India's Crypto Economy
India's Crypto Economy is a brand-new weekly newsletter (delivered every Thursday) from Inc42 to help you decode the rapidly growing crypto economy and its implications on business, work and life. We launched this newsletter on the 4th anniversary of our weekly series “Crypto This Week” which completed 190 editions in May, 2021.
Bitcoin halving is due next month, however, there appears to have a whole lot of other factors which will equally affect the Bitcoin price in the longer-run.
Unlike what German bank BayernLB had earlier predicted that Bitcoin halving would drive the price to $90K, there are reasons to believe that the halving hype will be shortlived.
Meanwhile, on April 8, as another popular cryptocurrency Bitcoin Cash went through the halving there was hardly any noticeable climb. Bitcoin Cash registered a meagre 5.9% climb on then halving day, which is not unusual given its volatility.
Italian Red Cross Receives Crypto In Donation
Since its launch on March 12, the Italian Red Cross’ Bitcoin fundraising campaign has so far received $32,000 as donation for Covid-19 assistance in Italy.
While the first target of €10,000 in Bitcoin was achieved in just three days, the campaign has hit the second target of raising €25,000 in Bitcoin within a month. The transactional charges are worth 0.55%.
Commenting on the campaign, Bruno Pietrosanti, president at Colli Albani Committee, said, “With great pleasure, we reached the first main milestone of our fundraising. We are happy to have turned the received donations into a tangible aid and we are excited to have received so much help from the Bitcoin community.”
Binance Shuts Down $1 Mn Theft Accusation Case
In a recent statement, Binance has disclosed that having complied to all necessary due diligence steps as required by Korean law enforcement agency in the B.K. case, the exchange has decided to shut down the theft case until a further query from the authorities is raised.
On November 8, 2019, a Binance user named B.K. had stolen 3,995 ETH in funds from a South Korean citizen by impersonating a Binance official. The Korean agency had later requested Binance to reverse the fund, which the exchange did.
According to Cointelegraph report, B.K. however claimed that only 2,844.88 ETH was related to the allegations and that Binance had misappropriated $251,194 not associated with the case. On the other hand, the exchange claimed that B.K. added his own account figures to other accounts involved in the case.
HTC Exodus 1S To Mine Monero Cryptocurrency
Taiwan-based smartphone maker HTC has announced plans to launch an app called DeMiner for HTC Exodus 1S which will allow its Exodus 1S owners to mine Monero using the phone’s power.
The app is being developed in partnership with Midas Labs and will be launched in the second quarter.
Commenting on the same, Phil Chen, the decentralized chief officer at HTC said, “The crypto world is under threat from the domination of the hash rate by giant mining pools. The most effective way to eliminate this problem is to make mining accessible for the masses, and that is through mobile. This app makes smartphone mining cost-efficient, which gives incentives to individual miners and helps to decentralise the network. This is the first step and being able to mine Monero, a privacy-centric token, which fits very well within the EXODUS vision.”