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Bad Crypto news of the week

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It’s been a week. Whether the politics made it good or bad week depends on your view but if you’re holding Bitcoin, it was certainly good. The price is up more than 8.5 percent over the last seven days. It’s now well over $14,000 and has spent 100 days above $10,000. That has some experts predicting a new jump. Others are looking back to 2016 for positive signs. Then too a period of pre-election stability was followed by a rally. The next level of resistance could be at $17,000. Will Bitcoin get there? Much depends on how far it falls first. 

Whales certainly appear optimistic. Election day saw 58,861 BTC moving out of Binance. That’s about $816 million. That might be the result of a deal but it could also be whales preparing for a price rally. About a billion dollars also moved out of a Silk Road wallet for the first time since 2015. That might be the result of a hack.

But Paypal is optimistic about the future of Bitcoin. The company is increasing weekly buying limits from $10,000 to $15,000. And the coin has a new friend in the US Senate. Republican Cynthia Lummis won her race to represent Wyoming. Lummis first bought Bitcoin in 2013, and sees the digital currency as a reliable store of value.

It’s not just Bitcoin that’s doing well, though. The technology that underpins it is also on a roll. The Associated Press used a blockchain to publish election results while ensuring that those numbers couldn’t be hacked. Andrew Bragg, a member of the Australian Senate, has been pushing the blockchain as a way of easing financial compliance. Gibraltar has joined the Global Blockchain Business Council as an observing member. The British Overseas Territory joins more than 50 countries on the council, and plans to promote blockchain use across the island. In Bangladesh, the local arm of HSBC has made the country’s first international blockchain trade finance transaction. The digital letter of credit took less than a day to process. Without the blockchain, it would have taken five to 10 days.

Bitcoin and the blockchain might be on the rise but the DeFi markets are starting cool. Ethereum fees are down. But Electroneum is up and partying. The crypto payments network is celebrating its third anniversary. It’s looking forward to expanding use of its ETN coin and growing its AnyTask gig platform.

Finally, if you fancy driving out of the year in a new Tesla Model 3, CoinZoom is giving one away. Just use a CoinZoom VISA card or trade some backs on the platform’s exchange and you’re in with a shot. That would make for a good week.

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The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



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Australian government embraces blockchain with new trial and public servants’ network

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The Australian government is trialing the use of blockchain technology for inter-government document exchanges with Singapore as the latest action in a series of pro-blockchain efforts. It follows hot on the heels of the establishment of a new network promoting blockchain to public servants. 

On Nov. 23 the Australia Border Force launched a blockchain trade trial in collaboration with Singapore Customs and Singapore Infocomm Media Development Authority to test digital verification systems. ABF Commissioner Michael Outram explained that the trial will help digitize trade and compliance records, adding:

“This initiative will incorporate paperless trading and secure, digital exchange of trade information as part of the future architecture and design of an Australian Trade Single Window.”

The Australian Chamber of Commerce and Industry, Australian Industry Group, and financial institutes across Australia and Singapore, including ANZ, will take part in the trial.

The Border Force will convey its findings from this project to the Supply Chain Working Group. The pilot program is part of the National Blockchain Roadmap led by Chloe White from the Department of Industry, Science, Energy, and Resources.

On Nov. 5, DISER also launched the Australian Public Servant blockchain network in line with the Blockchain Roadmap.

White explained last week that the network is a way to “uncover who are the public servants that are interested in blockchain.” The community for blockchain enthusiasts will be open to any public servants that are interested in the technology.

“It’s a first step in delivering on Signpost seven of the National Blockchain Roadmap: raising awareness across the APS”

This year’s federal budget announced in October, $5 million was earmarked for two “distributed ledger technology initiatives”, with a further $480 allocated to projects that could benefit from blockchain integration.

In response to Australia’s first recession in 30 years the government’s Senate Select Committee released a report in September that predicted significant adoption of blockchain technology within Australia’s financial and regulatory sectors. The report extensively reference blockchain with more than 50 citations of the word.