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Last week Crypto news today #26

breaking crypto news today

Coronavirus crisis continues to ravage the planet with WHO and Governments around the globe proclaiming that the next 2 weeks are going to be critical in this war of worlds with an invisible enemy.  

We hope you are reading this in the safety of your home and in the company of your loved ones.  For all those who are impacted by this pandemic – don’t lose hope – we will see the light soon.  

Australia-led study showed “A single dose of an anti-parasitic drug could essentially remove all genetic material of the COVID-19 virus within 48 hours.”  News like this is coming from all over the world with each passing day and we hope that we will find a way to stop the spread and kill the virus soon.

With that ray of positivity, let’s look at what happened in the crypto space during the last week.

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Binance buys Coinmarketcap for $400 Million

Binance is the best exchangeBiggest news in the crypto space last week is probably Binance’s acquisition of Coinmarketcap.  The fastest growing (and probably one of the largest crypto exchanges by trading volume) has now bought the site that undoubtedly garners most crypto traffic.  Some crypto enthusiasts and veterans are vary of this transaction citing ‘conflict of interest’ on how Coinmarketcap can be impartial when it is owned by the exchange.  While we have to wait and see how those intricacies will work out in the future – it is quite encouraging to see these massive deals in the crypto space. For one, the guys who finance these deals will have done their due diligence and expect that this investment is worth it based on where we are headed!  That is what excites us.

tBTC could bridge Bitcoiners onto Ethereum DApps

A project called tBTC is seeking to forge a truce between the two by allowing Bitcoin owners access to the financial applications that run on Ethereum,” Bloomberg reported.  While Bitcoin will forever claim the first blockchain title, Ethereum will claim as the first smart contract enabled blockchain platform.  While the bitcoiners and ethereum fans have disagreed as to which blockchain is superior – there is no debate that while the smart contract reign could be stolen from Ethereum by a better project – that cannot be said for Bitcoin as it will continue to remain the ‘first to start blockchain revolution’.  Now tBTC could join these two networks if it executes its plans.

A lawsuits filed against Binance, KuCoin, TRON, and many others

Roche Freedman Law firm, the same firm that fought against Craig Wright and Bitfinex, has filed 11 lawsuits against top exchanges and their principals. These lawsuits name, separately, “Binance, Civic, BProtocol, Status, Block.one, KayDex, Quantstamp, BiBox, TRON Foundation, KuCoin, HDR Global Trading (that is, the BitMEX exchange), and many of their principals, including crypto notables such as Brendan Blumer, Dan Larimer, Vinny Lingham, Binance founder Changpeng (“CZ”) Zhao, and BitMEX co-founder and CEO Arthur Hayes,” according to TheBlockCrypto.  While these cases may take a while to be heard – the very fact that this prestigious firm is going after all of them together seems indicative of some underlying issues that might surface from a Securities law perspective.  We will have to wait and see what transpires from these lawsuits.

Shanghai Gas collaborates with VeChain to rollout Blockchain Energy As-a-Service 

VechainAccording to a press release, Shanghai Gas announced that they will “collaborate further with VeChain to develop and roll out a blockchain-enabled energy project. The partnership aims to optimize business processes, reduce operation costs, improve the supply chain efficiency and build a trust-free “Energy-as-a-Service” ecosystem.”  This decision was made after a successful pilot project.  “As a result, the solution significantly eliminates information barriers in the supply chain, contributes to a transparent product process, and provides a reliable database for LNG risk management,” reported the press release. 

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COVID19 is a case for Digital Currency according to Deutsche Bank

“The COVID-19 pandemic is accelerating the rise of central bank #digitalcurrencies as many governments see the handling of cash as a potential risk factor. This will likely add to calls to move towards #digitalcash according to our #dbresearch colleague @MarionLaboure,” according to a Tweet from Deutsche Bank.  The case for Digital currency is gaining momentum with the US government flirting with the idea in the initial draft of the recent stimulus bill.  

Thank you for reading and sharing this article. Stay safe and healthy!

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