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Today in Crypto: Kraken Delists XRP, BlackRock Sells Major Stake in Chinese Telecom & More

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The crypto world saw many ups and downs throughout the past week as Bitcoin price volatility saw a couple of major dips as well as recovery post the infamous Monday market crash of nearly $10k.  The top cryptocurrency is currently trying to consolidate its position above $37,000. Other major headlines of the day include,

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  • Kraken Delists XRP Trading for US customers.
  • BlackRock, the world’s largest asset manager sells all its stake in the Chinese firm China Telecom.
  • Tether Banking Partner reveals they have invested customers’ funds in Bitcoin.
  • Mt.Gox Creditors Can Claim 90% of Bitcoin Stuck in Bankruptcy

Kraken Becomes Largest Exchange to Delist XRP in US

Kraken joined the growing league of exchanges to delist XRP trading services for its US customers today citing the SEC lawsuit against Ripple. Kraken joined the likes of Coinbase and Binance US. The firm released an official blog post announcing the delisting and wrote,

Given the recent SEC filing against Ripple Labs Inc., we are halting XRP trading for U.S. residents no later than January 29, 2021 at 5pm PT (January 30, 2021, at 1:00 UTC). We may begin implementing this process at any time on January 29, 2021, so all U.S. clients are strongly encouraged to resolve their positions prior to that day.

MicroStrategy Shareholder BlackRock Sells All Its Stock in China Telecom

BlackRock, the world’s largest asset manager today sold all its stock in China Telecom of nearly $20 million after the Chinese firm was listed under a new ban on U.S. investment, a stock market filing on Friday showed. The ban was initiated by the Trump administration where it flagged companies known to have links with the Chinse Milliary and prohibited US firms from investing in it.

Note that BlackRock owns largest shares in MicroStrategy, a company that is on a Bitcoin buying Spree.

Blackrock also informed that its index funds had adjusted holdings to reflect moves by MSCI Inc, FTSE Russell, and S&P Dow Jones Indices to cut China Telecom and other firms affected by the sanctions from their benchmarks.

Tether Banking Partner Reveals They Have Invested Customers’ Funds in Bitcoin

Deltecbank, a Tether banking partner created quite a storm after the bank’s chief investment officer revealed that they have been investing client’s money in Bitcoin since May of 2020. Given Tether’s ongoing lawsuit against manipulation of funds, the news really brewed fresh trouble for stable coin issuer as there have been allegations in the past that it does’ maintain a 100% treasury for the circulating supply of USDT.

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As a stable coin issuer, all the tokens must be backed one-to-one against the US Dollar, however, during the lawsuit Tether has revealed only 70% of its supply is backed by US reserves. The crypto community is closely following the developments owing to the long-running Tether Bitcoin FUD.

Mt.Gox Creditors Can Claim 90% of Bitcoin Stuck in Bankruptcy

Mt.Gox, the infamous bitcoin exchange which was hacked in 2014 and later filed for bankruptcy. The investors and traders filed a lawsuit against the exchange to refurbish their losses. A recent report from Bloomberg revealed that Creditors of the bankrupt cryptocurrency exchange Mt. Gox will be presented with the option to claim up to 90% of the exchange’s remaining bitcoin.

The deal between Mt. Gox’s bankruptcy trustee and MGIFLP, a unit of Fortress Investment Group, will be presented to creditors for a simple up or down vote

To keep track of DeFi updates in real time, check out our DeFi news feed Here.

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Source: https://coingape.com/kaken-delists-xrp-blackrock-sells-major-stake/

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Bitcoin Price to $1 Million in 10 Years ‘Very Reasonable’ Says Kraken CEO

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With bitcoin currently enjoying a near 70% YTD increase, bullish predictions see the asset topping into a six or even seven-digit territory in the following decade. These projections came recently from Kraken’s CEO, Jesse Powell, and the Managing Director of Magnetic, William Quigley.

Bitcoin to $150K in the Next Year

Founded in 2010, Magnetic is an investment firm with a pro-cryptocurrency approach, having allocated funds in the industry as well. In a CNN appearance, the company’s Managing Director and Co-Founder, William Quigley, spoke about bitcoin’s future, price performance, and the impact of the COVID-19-induced financial crisis on the asset.

By referring to historical price developments after each halving, the executive forecasted a somewhat bullish projection that can take the cryptocurrency up to $150,000 in the following months.

“We are about half-way through the post-halving bull run, so, by my judgment, we have a lot more to go with bitcoin. Certainly – $100,000 and quite possible $150,000 by the end of this year or maybe Q1 next year.”

Quigley also touched upon the growing number of companies putting BTC on their balance sheet, which he classified as “huge.” He believes that the general narrative for corporations to allocate some of their trillions of dollars currently held in cash in government bonds is fading. Instead, they will continue to look for an asset with a finite supply, namely bitcoin.

