Welcome to Break’N Crypto - a weekly Fintech news digest. Every Sunday BTCMEX will provide big stories about digital currencies, crypto exchanges, blockchain, innovations and breakthroughs in traditional and decentralized finance.
Halloween or… Bitcoin birthday!
While the whole world was in Halloween rush this week, the crypto community celebrated the 11th birthday of Bitcoin on October 31. Back in 2008, Satoshi Nakamoto released the Bitcoin whitepaper, which gave birth to the first successful digital currency. To celebrate the anniversary BTCMEX took a glance at the major events in Bitcoin’s life. Happy birthday, Bitcoin!
Cryptocurrency Futures are climbing the charts
Crypto Futures trading has reached new heights recently. The volume of digital assets Futures trades provided keen and tough competition to the spot market trading, reported Bloomberg. The data collected from 13 major exchanges showed that the trading volume of Futures Contracts now amounts to nearly 50% of the value of spot trading.
China: regulating blockchain
Chinese Government turned its head to the blockchain adoption firing up massive discussions in social media. The National People’s Congress in China pushed through a new law that will allow local authorities to regulate all of the country’s cryptography-related activities starting from January 1, 2020. The purpose of the regulation is to establish a unified system of crypto technologies and manage sensitive data efficiently across the country.
Soon after, President Xi Jinping advocated for the blockchain adoption as a core digital innovation. His statement created resonance in the community as the country leader’s comments about the blockchain come against the country’s long-standing aversion of the cryptocurrencies: the government banned initial coin offerings and all activities related to digital assets trading a couple of years ago. Nevertheless, China is racing towards launching its national crypto (CBDC). If this happens, the country will be the first one to launch its digital currency.
BTC trading boom in Argentina
Meanwhile, Bitcoin (BTC) trading is bursting in Argentina with the new regulation that restricted buying the US dollar (USD). As news outlets reported, the country’s central bank has opted to reduce the amount of dollars a saver can purchase each month from $10,000 to just $200. Argentina has seen the value of its fiat currency, the Argentine Peso (ARS), fall dramatically this year, with the annual inflation exceeding 50%.
Mt. Gox: refunds are problematic
Mt. Gox announced a new refund claims deadline - March 31, 2020. The trustee in charge of refunding users who lost money in the implosion of Bitcoin exchange Mt. Gox has again extended the submission deadline for claims. The extension was inevitable due to the high volume of problematic requests, reported the institution.
A total of around 24,000 people were implicated in the Mt. Gox debacle. The exchange collapsed in early 2014, with around 850,000 BTC (at the time worth $460 million) disappeared from its books.
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