| Peter Wind

The top 5 crypto news of the week

The price of Bitcoin continued to increase and crossed $40,000 this week. In addition, the total cryptocurrency market cap has surpassed $1 trillion for the first time ever. However, it’s not all just about the action in the markets, and there are important things happening on a more fundamental level as well. Stay on top of all the action with our recap of this week’s crypto news.

1. Total cryptocurrency market cap surpasses $1 trillion

The total cryptocurrency market cap has surpassed $1 trillion for the first time in its history. This figure was reached as Bitcoin reached a fresh all-time high at $38,000 and Ethereum continued to make progress above $1,000. The S&P 500 and the Dow stock market indices also hit their all-time highs on January 6, despite violent riots erupting in the United States Capitol.

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2. OCC says U.S. banks are allowed to participate in stablecoin payments and operate blockchain nodes

While recent regulatory developments in the United States have generally been perceived as hostile to the cryptocurrency space (SEC lawsuit against Ripple, FinCEN’s proposed rules on self-hosted wallets), the situation is not quite as one-sided. The Office of the Comptroller of the Currency (OCC) has published an interpretive letter saying that national banks and federal savings associations are conduct payments through public blockchain networks and stablecoins.

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3. Square CEO Jack Dorsey and crypto industry heavyweights are opposing FinCEN’s proposed crypto regulations

A number of United States-based cryptocurrency companies have come out in opposition against new regulations proposed by the Financial Crimes Enforcement Network (FinCEN). The proposed regulations would require businesses that deal with cryptocurrency to collect personal information about owners of unhosted cryptocurrency wallets (i.e. non-custodial wallets) for transactions above a certain threshold.

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4. Tetragon sues Ripple, demands company to redeem shares

Investment company Tetragon, who led Ripple’s $200 million Series C investment round in 2019, is now suing Ripple in an attempt to have the company redeem the Series C preferred stock owned by Tetragon. According to a Bloomberg report, Tetragon is seeking to »block Ripple from using any cash or other liquid assets until the payment is made«.

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5. Privacy coins miss out on new years’ crypto rally following Bittrex delistings

The Bittrex cryptocurrency exchange sent a shockwave through the privacy coin markets after announcing on December 29 that they will be delisting Monero, Dash and Zcash from their platform starting with January 15. 

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