headquartered in Switzerland’s “Crypto Valley,” wants to build a decentralized cloud computing network that can rival centralized platforms like Amazon Web Services (AWS), which have been accused of censorship, in part for booting apps that help users evade censorship.
- Crypto Startup Huboi Gains Majority in Public Firm – Crypto exchange giant Huobi has completed the purchase of majority shares of Hong Kong-based investment holding company, Patronics Holdings Limited (PHL). Data from the Financial Times reveal that the company’s stocks trades at a price of 3.08HKD as at the time of writing. This represents a price increase of 152.46 percent in the last one year.
Featured image from YouTube/BBC.
Last modified: May 20, 2020 6:02 PM UTC