Bitcoin falls under $9,000 as coronavirus woes deepen...
One week in review:
Mar. 2–8 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. India's Supreme Court overturns controversial ban on banks servicing crypto firms | | | A controversial ban that prohibited banks from dealing with crypto-related companies in India has been overturned by the country's Supreme Court. The Reserve Bank of India's sudden move in April 2018 had proved calamitous for local businesses, with several exchanges closing because of the uncertainty. Three judges decided to strike down the ban on Wednesday — with the RBI speedily announcing plans to challenge the decision, fearful that the ruling could put India's banking system at risk. It took less than 24 hours for two major exchanges to resume accepting deposits and withdrawals, but India's crypto industry might not be out of the woods yet. | | #2. Bitcoin falls under $9,000 as coronavirus woes deepen | | | The stock market has continued its rollercoaster ride for a second week as coronavirus cases rapidly proliferate outside of China. Bitcoin was initially spared from the massive losses disrupting other assets — maintaining support over $9,000 for three consecutive days — but plunged below this level on Saturday. Other cryptocurrencies have also been suffering. The bizarre search term "Bitcoin coronavirus" has now overtaken "Bitcoin halving" on Google Trends. | | #3. New governor of the Bank of England isn't a fan of Bitcoin | | | It's often difficult for the crypto world to find friends among central banks. Although he is an advocate for regulation, the current Bank of England governor, Mark Carney, appeared to be one of them — publicly giving his support for Libra and stating that he was open to central bank digital currencies. Given how he is stepping down March 17, there's understandable interest in what his successor has to say… and, warning: It isn't good. Andrew Bailey told a parliamentary committee this week that anyone who buys Bitcoin should be prepared to lose all of their money because it has "no intrinsic value." Bailey's anti-crypto stance could indicate that the Bank of England's attitude will change under his tenure. | | #4. Prediction of the Week Coronavirus will send Bitcoin price to $100,000 in 2020, Max Keiser insists | | | As global stock markets take a beating because of the coronavirus, Bitcoin advocate Max Keiser argued that the health scare could be a blessing for the crypto sector. On his Keiser Report TV program, Keiser said BTC will hit six figures this year — and even went as far to say that JPMorgan CEO Jamie Dimon will be "begging" the U.S. Federal Reserve to buy some. It might be a bit premature to take his prediction at face value — a week ago, crypto losses were very much in line with declines on the stock markets and in the price of gold. Meanwhile, the crypto analyst PlanB has said "100+ events" imply that Bitcoin will hit $100,000 in the next two years. Will their predictions be correct? | | #5. FUD of the Week YouTuber sentenced to 50 years for kidnapping and demanding a Bitcoin ransom | | | A YouTuber has been sentenced to 50 years behind bars for masterminding a woman's kidnapping in Mexico. The group had demanded $100,000 in Bitcoin in exchange for the release of Tania Denisse, a 33-year-old lawyer. Acosta had rented a house to hold the victim captive while they established communications with authorities over the internet. Although Acosta was "very experienced" in browsing anonymously, detectives were able to track down the BTC that was eventually sent to the kidnappers. Denisse was later rescued, and the ransom money was recovered, along with a handgun and several mobile phones. | | #6. FUD of the Week Ledger wallet warns of fake Google Chrome extension stealing crypto | | | Ledger, a major cryptocurrency hardware wallet supplier, has warned users that a phishing attack is attempting to steal their crypto, using a Google Chrome Extension. The fake extension is called Ledger Live and tries to mimic an authentic mobile and desktop application that allows users to approve transactions by synchronizing their hardware wallet with a trusted device. The dodgy extension now appears to have been removed from the Chrome Web Store, but not before it was downloaded at least 120 times. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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