He noted that the most critical issues for corporations are inflation and the diminishing of the dollar. In contrast, being a limited-supply type of asset, BTC could serve as a hedge with its decreasing inflation.

BTC to $1M, Says Kraken CEO

In another widely-bullish prediction, Jesse Powell, the CEO of the US veteran crypto exchange Kraken, said that the asset price is going to “infinity.”

When asked to specify in dollar terms what that amount would represent, Powell said that even reaching $1 million per bitcoin sounds “reasonable.”

“People that are believers in bitcoin see it’s going to replace all of the world fiat currencies, so that means basically whatever the market cap of the dollar is, the euro, all of that combined is what bitcoin could be worth.

In the near time, people see it surpassing gold as a store of value. So, a million dollars as a price target within the next ten years is very reasonable.”

He justified his quite optimistic prediction with the excessive amounts of fiat currencies printed by the US and other global superpowers following the COVID-19 pandemic. Additionally, Powell believes that the younger generations are keen to adopt the primary cryptocurrency, which could skyrocket its price.

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Source: https://cryptopotato.com/bitcoin-price-to-1-million-in-10-years-very-reasonable-says-kraken-ceo/

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First Major Rug Pull on Binance Smart Chain? Over $30 Million Drained

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  • Binance Smart Chain has become somewhat of a hot topic amid DeFi gem seekers in the past few weeks.
  • The network saw an influx of new projects, reminiscing of the early days of the DeFi craziness last summer.
  • In any case, hours ago, the community was shocked earlier today when news broke out that one of the newer protocols, Meerkat Finance, was drained.
  • Meerkat Finance is a yield farming protocol that runs on Binance Smart Chain, and a few hours ago, the team revealed that it was “hacked” and drained by 73,000 BNB and 13 million BUSD. The total number amounts to roughly over $30 million at the time of this writing.
  • It appears that the alleged hacker stole the money by changing the protocol’s smart contract using the original deployer’s account. In other words – the private key of the deployer contract must have been compromised.
  • The Twitter account of the project, as well as the website, have also been taken down, causing some to believe that the team rug pulled the entire thing.
  • Meanwhile, the official account of Binance prompted the community to provide any additional information they may have on the case.
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Source: https://cryptopotato.com/first-major-rug-pull-on-binance-smart-chain-over-30-million-drained/

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Parity To Educate Berkeley Students on Developing Blockchain Projects on Polkadot

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The popular DLT protocol Parity Technologies has partnered with Berkeley’s Blockchain Xcelerator program to provide educational panels for students in the university’s blockchain curriculum.

As part of the collaboration, Polkadot’s co-founder Gavin Woods will be a guest lecturer in the A. Richard Newton Distinguished Innovator Lecture Series.

Parity to Educate Berkeley Students About Blockchain

Parity Technologies, a core DLT infrastructure company, announced its latest partnership in a press release shared with CryptoPotato.

According to the document, Parity will employ its substrate blockchain-building framework to educate and work together with the university to raise “the overall awareness of next-generation blockchain technologies in order to promote adoption among students and the community at UC Berkeley.”

For the ongoing 2020-2021 academic year, Parity’s developer education team will collaborate with the faculty, students, and the community studying blockchain technologies in their respective coursework. This includes involvement in curriculum preparation, project ideas, and resources to “enrich the educational experience.”

Furthermore, Parity and the university’s DLT-oriented program called the Berkeley Blockchain Xcelerator will advise students and entrepreneurs on how to develop and eventually launch blockchain startups on Polkadot and Web 3.0 ecosystem.

Jocelyn Weber, an executive at the Berkeley Blockchain Xcelerator, said that the “work with parity and other Polkadot ecosystem startups had demonstrated the potential of this technology in educating our community.”

“We strive to expose our students to the tools and skills they will need to enter this space and immediately start making significant contributions – which is why improving their knowledge with tools such as Substrate and networks like Polkadot will be an important part of our curriculum development.” – Weber added.

Gavin Woods to Give a Lecture

The statement also outlined that Dr. Gavin Woods, the co-founder of Ethereum, Polkadot, and Parity, will give a lecture in the A. Richard Newton Distinguished Innovator Lecture series this month.

Wood commented that blockchain innovation is expanding at a rapid pace and has advanced “beyond legacy networks into next-generation, production-grade blockchains like Polkadot.” This makes it “critical” for the newer coders, engineers, and entrepreneurs to be able to take on the growing competition and develop ground-breaking projects.

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Source: https://cryptopotato.com/parity-to-educate-berkeley-students-on-developing-blockchain-projects-on-polkadot/

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