Top 5 news highlights from the world of cryptocurrency last week
Harvard Professor of Economics and former Chief Economist at the International Monetary Fund (IMF) Kenneth Rogoff believes that governments will not allow bitcoin to flourish on a large scale. “The regulation will come in. The government will win,” he said. The professor also discussed the likelihood of a bitcoin bubble.
Ethereum and the aggregated altcoin market is performing quite well as Bitcoin’s price action stagnates. It appears that investors are moving further along the risk branch as they rotate out of BTC and into assets that have yet to see full-fledged price discovery. There’s a strong possibility that Ethereum will lead the altcoin market’s next wave higher.
Joe Biden, the 46th president of the United States, has frozen all rulemaking carried over from the previous administration, the White House announced after his inauguration Wednesday. This would include the proposal by the Financial Crimes Enforcement Network (FinCEN) affecting cryptocurrency wallets.
Indian cryptocurrency exchange Buyucoin has reportedly been hacked and sensitive data of about 325,000 users has reportedly been leaked onto the dark web. According to reports, the leaked data includes personal information, encrypted passwords, user wallet details, order details, bank details, PAN numbers, passport numbers, and deposit histories.
Save for a few blips, XRP, Litecoin, Bitcoin Cash, and others have been part of the top 10 cryptocurrencies for years. Since the crash of 2018, the altcoins at the top of the pack have largely been unquestioned. But a prominent researcher and fund manager is challenging the status quo. He wrote in a recent tweet that he doesn’t think that five of the top 10 cryptocurrencies “do NOT deserve” being where they are today.