Crypto News of the Day (10.2.) | Bitcoins fall below $ 10,000 again • Justin Sun calls his own TRX “shitcoin” • and other news
4 min readTable of Contents
Here you can find an overview of the most important crypto events in the last 24 hours.
Markets
Bitcoin had a very turbulent weekend. At first he swung across the $ 10,000 magical threshold, then dropping sharply by $ 300. He then climbed again to $ 9,900, but has not yet surpassed the magic ten and is currently rather falling. A classic example of cryptomarket volatility. Altcoins are also currently falling.
You can monitor the current cryptocurrency prices – here.
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Cryptocurrencies
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Regulations / State cryptocurrencies
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Blockchain / Technology
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Bitcoin plummeted by $ 300, now below $ 10,000
Bitcoin (BTC) fell again below $ 10,000 today, as sudden volatility caused markets to leave five figures just a day after they reached this threshold. The decline is still ongoing. When the price dropped to $ 9,900, a single buyer on BitMEX bought the BTC for more than $ 2 million in a single transaction.
Bitcoin again in focus in China
Although China seems to be hostile to cryptocurrencies, its citizens seem to be watching them closely. The Chinese social network Weibo was a surprise, because Bitcoin is currently one of the top searched passwords after it exceeded the price of around 10 000 USD. China has always been one of the largest bitcoin markets, despite strong restrictions on cryptocurrency trading in the country. Most of the miners are based in China and the country remains one of the largest OTC shopping centers. Among the current internal problems that are currently bothering China, including coronavirus, it is interesting that Bitcoin still managed to secure a top position on Weibu.
Justin Sun calls his own TRX “shitcoin”
In an interview with Peter McCormack, TRON founder (TRX) Justin Sun directly admitted that his cryptocurrency is shitcoin. “Buy my shitcoin,” he says in the video. Apparently, Sun is obviously under the influence of alcohol and is in a funny mood, but it’s not a good PR for Sun or Tron. Sun responded to McCormack’s post with a simple answer. “Lol,” he writes, enough to make TRON’s supporters relieve it was all fun.
My exclusive interview with @justinsuntron is now available.
— Peter McCormack (@PeterMcCormack) February 9, 2020
Hot tip for a Pulitzer. pic.twitter.com/TZaedkezOX
The Swiss regulator wants stricter rules for crypto transactions
The Swiss Financial Market Authority (FINMA) has proposed a plan to tighten up anti-money laundering (AML) rules for cryptocurrencies. According to the proposal announced on Friday, crypto transactions with more than 1,000 Swiss francs (~ $ 1,025) will require client identification against the current limit of 5,000 francs (~ $ 5,120). FINMA stated that the new limit was considered due to the “increased” risks of money laundering in crypto ecosystem.
German banks ask regulator for “custody cryptocurrency service” license
Government officials in Germany confirm that several banks have applied to start custody services for digital assets. BaFin, the national financial regulator, claims to have received more than 40 applications, reports Handelsblatt. Germany’s updated Money Laundering Act allows banks and other local financial institutions to provide and manage traditional securities, including stocks and bonds, along with digital assets.
China uses blockchain to settle insurance claims
Insurance companies in China use blockchain to manage claims related to coronaviruses. A local news channel in the South China Morning Post reported on February 9 that China’s Xiang Hu Bao online mutual assistance platform added coronavirus to diseases eligible for a maximum one-time payout of about $ 14,300 (100,000 yuan) this month. Xiang Hu Bao is not an insurance company, but a blockchain-based collective claim sharing platform with 104 million users. According to the report, the system uses blockchain technology to prevent fraud and enable quicker claims processing. Owned by Chinese financial giant Ant Financial, Xiang Hu Bao uses AliPay, a mobile payment processing service that funds equity payments to coronavirus victims.
Mercedes joins companies that test blockchain
German luxury car manufacturer Mercedes-Benz is now focusing on the environment in collaboration with the British startup Circulor to launch a pilot that promotes transparency in CO2 emissions. Companies will use blockchain technology to monitor climate-related CO2 emissions and the amount of secondary material used by supply chain manufacturers of battery cells. It plans to prepare a new fleet of cars with a neutral CO2 footprint in less than 20 years.
