Developments are being made in the nascent world of crypto and blockchain day in and day out. This past day was nothing short. Here is all the major news that you need to know from the past day.
Bitcoin Price Drop
After remaining steady for quite a long time, bitcoin’s price finally fell below the mark of $6,000. At the time of writing, it is priced at $5,637 as per CoinMarketCap. The major reason behind this drop cannot be pinpointed. This might be whales manipulating the market or some other reason, no one knows for sure. But in a nutshell, people who were applauding bitcoin’s improved volatility are now on a backfoot.
IMF Endorsing Digital Currencies
International Monetary Fund (IMF) is one of the biggest financial institutions in the world. In a speech that was made last day, the head of IMF, Christine Lagarde, clearly showed her inclination towards the usage of digital currencies. Christine largely endorsed the exploration of digital currencies. She clearly suggested that issuance of digital currencies should be considered in all seriousness and to feed the digital economy, states should play their part.
Countries like Uruguay, China, Sweden etc. are already considering the launch of digital currencies. Christine suggested that its time IMF embraced the upcoming change and new thinking.
Cryptos like bitcoin, XRP ethereum also gained the attention of Christine as she pointed out their constant efforts of improving themselves in order to provide people with more stable, valuable, cheaper and quicker settlements.
Regarding this development, well-renowned crypto expert Anthony Pompliano, who is also the founder of Morgan Creek Digital, tweeted:
The Head of the IMF gave a speech today that legitimized cryptocurrencies.
She said state-backed digital currencies could provide financial inclusion, security & consumer protection, and privacy in payments.
The virus is spreading and now the IMF is infected! ?
— Pomp ? (@APompliano) November 14, 2018
Besides these encouraging remarks made by the head of the institution, IMF also issues a report that criticized the credibility of cryptocurrencies to act as the alternative to money owing to the issues that are linked with them.
Mining has remained a relatively tough task for normal crypto users owing to the technicalities that are associated with this process. But there is a new startup is in town that is changing this game named Coinmine.
Yesterday, Coinmine announced its debut product under the name of CoinMine One which will help normal crypto users get rewards from mining. It is a hardware device that uses 120 watts power and runs at 40 dB level. The device is expected to be launched in December. This news comes off as great for the average crypto users because now, they can have access to mining rewards more easily.
Google’s Slip of Tweet
Google is one of the world’s biggest tech company. Yesterday, G Suite, one of Google’s platform, tweeted a scam bitcoin giveaway post as its official handle got hacked. The tweet was later on removed.
Twitter giveaway scams are the talk of the town from the beginning and not even Google is safe from them. Various verified accounts are getting hacked recently to promote giveaways scams of bitcoin. It’s time to stay in the safe zone. One has to tread carefully in the crypto world.