This Week in Crypto: Bulls and Bears Continue Fighting to Dominate the Crypto Market




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This week kicked off with bulls charging. Bitcoin (BTC) spent most of the weekend trading sideways around the $8,800 level before a bullish momentum emerged, pushing the leading coin above $9,000. As a result, altcoins followed suit, adding approximately $10 million to the market cap.

According to data from Coinmarketcap, BTC went as high as $9,103 on November 10. However, the coin began correcting downwards and closed the day trading at $9,055. On Monday, BTC continued plunging, closing the day trading at $8,757. Bulls emerged again on Tuesday and pushed BTC above $8,800. Today, bears are dominant once again and BTC has shed 0.25 percent to trade at $8,779 at the time of writing.

BTC price | Crypto week

This bearish sentiment has spread and most of the top-100 coins are bleeding. In the top-10 list, only tether (USDT), and binance coin (BNB) are green. Ethereum is down 0.3 percent and is currently trading at $186.18. XRP is also holding up a red torch with a 0.35 percent loss in the day to trade at $0.27.

Dutch Police Arrest the CEO of Blockchain Game Firm, Komodore64

Dutch police have apprehended Sam Narain, the co-founder, and CEO of Komodore64, a blockchain game development firm. A report unveiled this news on November 12, noting that the authorities arrested Narain for deceiving suppliers, employees and investors. He is currently detained at a police station in the Hague, awaiting questioning.

Dutch Police Arrest the CEO of Blockchain Game Firm | Crypto news

According to the report, this arrest comes on the heels of allegations that Narain bankrupted the firm. Apart from this, Narain purportedly duped investors into investing $86 million. He reportedly went as far as hiring a group of people to masquerade as a Goldman Sachs delegation. Also, Narain pretended that he had secured an investment from the false Goldman Sachs team. On top of this, employees at Komodore64 claimed that the official launch party cost tens of thousands of euros. They added that while the party cost a fortune, Narain never paid the suppliers that facilitated the event.

Soon after, the employees also discovered that the firm had not been paying them. As a result, Max Theyse, the startup’s co-founder quit. While all this happened, Narain did nothing. Per the publication, Narain’s passiveness saw the situation get out of hand and the employees had to take charge and file for bankruptcy.

League of Legends Co-creator Loses $5 million to Crypto Scammers

Still on crypto crime, Marc Merrill, the co-founder of Riot Games and co-creator of League of Legends lost more than $5 million to crypto scammers. A report unveiled this news on November 10, stating that Merrill lost his funds following a case of identity theft.

League of Legends Co-creator Loses $5 million to Crypto Scammers

Per the publication, this scam started in November 2014, after a Singaporean man used Merrill’s American Express credit card to buy cloud computing power from Amazon and Google. Known as Matthew Ho, the Singaporean national used Amazon and Google servers to mine several crypto coins. These include ether (ETH) and bitcoin (BTC).

It took more than three years, before Ho’s activity was noticed. However, by this time, he had accumulated bills totaling $5 million. According to the report, Ho used Merrill’s Amex card to pay $135,000 in an attempt to pay the bill. It is still not clear whether he successfully cleared the entire bill. While the Department of Justice filed charged against Ho in October, it had not revealed that Merrill was the victim.

German Bankers Express Doubt Over Facebook’s Libra Stablecoin, But Won’t Ban It

In other news, research recently found that German bankers are skeptic about Facebook’s Libra stablecoin. The Center for Financial Studies (CFS) at the Goethe University in Frankfurt conducted this study.  Per the findings, 76 percent of the respondents believe the coin has the potential to affect the country’s monetary system negatively. Another 6 percent noted that the coin could weaken the stability of the global economy.

German Bankers Won’t Ban Libra | Crypto news

According to the findings of the survey, German bankers view Libra as a fickle project. As such, they believe it won’t last long seeing as the project does not have definite long-term plans. However, 61 percent of the respondents noted that they would oppose the banning of the coin. Although the bankers believe Libra could cause significant damage, they suggested that the government allow it. However, its approval should only be under the condition of monitoring it sternly.

Hubertus Vath, the head of the banking lobby Frankfurt Main Finance said,

The survey proves once again that the financial industry is open to innovation, but also keeps a close eye on the risks.

Royal Bank of Canada Set to Launch a New Crypto Trading Platform

Moving on, the Royal Bank of Canada (RBC) is working to set up a crypto exchange. A report revealed this news on November 12, noting that the bank would also let its clients open crypto accounts. In so doing, the RBC will become the first Canadian bank to create a crypto trading platform.

Royal Bank of Canada Crypto Trading Platform | Crypto news

Reportedly, the upcoming exchange would help increase the speed of crypto-related activities. These include purchases, sales and the transfer of funds. To protect its ideas, the RBC applied for four patents in Canada and in the US. The patents explain how the bank intends to incorporate crypto assets into its operations.

One of the patents reads,

To individual users, managing cryptographic keys and transacting with different cryptographic assets can be a challenge. In some situations, cryptographic asset transactions may take time to be confirmed, and/or may not be compatible or supported by merchant systems or point-of-sale devices.

This news comes as Canada continues considering whether it will issue a digital currency. While this process may take a long time, RBC’s move is set to boost the adoption of the crypto sector in the country.

China’s Central Bank Official Says National Digital Currency Does Not Seek Control Over User Details

In a case of the Chinese government trying to adopt crypto, a senior official of the People’s Bank of China (PBoC) unveiled that the proposed domestic digital currency does not seek to control the general public’s details. Mu Changchun, the head of the PBoC’s digital research institute disclosed this information during a conference in Singapore.

China’s Central Bank Official Says National Digital Currency Does Not Seek Control Over User Details

While the digital currency does not seek control over individuals’ data, Changchun noted that authorities needed the information to prevent crime.

He said,

We know the demand from the general public is to keep anonymity by using paper money and coins … we will give those people who demand it anonymity in their transactions. But at the same time we will keep the balance between the ‘controllable anonymity’ and anti-money laundering, CTF (counter terrorist financing), and also tax issues, online gambling and any electronic criminal activities. That is a balance we have to keep, and that is our goal. We are not seeking full control of the information of the general public.