Crypto In-N-Out’s News Rundown: Bitcoin Price Dropped Below $4,000, Snowden Is Up For Blockchain, Blockchain Subsidiary of Gibraltar Stock Exchange Approved by Regulator and Overstock Quits Retail For Blockchain and Crypto.
1. Bitcoin Price Dropped Below $4,000
This Saturday saw the further drop in Bitcoin price which is now below the $4,000 mark to $3,755. The price bounced back a bit on Sun to $3,800. Almost a year ago towards the end of 2017 Bitcoin was priced nearly $20,000, which is five time of the value as of now. With the ups and downs of other major crypto currencies throughout 2018, Bitcoin, before the last two weeks, stood at a steady level. The whole market, in particular institutional investors who were attracted by the previous strong performance of Bitcoin, are not optimistic as the current price trend indicates an absent of ‘buy-the-dip’ mentality.
2. Snowden Is Up For Blockchain
The world’s most famous whistleblower Edward Snowden shared his views on the blockchain technology in a recent interview. He commented, ‘Imagine an old database where any entry can be changed just by typing over it and clicking save. Now imagine that entry holds your bank balance. If somebody can just arbitrarily change your balance to zero, that kind of sucks, right? Unless you’ve got student loans. The point is that any time a system lets somebody change the history with a keystroke, you have no choice but to trust a huge number of people to be both perfectly good and competent; and humanity doesn’t have a great track record for that. Blockchains are an effort to create a history that can’t be manipulated.’
3. Blockchain Subsidiary of Gibraltar Stock Exchange Approved by Regulator
The Gibraltar Blockchain Exchange announced on Thursday that the Gibraltar Financial Services Commission (GFSC) has granted it a license under the new regulatory framework for distributed ledger technology (DLT). According to the exchange, it is the first stock exchange to own a regulated blockchain exchange.
4. Overstock Quits Retail For Blockchain and Crypto
Overstock, which is one of the oldest online retailers, is quitting its ecommerce business and will sell it as a whole in the next February. With the pressure from the ecommerce giant Amazon and eBay, Overtock is considered to have no competitive advantage in the ecommerce industry. The company has tied its future with blockchain and crypto industry going forward with its $175 million investment in the subsidiary Medici Venture, which backs up blockchain startups.