In a historic week for Bitcoin’s price which plummeted in astonishing fashion this past week, the crypto news has been predictably bleak. From the best reactions to the price drop to the latest news from India in the aftermath of their RBI ruling, here is our pick of the news this week:
Bitcoin price plummets
Last week Bitcoin’s price fell dramatically. The crypto saw 50% of its value plummet in just seven days as the markets become volatile caused by the Coronavirus. Bitcoin’s price went to $3,850 per bitcoin on the Luxembourg-based Bitstamp exchange yet recovered rapidly returning to around $5,200 in minutes. Thursday saw its price fall 17% plummeting the token to lows not seen since May 2019.
How the world reacted to the price drop
In a historic week for the leading cryptocurrency, many commentators and even some celebrities chimed in with their assessments. Some pundits like Keith Wareing and Tron CEO, Justin Sun have said that this proves a great time to buy Bitcoin and could be positive in the long run. Others were less optimistic. Binance CEO, Changpeng Zhao, called it “bloodbath day” and Peter Brandt warned that the price could fall below $1,000. Whistleblower Edward Snowden took to Twitter to say he was thinking of buying Bitcoin.
Indian Banks refusing to comply with Supreme Court RB decision
This month the Supreme Court of India lifted the Reserve Bank of India’s (RBI) ban on banking services for cryptocurrency-related transactions in a watershed moment for the crypto community. However, recent court filings suggest that many domestic banks are not applying the decision.
The fintech lawyer Mohammed Danish filed a representation against the RBI on March 12 pleading with them to make sure all banks comply with the ruling. The papers highlight the banks of HDFC and IndusInd Bank as failing to change their rules, with the banks saying they need an official notice from the RBI before they proceed. Reports have suggested the RBI will appeal the Supreme Court decision.
Alipay is looking to capitalise on Coronavirus outbreak
Alipay is expanding its services in China and adding to its blockchain network as it reacts to the Coronavirus a Bloomberg report has revealed. The eCommerce giants have implored on their 44 million merchants to expand services for the app’s 900 million users. The services will be added to their mini-programs, something their rivals Wechat have a significant advantage in. Alibaba is also helping in the Coronavirus fight too. They have created a blockchain service to monitor allocation and donations of relief/medical supplies.
Huobi announces Blockchain Governance Initiative Network (BGIN)
Huobi China has joined the Blockchain Governance Initiative Network (BGIN), an international non-profit organisation in which stakeholders can share information and research. The group’s research will focus on blockchain governance and look to foster an open dialogue between nations. Founding members include representation from around the world. Various educational institutions and companies like Georgetown University, the Japan Financial Services Agency (JFAS), Stanford University, Cambridge University, and finally, Huobi China.