Crypto Market: Week of February 9


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During last week, Bitcoin bounced back from the three-month low of $6,000 to $8,700 as the US regulatory authorities Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) softened their view towards cryptocurrency trading among the risk posed by the emerging asset class. The cryptocurrency market, showing signs of reforms has increased 54% to about $427 billion after hitting the lows of $276 billion. In other news across the globe:

 

Bittrex looks to add USD Deposits, turning up the heat on Coinbase

Bittrex has announced that it will integrate USD deposits and will open new accounts to welcome fresh users after Robinhood announced that it will open cryptocurrency trading. Coinbase, just like Bitcoin has the first mover advantage but it has been observing some competition in the fiat-to-crypto marketplace.

 

UNICEF to Mine Ethereum for Children in Syria

More than 500 people have joined the “Game Changers” initiative to support children of the war-torn country of Syria, according to a report by Reuters. UNICEF in a statement said “through the use of mining we create an opportunity for those who cannot give or have never had the opportunity to do so.” Since its launch on February 2nd, the project has already raised more than 1500 euros.

 

China to Ban Foreign Exchange Platforms

As stated in an article by the Financial Times (affiliated to the People’s Bank of China), China is attempting to put an ultimate end to ICO’s and crypto trading. China believes digital assets are too risky to continue in their current form similar to the American credit card companies trying to stop crypto purchases due to “financial risks”. However, the citizens of China are finding ways to continue trading, despite all the Chinese government’s actions in mitigating the risks.

 

Singapore Welcomes Cryptocurrency

Deputy Prime Minister of Singapore Tharman Shanmugaratnam on Monday stated that “for now, the nature and scale of cryptocurrency trading in Singapore do not pose risks to the safety and integrity of our financial system.” The view from the government of Singapore comes after the lenient attitude of the Japanese government towards the blockchain industry as both the nations see a huge potential of the cryptocurrency.

 

European Central Bank’s Agenda doesn’t include Regulations

The European Central Bank isn’t ready to give the topic of regulations a knock, even though the United States has seemingly opened up its doors to regulatory discussions. ECB’s Chair of the Supervisory Board Daniele Nou told CNBC in a recent interview that “We scrutinize the issue in a regulatory perspective, we are ready to do something if it was needed, but so far it’s not exactly very high on our to-do list,”.

 

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