Blockchain is good for hodling, but not for voting: Bad Crypto news of the week


Bitcoin continues to slip through the gears. The currency rose more than 12% for the week and is now playing at the $ 18,000 mark. And it’s not just the US dollar that Bitcoin is bashing. It also hit historic highs against the Russian ruble, Colombian peso, Brazilian real, Turkish lira, and Sudanese pound, among others. Its rise, now 375% above the point gold investor Peter Schiff accidentally called Bitcoin’s bottom, inevitably has analysts wondering how high it can go.

An expert predicts that Bitcoin will soon hit $ 22,000, citing HODL and funding rates, declining Bitcoin reserves, and growing institutional accumulation. Investor Mike Novogratz has his eye on $ 65,000, fueled by strong demand and limited supply. Thomas Fitzpatrick, senior analyst at Citibank, looks even higher. In a report for the bank’s institutional clients, he predicted $ 318,000 by December 2021.

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And yet, despite the current rise in Bitcoin and its positive direction, everything is going very quietly. While the latest coin run for $ 20,000 made headlines around the world, the press barely noticed the current price increase.

In China, at least one bank noticed it. China Construction Bank has chosen the Fusang digital stock exchange to issue $ 3 billion in debt securities. The bonds would be symbolized and exchangeable for Bitcoin. But that’s not happening, at least not anytime soon. Shortly after the announcement, Fusang said the broadcast would be delayed until further notice “at the request of the issuer.”

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In the United States, Jay Clayton, the chairman of the United States Securities and Exchange Commission has announced that he is stepping down. Clayton had previously told Bitcoin investors that they couldn’t expect to trade on mainstream exchanges without strong regulation.

Blockchain, however, continues to find new uses. IBM is teaming up with German textile maker Kaya & Kato to use blockchain to track supply chains in the fashion industry. Albany Airport in New York uses blockchain to track cleanliness, while BitPay is launching a new service to allow businesses to make payments using cryptocurrencies. And TBEN uses Rarible to offer unique edition NFTs of illustrations inspired by the art of its illustrators.

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But the blockchain might want to avoid voting systems for a while. MIT security experts say the use of blockchain voting technology could increase the risk of hackers attempting to tamper with elections.

This isn’t all good news for cryptocurrency journalists. Binance is suing TBEN and two of its journalists. The post alleged that Binance had a plan to avoid US regulators. The company denies the allegation and seeks compensation and punitive damages.

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move comes with risk, you should do your own research when making a decision.


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