Bitcoin price came down to a 7-week low of $7,040 Tuesday morning before showing signs of a quick recovery. This is the lowest price quoted for Bitcoin since April 12.
The most popular cryptocurrency opened at $7,105 Tuesday and shed around $60 in the next few hours. However, it regained some lost value as the day progressed. Bitcoin was trading above $7,400. And The recovery rate was more than 4 percent.
Here is a wrap of the main news from the cryptocurrency and blockchain world over the past 24 hours.
India’s Telecom Watchdog to use blockchain to curb pesky calls
Telecom Regulatory Authority of India (Trai) is proposing to use blockchain technology to curb pesky telemarketing calls and SMSs, which are made despite the “Do Not Disturb” choice of customers. A draft regulation to this effect was notified on Tuesday. The draft shall be open for comments up to the June 11, 2018 after which it could be implemented as the final regulations. The use of blockchain technology will ensure that telemarketing calls and messages are sent out only by authorized entities and are directed at those who have subscribed to them.
China’s BTCC to introduce upgraded cryptocurrency exchange
Hong Kong-based cryptocurrency firm BTCC is set to introduce a new and upgraded cryptocurrency exchange platform in June. The new BTCC exchange will support cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), as well as trading pairs like LTC/USD and LTC/BTC etc. It also plans to offer zero trading fees for the first three months. It is looking to add new trading pairs on a regular basis.
German Stock Exchange Mulls Cryptocurrency products
The Frankfurt Stock Exchange operator, Deutsche Boerse AG, intends to work on technology that would ultimately help them to offer cryptocurrency related products to the clients. In March, Deutsche Boerse had partnered with the financial management firm HQLAX to develop a blockchain platform that helps to make their securities settlement efficient.
Bitcoin ATMs Installed In Czech Capital
ATM Machines that can dispense bitcoin and other cryptocurrencies have been installed in ten locations in the Czech capital city of Prague. General Bytes, the Czech Republic-based Bitcoin ATM manufacturer, said its machines are set across the Prague Metro, which is the fifth busiest metro system in Europe. The ATM supports four types of cryptocurrencies – bitcoin, litecoin, dash and monero.
Bithumb Bans Digital Coin Trading in 11 Countries
South Korea’s biggest cryptocurrency exchange Bithumb has decided to ban digital asset trading in 11 countries including North Korea, Iran, Iraq, and Sri Lanka to prevent its platform being used to launder money and any international finance terror or criminal activities. The exchange will not accept new users from these countries listed as high-risk jurisdictions by the Non-Cooperative Countries and Territories (NCCT) Initiative.
Blockchain Technology Not Yet Mature: Russia CB Official
The blockchain technology is not yet mature enough and it requires improvement, Olga Skorobogatova First Deputy Governor of the Bank of Russia reportedly said. According to Skorobogatova, blockchain still requires a lot of improvements both from the point of view of security, and in terms of scalability, local news publication Prime reported. Further, central banker said the technology has not received mass adoption because business executives are yet to realize its value.
Court order forces Chilean banks to reopen current accounts of Crypto exchanges
Chile’s state-owned bank BancoEstado has started working with Chilean crypto-exchanges CryptoMarket and Buda to re-open their current accounts following a favorable order by the South American nations’ anti-monopoly court. Three crypto-exchanges had approached the TDLC in early April and filed a lawsuit against the ten banks, calling their actions an abuse of a collective dominant position as well as arbitrary and illegal.