Crypto Market News

Crypto Happenings To Catch Up This Week ! Feb 02 – 09, 2020

🔔 The past week’s crypto market saw significant breakthroughs. From good news for Litecoin holders to bad news for crypto launderers, a lot has happened last week.

The Hottest News of the Previous Week 🔥 

  • Litecoin holders can now earn up to 10% interest through Cred.
  • President Trump has efficiently planned to fight crypto frauds.
  • Most importantly, BTC has hit $10,000 level, the highest in 2020 since last October.

1. Litecoin Foundation forms a strategic partnership with Cred

The Litecoin Foundation today announced that it is going to partner with Cred. Cred is a crypto lending and borrowing company in San Francisco that has more than $300 million in lending capital. Litecoin has received Cred’s own earning platform. The deal is simple, a 10 percent interest per annum for the funds staked. Dan Schatt, the co-founder, and president of Cred told Decrypt that “Funds can be withdrawn at any point and the interest is calculated monthly.”

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2. US Secret Service to Investigate Crypto Crimes

US President Trump has proposed a budget of $4.8 trillion for the year 2021. The budget reconsolidates the Secret Service with the Treasury Department. This act is to enhance investigations on cyber and financial crimes. The proposal denotes that the administration intends to invest in economic tools that can advance U.S. foreign policy interests. The central idea is to fight new problems like the use of digital currencies in money laundering and terrorist financing.

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3. Bitcoin Reaches a $10,000 Mark for the First Time in 2020

Data from Cointelegraph Markets and Coinbase exchange showed that the price of Bitcoin increased to $10,000 after a gap of three months. But the value did not last long and the digital asset pulled back to $9,975 quickly. The shift to the iconic $10,000 level was preceded by Bitcoin futures markets that entered the zone on the 6th of February. Mati Greenspan stated: “This is not the first time Bitcoin has reached the $10,000 level and it will not be the last, but it is the first incident that the valuation is justifiable based on the network fundamentals.”

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