Welcome to today’s overview:
The primary cryptocurrency has been in a declining trend for several days. It traded above $ 47,000 on Wednesday, but on Thursday the bears completely dominated the market. Within hours, they pushed the asset down $ 4,000 and BTC reached an intraday bottom of $ 43,000. Although this was already a significant correction, the situation only worsened over the next 48 hours.
On Friday, BTC lost another significant chunk of its value and fell to a three-month low of $ 40,500 on Saturday. He remained relatively calm around $ 42,000 on Sunday before the bulls attempted a quick recovery session that drove him just over $ 43,000. However, BTC still failed to continue, and a subsequent refusal brought it down to just under $ 42,000, where it remains today.
Altcoins have also suffered since Thursday. ETH traded above $ 3,800, but the retracement of the entire market pushed it below $ 3,100. After this massive decline, ETH rebounded in a matter of days and is now above $ 3,150.
Legendary investor Bill Miller owns half of his net worth in BTC
US investor Bill Miller revealed in a recent interview with WealthTrack that BTC makes up half of its portfolio.
Miller, who has been in the investment business for four decades, says BTC is the only economic entity whose supply is not affected by demand, countering Berkshire Hathaway CEO Warren Buffett’s argument that BTC is zero.
He says he started buying BTC again at $ 30,000 last year, in relatively large quantities. Miller calls himself an “observer of BTC” and compares the growth trajectory of this cryptocurrency to the trajectory of a printing press and a steam engine.
Banks, crypto exchanges, companies
German neo-bank N26 will start trading in cryptocurrencies this year
The German neo-bank N26, one of Europe’s largest fintech companies with a value of over $ 9 billion, is finally ready to trade in cryptocurrencies and stocks after efforts to expand globally.
Despite the fact that Berlin’s online bank N26 is an early player in the financial technology boom across Europe, its global ambitions have complicated service diversification, N26 co-founder and co-director Max Tayenthal told FT.
After leaving two critical fintech markets, the United States and the United Kingdom, N26 intends to “focus more on its European business” by introducing new products and services to its 7 million customers.
PayPal has confirmed that it is exploring the possibility of using stablecoin for payments
Paying giant PayPal has confirmed that it is investigating its own stablecoin after evidence of the existence of such a project was found in the code of its iPhone application.
“We’re researching stablecoin; if and when we try to move forward, we will, of course, work closely with the relevant regulators. “
– said Bloomberg senior vice president of PayPal for crypto and digital currencies Jose Fernandez da Ponte. The project, called “PayPal Coin”, should be covered by the US dollar and could reduce the cost of sending and receiving money when using PayPal.
PayPal already supports the use of cryptocurrencies for payments in some regions, and stablecoin can provide easier acceptance for merchants and customers who remain hesitant to cryptocurrencies due to volatility.
The Central Bank of Bahrain is testing JPMorgan’s blockchain and token
Bahrain is the newest country where the US investment bank JPMorgan is researching blockchain technology – the country’s central bank is testing JPMorgan’s own digital currency.
According to an official announcement released on January 6, the Central Bank of Bahrain (CBB) successfully completed a test of digital payments in cooperation with the blockchain and cryptocurrency unit JPMorgan Onyx.
Two other major institutions participated in the test, the Manama-based international bank ABC and the Bahrain National Aluminum Bahrain, also known as Alba. The test allowed ABC to settle real-time payments with Alba’s US counterparts using JPM Coin, a blockchain-based and stablecoin-based payment system linked to the US dollar.
According to the announcement, CBB was responsible for supervising the test.
Kosovo police have seized 300 crypto mining machines due to a lack of electricity
Kosovo police have stepped up their efforts to quell cryptocurrency miners in the country and seized more than 300 mining machines on January 8 alone.
Kosovo police said on January 8 that they had seized 272 “Antminer” BTC mining machines in the village of Leposavic and another 39 mining machines near Pristina.
Meanwhile, police also stopped a driver carrying 6 cryptocurrency machines with 42 graphics cards (GPUs) near the village of Druar in Vushtrri. The driver has since been questioned and released.
Economy Minister Artane Rizvanolli backed the Kosovo police on Twitter and wrote: “Tens of thousands of euros will be saved from taxpayers’ money a month = energy for hundreds of Kosovo families during the crisis.”
China’s digital wallet has 16 million downloads in its first week
According to two data providers, the pilot application of the Chinese e-CNY wallet, which is currently available in a dozen major cities, reached 16 million downloads in the first week after its launch.
Information from data provider Qimai shows more than two million downloads from Apple store in mainland China, while another provider, Kuchuan, reports more than 14 million downloads from Android in the country.
On Monday, the e-CNY wallet app ranked second among free applications in mainland China in the Apple store and first in the financial category of the store. The application for digital yuan was launched on January 3. Previously, it was only available through private channels provided by banks participating in e-CNY tests.