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Daily Dose: Digital Gold, Literally

This weekend saw bitcoin's price go down to $8,200 and bounce right back up to where we are now at around $8,600. BTC seems to have settled in this range for now, with possible immediate target ranges of 8,700-9,200 or 8,200-7,700. Bulls and bears are sizing each other up and waiting for the next set of news or catalysts for the next major market move. Until then, the market is content to move sideways.

Global market cap is at $239B, while BTC's market cap is at $157B.

Cryptocurrency exchange Binance pledged to donate 10 million Chinese yuan (~$1.44 million) to help victims of the coronavirus in Wuhan, China.

CEO Changpeng Zhao tweeted out: "For #Wuhan, not realistic to do crypto to end beneficiaries. Binance pledged 10m RMB ($1.5m USD) to help #coronavirus victims. We didn't make any announcements. But [Binance Charity Foundation] BCF/Binance team has been busy for the last few days. Still need help to arrange logistics locally." 

Tether has now launched a gold-backed stablecoin, Tether Gold (XAUT), with one token representing ownership of one troy fine ounce of physical gold, approximately $1,550. XAUT is available as an ERC-20 token on the Ethereum blockchain, as well as a TRC20 token on Tron. The tokens are supposedly backed by physical gold held in a "Switzerland vault," which with its outstanding supply of 4,000 tokens means that the total market capitalization would be equivalent to $6.2 million.

A quarter of the total ERC-20 supply has been moved to Bitfinex.

Lawmakers in Japan are reportedly working on a proposal to issue a national central bank digital currency (CBDC), looked at as a response to fears of a Chinese digital yuan. The proposal on the digital yen is worked on by a parliamentary group comprised of 70 Liberal Democratic Party lawmakers, with the plan to submit the proposal some time in February.

This Daily Dose is brought to you by our partner SCI News Channel.

 

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