Crypto Markets: Week of January 26

With Bitcoin gaining about 5.96% to close out the weekend at $11,754.64, Bitcoin enjoyed a solid weekend with the only downside for the investors is the inability to break through the $12,000 level after positing weekend highs of $11,989.15.

Federal Law on Cryptocurrency Regulations introduced by Russia

As per the reports from Bitcoin daily, the government of Russia has finalized the federal law for the regulation of cryptocurrencies and ICOs. The draft law which will regulate the cryptocurrencies in Russia has been entitled “On Digital Financial Assets” will come into effect 90 days after it is officially published. The draft published in December 2017, states, “This federal law regulates the relations arising in the creation, issuance, storage and circulation of digital financial assets, as well as the exercise of rights and performance of obligations under smart contracts.”

The Largest Crypto Hack reported by Japanese Cryptocurrency Exchange

Stealing Bitcoins from cryptocurrency exchanges have never stopped since the shutdown of Mt. Gox which was the world’s largest cryptocurrency exchange in 2014 due to hacking. Even as all cryptocurrency exchanges have been claiming to have gone full proof now, the hacking continues.
Japanese cryptocurrency exchange Coincheck has just witnessed the biggest cyber hack ever, an attack even bigger than the Mt. Gox fiasco, after South Korean cryptocurrency exchange Youbit went bankrupt as it lost 4K Bitcoin in a cyber-attack last month. the Tokyo-based cryptocurrency exchange Coincheck, in a notice sent to its clients has disclosed that in a cyber attack the exchange has lost about $532 Mn (¥58 Bn) worth of its holdings.

BofA Re-Examines Its Bitcoin Policy

The world’s ninth largest bank Bank of America is reportedly re-examining their Bitcoin policy regarding buying Bitcoin using credit cards, after Capital One Financial issued a statement that it would no longer allow cryptocurrency purchases with its credit cards. At present, Bank of America, JPMorgan and Citigroup are the three leading banks which allow customers to use their credit cards to buy Bitcoins.

WEF Davos 2018: Bitcoin Is Too Volatile To Trust

Nobel Prize-Winning Economist Robert Shiller, In an annual event at Davos stated that though he is impressed with the technology, he believes that the technology is up for something else but refused to recognize Bitcoin as a currency. He said “I tend to think of bitcoin as an interesting experiment, not a permanent feature of our lives. We’re over-emphasising bitcoin, we should broaden it out to the blockchain, which will have other applications,”. He also said that it won’t be a surprise if Bitcoin prices go back to zero in the near future.

Bitcoin also took some bashing from IMF Chief Christine Lagarde as she stated that cryptocurrency is wasting a hell of electricity in mining. Lagarde at the WEF panel discussion said, “The bitcoins mining, which is this accelerated and augmented use of computers to actually determine the value and incentive of the functioning of the mechanism, is energy angry.”

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