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
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
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 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.
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
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
Russia’s Supreme Court Classifies 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.
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 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.