It’s been a bad week for cryptocurrency amid a bitcoin crash and a series of blows from big companies who are distancing themselves from crypto in general.
If you’re in a rush the Born2Invest business news mobile app helps you digest the crypto news summaries in small digestible chunks, helping you be up to date with the newest information in this field. Our team of experts puts the most important cryptocurrencies news at your fingertips.
Alibaba has refused to work with cryptocurrencies
Representatives of Alibaba company said that they will no longer accept cryptocurrencies as a means of payment. The statement was designed to quash rumors of Alibaba’s partnership with the Lolii cryptocurrency platform. On November 11th in honor of the Chinese holiday “Bachelor’s Day” Lolii organized an event where users of Alibaba could get cashback in Bitcoin amounting to 5% of their purchase value.
It appears that the event was organized without Alibaba’s knowledge. A representative of the company said that Alibaba’s participation was not sanctioned by company management, he also highlighted that Lolii had no right to make statements on Alibaba’s behalf. Alibaba has since terminated its partnership with the crypto platform.
Daily volume of trades at BitMEX has reached the annual minimum
In another blow the trading volume of Bitcoin at BitMEX has dropped to an all time low. The number of transactions on the site has fallen to the levels of November 2018, when the average market value of Bitcoin was $3,750.
The decline in trading volume at Bitmex may be due to the growing popularity of one of their chief competitors. The Binance Futures platform provides the opportunity to trade derivatives for Bitcoin and hit a new daily record on October 15th. The amount of transactions within 24 hours exceeded $700 million.
Canada’s largest bank has denied rumors about the launch of the crypto exchange
Information that the Royal Bank of Canada is preparing to launch a crypto exchange began to circulate last week. Unfortunately for crypto enthusiasts the Royal Bank of Canada (RBC) has confirmed that it does not currently plan to create or launch a cryptocurrency exchange. The bank has indeed filed a number of patent applications related to digital money, but their implementation is not yet considered. Many organizations apply for patents to protect their own ideas and concepts prior to beginning development. This is part of the innovation process.
GateHub’s crypto-wallet was hacked
The company confirmed the leak, but the developers are already working on solving the problem. The attacker who posted the stolen data archive claims that it also contains two-factor authentication keys, mnemonic phrases, and wallets hashes. However, this information has not been officially confirmed. GateHub representatives said they were aware of the data leakage and are currently in the process of verifying its authenticity.
GateHub has faced a similar problem before. In July this year, another hack became known. As a result, an attacker gained access to 18.4 thousand accounts of wallet users.
The price of Bitcoin fell below $7,000. This hasn’t happened since May. The average market rate of Bitcoin fell to $6955. Michael van de Poppe, an analyst at the Amsterdam Stock Exchange, believes that the cryptocurrency will soon fall to $6800 and then to $6300.
“I would prefer to see a jump in the Bitcoin exchange rate to at least $7700, but at the moment it is unlikely. If that does not happen, I predict the coin will go down to $6800 and then to $6300. The market is fragile,” the analyst explained.
Poppe had previously predicted a fall in the value of the first cryptocurrency. On November 18, he stated that the Bitcoin price would fall from $8400 to $7400.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in РБК, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
The coronavirus has caused a rise in cannabis prices
According to a report published last year by the National Drug Plan, one in ten Spanish adults use hashish or...
Bitcoin hash rate is slumping due to uncertainty
While the Bitcoin price started to slowly increase again, the BTC hash rate is plummeting. According to blockchain.com, the maximum...
Italian biotech companies entered the race to find a vaccine against COVID-19
Several Italian biotech companies, such as Irbim, ReiThera and Takis, have entered the international race to develop a vaccine that...
Why should banks and FinTech operators ally?
Crowdfunding lending platforms in Italy have put together availability of capital and technology and automation to support SMEs and families...
Several organizations accept donations in cryptocurrencies to fight the pandemic
As a consequence of the situation caused by the coronavirus pandemic in the world, interesting events related to Bitcoin and...
- Business7 days ago
Unicorn or not: why the post Coronavirus startup scene will require a “New Startup Deal”
- Biotech7 days ago
Biontech to receive €120 million for the research of a COVID-19 vaccine
- Business7 days ago
Italy closes all non-essential production activities amid the coronavirus crisis
- Featured6 days ago
Fintech is the bet of bankarization in the digital era