The cryptocurrency market remains bullish with Bitcoin (BTC) hovering around the 7,000 level. At the time of writing this article Bitcoin was trading at $6,861.46, representing a gain of 1.8% in the last 24 hours. Ether (ETH) has gained 2.5% to trade at $157.68. XRP has gained 2.1% to trade at $0.1884.
Other major altcoins which have gained in the past 24 hours include Tezos (XTZ-1.94, 0.1%), Ethereum Classic (ETC-$5.21, 2.1%), Cosmos (ATOM, $2.29, 3.5%), Dash (DASH-$73.59, 3.0%), ChainLink (LINK-$3.40, 1.7%) IOTA (IOTA-$0.1607, 2.7%), Monero (XMR-$53.23, 1.5%), EOS (EOS-$2.46, 2.1%), Tron (TRX-$0.0127, 2.3%), Stellar (XLM-$0.0487, 4.1%), Cardano (ADA-$0.0331, 2.0%), Binance Coin (BNB-$15.29, 10.9%), Huobi (HT-$3.74, 1.2%), Litecoin (LTC-$41.36, 2.6%) and OKB (OKB-$4.68, 4.5%). Altcoins which have lost ground in the past 24 hours include LEO (LEO-$1.02, -0.1%) and Bitcoin Cash (BCH-$225.82, -0.4%).
Government level initiatives
China requesting feedback on normalizing information safety in blockchain
In China, the Ministry of Industry and Information Technology has requested feedback on proposed rules for normalizing information safety in blockchain and other budding technologies. In a document released April 10th, the ministry stressed that data has turned out to be a “national basic strategic resource” and a crucial component in social production.
The arrival of big data and expediting the advancement of China’s telecommunications and internet industry is a blessing for the nation’s digital ecosystem, coders and government must realize the huge significance of managing budding, cumbersome, and harsh safety threats and problems involved.
The ministry has called for progressively increasing the development of normalized info safety assurance platforms, requesting a response on its draft rules for ensuring a rational and orderly flow of network data in the digital ecosystem.
The document lays great stress on the significance of creating safety norms in state-of-the-art technologies such as blockchain, cloud computing, 5G, and AI (artificial intelligence).
For blockchain, the ministry has recognized three major measures for safety improvement: platform design (including consensus protocol and smart contracts), application services, and fundamental elements such as cryptography and network communication.
Standardization of the blockchain industry would be based on info privacy, virtual asset storage safety, and safeguarding data exchange between networks. In this regard, the ministry has listed five elements on its blockchain sector standardization rules, including a study on smart contracts and blockchain safety in financial dealings, safety in the framework of Internet of Things (IoT) data exchange powered by blockchain, and an examination of info exchange technology for IoT utilizing blockchain.
Private sector initiatives
Monero mining now possible on the HTC phone, Exodus through the De Miner app
Mobile phone manufacturer giant, HTC, will allow users to mine Monero (XMR) cryptocurrency through its blockchain phone, Exodus, according to an announcement made on April 10th.
Electronics giant HTC stated that its crypto-supporting Exodus smartphone would facilitate users to mine Monero (XMR). The company noted that it was able to provide the facility because of its collaboration with Midas Labs, the ASIC chip designing company. Furthermore, the Taiwanese company stated that a custom-built mining application named De Miner would be made available for download in the second quarter of this year. The app will be designed such that it would automatically deactivate mining in case the smartphone is in use or when the charger is unplugged.
Phil Chen, HTC’s officer for decentralization, highlighted the importance of mobile-based mining: “Mining on mobile is an important research topic in understanding the development of secure crypto networks. The number of mobile phones in 2020 is approaching 3.5 Billion, which would further decentralize and distribute the hash rate and mining power of such crypto networks.”
106 petahash Bitcoin mining power sold in New York
In New York, 106 petahash Bitcoin mining power has been sold by a plant to an unnamed buyer, through a hashpower deal settled in Bitcoin. The contract, brokered by BitOoda Digital, was initially introduced in January with the intention of offering institutional investors huge blocks of Bitcoin hashpower in OTC (over-the-counter) markets.
The CFO of Greenidge Generation asserted that the latest instrument offers “The same kind of time-tested hedging capabilities seen in traditional commodity markets […] bring[ing] the benefits of clean and energy-efficient bitcoin mining from Greenidge to institutional investors throughout the United States.”
The Greenidge power plant utilizes natural gas, delivered by a pipeline, to generate power consumed by its mining center. As much as 100 megawatts of power is generated by the plant at an extremely low cost. Greenidge points out that the scenario paves the way for investors to make money from both crypto mining and energy markets.
The latest regulated agreement facilitates investors to acquire Bitcoin at a price cheaper than the market spot price, with the asset being produced using power from Greenidge. The power plant benefits from the advance payment received from the agreement.
Miscellaneous
3iQ unveils fund linked to Bitcoin on the Toronto Stock Exchange
3iQ, a Canadian asset manager, has turned out to be the first company to unveil a fund linked to Bitcoin (BTC) on the Toronto Stock Exchange (TSX), after roughly three years of legal struggle.
‘The Bitcoin Fund” comprises of nearly 1.50 million Class A ‘QBTC.U’ shares, which were listed on TSX. The shares, representing the fund, are currently trading at roughly $11 each.
Tyler Winklevoss, entrepreneur, and cryptocurrency investor, tweeted that the rollout of the Bitcoin Fund on TSX was a milestone as it is “the first public Bitcoin fund listed on a major stock exchange.” The Winklevoss twins’ crypto exchange Gemini performs the function of a custodian for The Bitcoin Fund.
The TSX, being the largest stock exchange in Canada, processes trades worth over $97 billion per month. The fund uses price indexes from cryptocurrency data provider CryptoCompare and VanEck Europe’s subsidiary MV Index Solutions.
3iQ, established in 2012, is also performing the role of the portfolio manager and fund’s investment manager. The fund’s shares are an investment vehicle to gain exposure to Bitcoin without a need to worry about the security of assets or custodians. Even Class F shares, targeting institutional investors, are offered by the fund.
After negotiating for three years with the Ontario Securities Commission (OSC), 3iQ received approval for the fund.
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