January 25, 2020 Real Estate Publication

Crypto Tidbits: RBC May Embrace Bitcoin, China Bashes Cryptocurrency, Ethereum DeFi Booming

Another week, another round of Crypto Tidbits. The past seven days were rather painful for Bitcoin (BTC), with the leading cryptocurrency tumbling by some 4% according to Coin360. Altcoins have posted similar losses. As of the time of writing this, BTC is trading for $8,500, seemingly poised to break down further as bulls fail to step in.Regardless of the price action, though, the cryptocurrency and blockchain industry saw a number of positive developments: reports indicated that Canada’s largest bank is looking to embrace Bitcoin, China’s foremost news outlet, which is state-run, mentioned Bitcoin in an article, and Ethereum’s decentralized finance ecosystem has been gaining traction.Related Reading: Crypto Tidbits: Bakkt’s Bitcoin Market Explodes, Huawei CEO Skeptical of Blockchain, FBI Wary of CryptocurrencyBitcoin & Crypto TidbitsRBC May Launch Crypto Asset ExchangeReported by The Logic, a Canadian innovation-centric news outlet, Royal Bank of Canada — the country’s largest bank with $660 billion in assets under management — is exploring the creation of a cryptocurrency trading platform for investments in an array of digital assets, purportedly including Bitcoin and Ethereum. Citing four Canadian and American patents that can be found by the public, the outlet reported that the institution is “exploring the creation of a cryptocurrency trading platform for investments as well as in-store and online purchases.” Serving over 16 million customers, RBC’s platform could be a boon for the crypto industry at large. What’s interesting is that this comes after RBC announced last year that:
“Effective immediately, RBC will no longer be allowing the use of RBC credit cards for transactions involving cryptocurrency. We regret any inconvenience this may cause.”Chinese Government-Run Xinhua Releases Bitcoin ArticleEarlier this week, Xinhua, China’s purportedly most-read news outlet, released an entire article on Bitcoin. The article, whose title roughly translates to “Bitcoin: The First Successful Application of Blockchain Technology,” was seen by many on Twitter as a ground-breaking development. Sure, it did raise awareness of the cryptocurrency, but it wasn’t as bullish as many painted it on Twitter. The article, per some translations online, calls the cryptocurrency “highly concentrated/centralized” phenomena, something that is bad for the climate, and is something “most importantly” used for black market transactions. It also touched on the hyper-volatile nature of the crypto markets.Compound Raises $25 Million from Andreessen Horowitz, others: On Thursday, Fortune revealed that Compound — a decentralized platform that allows users to lend out and borrow Ethereum-based assets like ETH itself, USD Coin, Basic Attention Token, and 0x — has secured a $25 million worth of investments from Andreessen Horowitz’s a16z (round leader), Paradigm, Bain Capital Ventures, and Polychain Capital. Compound CEO Robert Leshner explained that his company’s goals will be to be integrated “with crypto exchanges, custodians, and wallets by the end of 2020.PayPal Stops Pornhub-related Transactions in Move Bullish for Bitcoin: Pornhub recently announced that it will no longer be supported for payments by PayPal. This move will impact thousands of the performers that post videos on the site to garner income. Many have said that this is bullish for the cryptocurrency space, as things like Bitcoin are decentralized, digital, and censorship-resistant alternatives to PayPal.Unknown Fund Looks to Distribute $75 Million in BTC to Privacy Firms: Announced in a press release published to an independent website on November 13th, a group of “ordinary” though anonymous people (seeming crypto whales) plan to invest and donate some $75 million worth of Bitcoin to companies and non-profits looking to aid privacy rights. The group’s name is “Unknown Fund.”Abra Bolster Crypto App by Adding 60 New Digital Assets: Fintech startup Abra is bolstering its U.S. offerings in a move bolstering crypto adoption. According to CoinDesk, the app is adding 60 new cryptocurrencies — including things like Cosmos, MakerDAO’s DAI, and Bitcoin SV — and doubling users’ bank deposit limits. The new assets will eventually be activated for Abra customers outside of the U.S.Related Reading: Eerily Accurate Fractal Suggests Bitcoin (BTC) Price to Fall 25%Featured Image from Shutterstock

Related Posts

How Payswap Can Confuse Blockchain Analysts, Benefiting Bitcoin Privacy for All

January 23, 2020

January 23, 2020

Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often...

2019 Saw Most Exchange Attacks Ever, With Hackers Becoming More Savvy

January 22, 2020

January 22, 2020

As cryptocurrency exchanges beef up their security to defend themselves against cyberattacks, hackers are responding in kind by amping up...

Video: Reviewing the Billfodl Multishard

January 17, 2020

January 17, 2020

Bitcoin Magazine reviewed the Billfodl Multishard, a two-of-three stainless steel recovery seed storage device that allows you to split your...

Review: HTC Exodus 1s, the Full Bitcoin Node Smartphone

January 17, 2020

January 17, 2020

When it launched during The Lightning Conference in October 2019, HTC’s Exodus 1s smartphone took on the ambitious mission of...

The Kindest Cut: Why the 2020 Bitcoin Halvening Is the Most Important Yet

January 16, 2020

January 16, 2020

In May of 2020, bitcoin will see its next halving: the reduction of the reward for successfully mining a block....

Remembering Tamás Blummer, Pioneering Bitcoin Developer

January 15, 2020

January 15, 2020

Tamás Blummer, a Bitcoin developer since 2012 and founder of several groundbreaking Bitcoin-focused projects, reportedly passed away on January 12,...

Bitcoin Researcher Drums Up Academic Interest in Erlay Protocol

January 15, 2020

January 15, 2020

In November 2019, Gleb Naumenko, co-author of the Erlay protocol and Bitcoin researcher at Chaincode Labs, came to London to...

Do CoinJoins Really Require Equal Transaction Amounts for Privacy? Part One: CashFusion

January 13, 2020

January 13, 2020

Although Satoshi Nakamoto’s white paper suggests that privacy was a design goal of the Bitcoin protocol, blockchain analysis can often...

Wasabi Wallet Launches #BitcoinIsSafe Campaign to Counter Erroneous Antivirus Detections

January 13, 2020

January 13, 2020

Recently, Wasabi Wallet users have reported multiple instances in which antivirus programs identify both Wasabi and the newly integrated Bitcoin...

On the Coast of El Salvador, Bitcoin Is Becoming the Standard

January 13, 2020

January 13, 2020

When Michael Peterson made a semi-permanent move to El Salvador, the California native’s motive was simple and, well, fittingly expected:...

Want to Learn About Bitcoin? Try Conference-Driven Development

January 10, 2020

January 10, 2020

Continuing our series on how to learn about Bitcoin and its more technical aspects, in this article, we will focus...

River Financial Wants to Be the Bitcoiner’s Charles Schwab

January 2, 2020

January 2, 2020

Ever since he read the Denationalization of Money by Friedrich Hayek in college, Alex Leishman, the co-founder and CEO of...

Hashing Ahead: A Look at Bitcoin Mining in 2020

December 30, 2019

December 30, 2019

The December 2019 report on the Bitcoin mining network from CoinShares Research, a division of the digital asset management firm,...

Op Ed: Pitching Bitcoin During the Holidays

December 24, 2019

December 24, 2019

It’s that time of year again! When you can’t decide whether to get a pumpkin spice or eggnog-flavored latte, and...

Op Ed: Tendencies and Opportunities of Bitcoin Taxation in the EU

December 19, 2019

December 19, 2019

In the U.S., the IRS is progressively clarifying the ambiguity persisting on the taxation of cryptocurrencies, as illustrated by the...