4C Newsflash of July 10

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Market Cap at 11:24 (UTC) – $335,536,161,042 billion 

Bitcoin dominance: 62.6% 

BTC $11,802.07 (+ 5.18%) 

ETH $292.42 (+7.49%) 

XRP $0.381443 (+1.25%) 

China to issue its own cryptocurrency

According to South China Morning Post, an official of People’s Bank of China have said that Facebook’s crypto, Libra had forced China to step up and creates its own cryptocurrency. Additionally, the director of People’s Bank of China believes that Libra can bring various consequences to the world economy, financial stability and the international monetary system. 

SEC and FINRA released a statement on crypto custody issue 

In July 8th, SEC published a joint staff statement about crypto custody issue. In the statement, SEC requires the broker-dealers to safeguard customer securities and cash entrusted to the firm separated from the firm’s assets so when the firm can return the asset to the customer in case of broker-dealer failure. Additionally, the statement also says that a broker-dealer seeking to custody digital assets and securities must comply with the Customer Protection Rules. Also, if the broker-dealer is liquidated under SIPA, the SIPA trustee would be expected to step into the shoes of the broker-dealer and expected to be able to transfer, sell, or otherwise dispose of assets in accordance with SIPA. 

Grayscale Bitcoin Trust rises 300% 

According to Wall Street Journal data, it is reported that there was approximately a 300% appreciation of Grayscale Investment’s Bitcoin Trust (GBTC). Since May 1st , GBTC has been constantly rising from $6.75 to $16.9 as of July 10th

EU Central Bank won’t recognize BTC as a currency. 

In a Q&A on Twitter, a Twitter user has asked ECB whether the bank had plans to add BTC to its reserve. The ECB answered: “Lane: No. Bitcoin is not a currency, it rather is an asset and it is very volatile”. 

IRS is tackling Bitcoin tax crime. 

A recent presentation by IRS has shown that the organization is carrying out various research, investigations to determine whether a tax payer had made transaction using Bitcoin. Additionally, IRS will post traceable information and public address to various social media platforms such as Facebook, Twitter, Reddit, etc. 

Samsung adds more dapps to its blockchain wallet. 

To boost the use of Samsung S10 blockchain, Samsung recently added 10 dapps to its blockchain wallet including games, decentralised wallet, social media platforms, etc 

Additionally, insiders suggest that in the future, 6 to 8 dapps will be added to the phone blockchain wallet. 


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