The week kick-started with a sharp rebound as all top cryptocurrencies showed signs of growth, after some corrective moments in the past week. While Craig Wright’s claims of being Satoshi tested the ecosystem’s temperament, several launches and use case scenarios kept the week a good one. Here’s a recap of the week that was:
Price points –
As aforementioned Bitcoin and other top cryptocurrencies saw a sharp rebound on Sunday, which more or less set the rhythm for this week. Foremost cryptocurrency Bitcoin observed a 9% gain in the week and stands around $8000 as of press time.
As for Ethereum, the token has been holding good and closes the week at a $249 price point, 4.5 % gain in the week. XRP observed a bearish trend throughout the week stands at $0.38. A surprising performer of the week came out to be Bitcoin SV (BSV) following Wrights filling copyright for Bitcoin whitepaper, wherein the token reached a 24-hour high of $139.31, more than 120 percent higher than its UTC opening price of $62.99. As of press time, BSV was at $90.47.
Is Craig Wright Satoshi
Well, a question everyone’s is asking. Craig Wright, the Australian entrepreneur who has been proclaiming himself as Bitcoin creator Satoshi Nakamoto for some time now has reportedly filed for the United States copyright registrations for the Bitcoin (BTC) white paper.
As per the court documents the U.S. Copyright Office has registrations with Wright as the author (i.e. Satoshi Nakamoto) of the white paper, along with most of the original code used to build Bitcoin. Wright has claimed to have written the cryptocurrency blueprint under the pseudonym.
The immediate result of which, we have seen in BSV rally, however, to someone’s happiness and someone’s dismay, the U.S. Copyright Office has officially announced that it did not “recognized” anyone as the inventor of bitcoin.
Regulatory Update
First crypto tax guidance soon – The U.S. Internal Revenue Service has been working on its first tax guidance for cryptocurrency since 2014, which will purportedly be released soon, as stated by the agency’s commissioner on Monday. IRS Commissioner Charles P. Rettig outlined a non-specific plan to release in-depth guidance in the near future when Rep. Tom Emmer’s requested for further guidance on reporting cryptocurrencies.
Sec files charges against a California resident -The U.S. Securities and Exchange Commission (SEC) sues a California resident, Daniel Pacheco, for allegedly conducting a multimillion-dollar cryptocurrency pyramid scheme. The injunction alleges that he sold unregistered securities through IPro Solutions LLC and IPro Network LLC, from January 2017 through March 2018.
Reportedly, Pacheco fooled the investors by promising them “points” which could later be converted into the companies digital asset PRO Currency, siphoning off $26 million in the process.
SEC seizes Diamond-backed cryptocurrency – The United States Securities and Exchange Commission (SEC) halted a confirmed cryptocurrency Ponzi scheme, following a steal worth $30 million. Jose Angel Aman, the principal behind Argyle Coin will now be subjected to legal action for running a Ponzi scheme and using the funds he gained from investors in his alleged diamond resale outfit.
Grayscale wins regulatory approval – Grayscale Investments, an American digital asset manager confirms that its Ethereum Trust (ETHE) gains regulatory approval from the Financial Industry Regulatory Authority (FINRA) for retail trading. Quoted to be the first public security based on Ethereum (ETH), the new product will follow Grayscale’s equivalent Bitcoin (BTC) and Ethereum Classic (ETC) Trusts, that are already public.
Reportedly Bestmixer.io. quotes a turnover of at least $200 million since its launch in May 2018. Purportedly one of the three largest mixing services for cryptocurrencies such as bitcoin (BTC), litecoin (LTC), bitcoin cash (BCH) among others.
Pushing the envelope for mass adoption
Blockchain implementation for citizens cards – The South Korean city of Seoul has stepped up its blockchain game to another level by implementing blockchain technology in its citizen cards. The mayor of Seoul, Park Won stated that they will implement blockchain in collecting urban and administrative data that will enable new services such as integrated authentication system of citizen cards, as well as tools for easy access to various administrative services.
Calastone switches system to blockchain – Calastone, a London-based global funds network announces that it made a massive switch of its entire fund trade clearing services system to blockchain Distributed Market Infrastructure (DMI). As per the release a migration of this level i.e. over 1,800 customers from more than 41 markets “represents the largest community of global financial services organizations connecting and transacting via distributed ledger technology.”
Functional Bitcoin Timepieces – Franck Muller, a Swiss luxury watchmaker, launches limited-edition timepieces, dubbed as “Encrypto”, that it claims as “the world’s first functional bitcoin watch.” Launched in partnership with cryptocurrency trading platform Regal Assets, the dial of the watch aesthetically sports bitcoin’s logo and a QR code of bitcoin’s genesis block address.
Alibaba plans to integrate blockchain technology – Chinese e-commerce giant Alibaba is planning to integrate blockchain technology into its intellectual property system of global enterprises and brands. The company’s director of intellectual property protection, Ali Xizhi stated that Alibaba is currently busy upgrading the filing of intellectual property rights by employing blockchain.
New Developments
Update on Facebook’s secretive Coin – Social media giant Facebook is reportedly in talks with major United States-based crypto exchanges for the issuance of its very secretive own cryptocurrency. Two people familiar with Facebook’s “Globalcoin” project stated that the firm has discussed the initiative with Coinbase, a major crypto exchange, and wallet and Winklevoss twins’ Gemini Exchange, notable rivals of Facebook CEO Mark Zuckerberg.
Telegram launches TON – Telegram, Privacy-focused encrypted instant messaging service creates a new programming language for its Telegram Open Network (TON). Dubbed as Fift, the new language is specifically designed for developing and managing TON blockchain smart contracts and to interact with the TON Virtual Machine (TVM).
A trailblazer in blockchain patents – JD.com, a Chinese e-commerce giant applies for over 200 blockchain patents, while a major e-commerce competitor Alibaba applied for 262, Chinese internet titans Tencent and Baidu applied for 80 and 50 such patents respectively, as recorded by the Intellectual Property Center of China Information and Communication.
As per the data provided JD.com was in first place for “global blockchain patent strength,” with Alibaba, Tencent, and Baidu taking the second, seventh, and fifteenth place, respectively. The report went on to note that China has evolved a global forerunner in blockchain applications.
Who said what
Cryptocurrencies pose no threat to financial stabilities – The European Central Bank (ECB) published a paper on Friday concerning cryptocurrencies, within which the ECB claims that the digital assets do not pose a threat to financial stability in the eurozone. ECB states in the paper that the combined value of crypto-assets is small in relation to the financial system and “linkages” with the financial sector are still limited. It was further added that the banks in the EU do not appear to have “systemically relevant” holdings of crypto-assets.
Reportedly, this 51% attack occurred when two mining pools were attempting to prevent an unidentified party from taking some coins that were essentially “up for grabs,” due to a code update.
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