Following yesterday’s reports that Bitfinex and Tether were subpoenaed by US regulators, which caused a massive dip in the market, the price of Bitcoin managed to hold above $10,000. However, rest of the market is still in decline and the total market cap lost $37 bln.
South Korean finance minister Kim Dong-yeon confirmed today that the government has no plans to ban or suppress cryptocurrency market. He added that the government will focus on regulations instead.
In their official statement today, LINE announced the launch of their own exchange and in-app trading space for their 200 million monthly users. The main aim for this was to offer a wider variety of financial services and a place to exchange and process virtual currencies, insurance and loans.
The advertising policy of social media giant has been updated yesterday, and it now prohibits any ads or promotional material on cryptocurrency, Bitcoin, ICO and any binary options. The company’s new policy states: “Ads must not promote financial products or services that are associated with misleading or deceptive practice.”
Cryptocurrency traders can now observe a notable difference in transaction fees, as the price has fallen from $30-$40 that users paid just at the end of December, to today’s $0.25. In addition – the size of mempool with unconfirmed transactions has also decreased.
US network Coinsource has revealed a new patented software for their Bitcoin ATM machines that will help eliminate the middle man, will provide a better user experience and will enhance QR code scans.
Perth Mint announced their plans to create a cryptocurrency backed by gold. The company sees a huge potential in attracting investors back to precious metals following a boom in digital investments. Moreover, the company believes that blockchain technology will aid fast and efficient settlement providing better price stability than unbacked cryptocurrencies.
Starbucks Corporation’s CEO Howard Schultz said that he sees a potential in using blockchain technology and cryptocurrencies, but not Bitcoin as the company is skeptical about it. In addition, if blockchain is implemented, cryptocurrency payments may create and increase long-term shareholder value.
The Bank of Indonesia will start testing the crypto rupee this year. Bank’s CEO Susiato Devi says that crypto rupee will differ from existing cryptocurrencies, since its rate will be based on a certain value of asset. In addition, when calculating the volume of emission of a new digital currency, the current position of the country monetary system will be taken into account, as well as the level of inflation.
WeMakePlace, also known as Wemepu will be the first major retailer to add cryptocurrency as payment method. The 12 cryptocurrencies, including Bitcoin, Litecoin and Ethereum are added in collaboration with Bithumb exchange platform later this year.