This Week in Crypto: Bitcoin Comes Close to $10K Before Plunging!




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Crypto week | BTC 10k

This week began on a high note after bitcoin (BTC) surged to bring its total gains since Thursday to 26 percent. Over the past weekend, the coin touched the $10,000 level momentarily before correcting downwards. This became the first time that the leading coin touched the $10,000 level in more than a month. On Monday, the coin reached $9,934 before correcting plunging once again. At the time of writing, BTC is down 2.12 percent and is trading at $9,253, according to data from Coinmarketcap.

BTC price chart | Bitcoin price surge

According to analysts, this bullish momentum is a result of Xi Jinping, China’s president endorsing the blockchain technology.

Samsung Set to Begin Supporting the Tron Network in Its Blockchain Keystore

Samsung and the Tron Network are set to join hands in a strategic deal. A report unveiled this news on October 29. Per the publication Justin Sun, Tron’s founder would announce this news officially on October 30 at the Samsung Developer Conference.

Justin Sun | Tron | Bitcoin price surge

According to the report, this partnership will see Samsung incorporate the Tron network into the Software Developer Kit (SDK) of the Samsung Blockchain Keystore. This move will offer coders direct access to the Tron network through Samsung devices. As such, they will be in a position to build software with the Tron network. 

Justin Sun hinted on this development in the past week noting,

While this news is bullish for the Tron network, it is still unclear whether joining hands with Samsung will have a direct impact on TRX tokens. At the time of writing, TRX is up 6.18 percent and is trading at $0.022 according to data from Coinmarketcap.

Chinese President and Head of PBoC Endorse Blockchain Technology

In another bullish feat for the blockchain sector, Li Wei, the head of the People’s Bank of China (PBoC) called for the mass adoption of the blockchain by commercial banks. A publication revealed this news on October 28, noting that Wei claimed that applying the blockchain’s use cases would see banks embrace digital finance.

Chinese President | Bitcoin price surge

Per Wei, it is high time that commercial banks step up and integrate the blockchain into their day-to-day activities. He noted that integrating the blockchain would help banks reduce risks. Also, Wei believes that the blockchain technology would make it easy for SMEs to secure loans.

Wei’s proposal came after Xi Jinping, China’s president announced that China would focus on the blockchain.

Speaking during the 18th collective study of the Political Bureau  of the Central Committee, Jinping said,

[We must] clarify the main direction, increase investment, focus on a number of key core technologies, and accelerate the development of blockchain technology and industrial innovation,

This statement marked the president’s first in-depth remarks regarding the blockchain. As a result, this news saw Chinese altcoins register huge gains over the weekend. For instance, NEO gained more than 46 percent against the US Dollar. Qtum also recorded a 50 percent gain against the US Dollar. However, this momentum faded over the weekend causing the coins to plunge as this week began.

Paxos Set to Launch Crypto Settlement Service

Stepping away from the blockchain sector, Paxos Trust Company, a regulated financial institution announced that it would roll out a blockchain settlement service. The firm noted that the SEC had given it a No-Action relief. This means that no US-based agency will be in a position to take any enforcement action against the company. This relief also applies to the firm’s products and services.

Paxos | Bitcoin price surge

Per the announcement, Paxos is also set to begin processing transactions for select broker-dealers for specific US-listed equity securities. The settlement service is a private permissioned blockchain solution that would enable two parties to settle securities with one another directly. Also, the service would allow the simultaneous exchange of cash and securities to settle trades. On top of this, the service will be backward compatible with the current processes to ease integration.

The first group of firms to adopt this service include Credit Suisse and Societe Generale. Per Paxos, this move will mark the first time in 50 years that firms will settle US equities outside of the legacy system. The firm added that this solution seeks to help lower fees. Apart from this, the solution would also provide the firm’s clients with access to capital, which would otherwise remain trapped in the traditional settlement system.

Tom Emmer Comes up with Bill to Protect Crypto from the SEC

In what might be a sigh of relief for Facebook’s Libra Project, a US lawmaker unveiled that he seeks to introduce a bill that protects crypto projects. According to Tom Emmer, the Republican congressman for Minnesota, some crypto projects need protecting.

Tom Emmer | Bitcoin price surge

Emmer noted that US authorities should only enforce security regulations to cryptos that meet the traditional rules of securities. He added that firms that follow the current rules deserve the certainty that they can offer their digital assets to the public and help create a decentralized network.

Per Emmer, the bill he seeks to table would protect token sales. However, this bill would only apply to token sales that are fully compliant. This would let crypto firms conduct token sales without the fear of regulatory backlash.

Prior to this, Emmer defended Mark Zuckerberg after he showed up for a congressional hearing. While the lawman expressed concerns over Facebook choosing Switzerland as Libra’s base, he criticized other legislators for calling on the project’s outright ban. According to him, house members have not invested time in learning about new technologies. He added that they should understand Libra’s underlying technology before bashing the project.