Bitcoin Hash Rate Explodes Again and Other Important Crypto News From December 20-26

| December 27, 2019 8:59 am PDT

It’s time for a crypto news recap of the last full week of 2019. It has been a generally good year for Bitcoin and the other coins, as they rose by close to 100%. However, the second part of the year has shown a decline.

The price at the time I’m writing the post is about $7,200. It’s hard to predict where it’ll go next, so as usual, I won’t try to give you advice on what to do.

Instead, I will take a look at important news that could have a long-term impact on cryptocurrencies like Bitcoin and Ethereum.

Bitcoin Hash Rate Surprisingly Explodes

I already touched on this topic a couple of weeks ago, but there was more of the same in this one. Despite the concerns of the crypto community and the alleged decline in the number of Bitcoin miners, the hash rate reached an all-time high.

This is good news as the computing power behind the BTC blockchain seems secured for now. That would keep the transactions fast for the foreseeable future.

The miners are obviously still here and don’t have the intention to leave, and they are an important part of the Bitcoin environment.

An Ethereum Upgrade Is Coming at the Start of 2020

The Ethereum Foundation has announced that the Muir Glacier update will take place on the first day of 2020. The organization has notified miners and developers of the upcoming change so that they can update their nodes and react accordingly.

The main goal of the upcoming update will be to delay the difficulty bomb for more than 600 days. That would be crucial for the short-term future of Ethereum.

The increase of the difficulty would have dropped the usability of the cryptocurrency and most likely would have impacted the price as well. With the new update, ETH should be more stable for 2020 and most of 2021.

Uzbekistan Bans Its Citizens From Buying Crypto

The next piece is not exactly great for crypto. We all know that some countries are not fond of virtual assets like Bitcoin and Ethereum.

Uzbekistan didn’t appear to be among them, but the country has now banned its citizens from buying cryptocurrencies. People can’t even use the services of established and regulated exchanges.

While Uzbekistan is not among the big players in the industry, it’s still bad news. The more countries are taking legal actions against crypto, the fewer opportunities there will be for crypto companies. It harms the sector as a whole, so let’s hope for a positive change in the near future.

YouTube Censors Crypto Content

Another negative event from the past week is related to YouTube. The social media platform banned a number of crypto channels, and the expectations are that the purge will continue.

The main concern of the giant is that some of them are encouraging the viewers to invest in cryptocurrencies and projects in the field. As a result, some of them lose a ton of money or become the victim of a fraud.

While I understand the problem, I’m not sure that censorship will resolve it. At least, not the mass banning of crypto channels. I certainly hope that YouTube is careful and doesn’t harm legit content providers who have worked for years to develop their business.

On top of that, the video platform remains one of the best ways for anyone to receive education on the topic of cryptocurrencies. Removing that opportunity might actually lead to more harm in the long run, as the people who are interested will find a way to access the information, and the risks might be bigger outside of YouTube.

India Launches the Blockchain-Based Platform Varja

Next in line is an optimistic announcement from India. The status of crypto in the country is unclear, but there are some positive steps. The National Payment Corporation of India, or simply NPCI, will be using a new blockchain-based platform called Varja.

It’s designed for automated payments with a high level of security. It’s another big win for the technology that is becoming more and more popular across the globe.

I strongly believe that we will see more similar news in the near future. Blockchain is simply excellent when it comes to payment processing, and it’s only a matter of time before it gets adopted by other countries and corporations.

Russia’s Supreme Court Classifies Bitcoin as Money

Another country that is not exactly in love with Bitcoin and other cryptocurrencies in general is Russia. The state has no regulations right now, but the Supreme Court recently declared Bitcoin as money.

That’s a good indication of what a future law could be based on, but we don’t know what will happen for sure yet. I think it’s only a matter of time before Russia does something about crypto, as there are millions of users there.

Final Words

Let’s hope that the upcoming 2020 will be great for cryptocurrencies and that they will take more steps in the right direction. I will continue with my weekly recaps of the latest news in the new year, too, so keep checking out the crypto section of our blog for more interesting highlights.

Jerry Summer

Jerry Summer has a wide-ranging interest in gambling and the gambling industry. He's made a living out of both playing poker and betting on sports.

The English Premier League and the NBA are among Jerry's primary areas of expertise. He's knowledgeable about many other sports, too, along with poker and several casino games.

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