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Market Cap of Cryptocurrencies Reaches USD 707 Billion — an All-Time High
On January 3, 2018 at approximately 8:45 a.m. GMT, the market capitalization of all cryptocurrencies reached USD 707 billion, a new all-time high. According to Business Insider, Bitcoin’s proportion of that capitalization is at an all-time low. Market capitalization increased significantly following reports of Peter Thiel’s USD 20 million investment in cryptocurrencies.
Renren, A.K.A. “The Facebook of China,” Announces An Upcoming ICO
On January 3, 2018, Renren, a Chinese social media platform often referred to as “The Facebook of China,” announced its plan to launch an ICO project called RR Coin. According to Bitcoin News, Renren is going to develop a blockchain-based open source platform that records user interactions and trading behavior. According to CNBC, Renren’s shares increased 47% since the announcement.
Egyptian Grand Mufti Bans Bitcoin, Likens Ownership of It to Gambling
The Egyptian Grand Mufti, Shawki Allam, has issued an official fatwa that bans Bitcoin. According to RT, Allam equated investing in Bitcoin to gambling, which is forbidden in Islam. The Egyptian government views all cryptocurrencies as an infringement on “the state’s authority in preserving currency exchange.”
Malaysian Finance Minister II: No Upcoming Bans on Cryptocurrency
Malaysia will not impose a ban on cryptocurrency trading. According to the Malaysian Reserve, Malaysia’s Finance Minister II, Datuk Seri Johari Abdul Ghani, expressed concern that such a ban would stifle innovation, particularly financial technology sector. An increasing number of Malaysians have purchases cryptocurrencies due to its freedom from regulations in the country.
Bank Hapoalim and Israel Aerospace Industries Collaborate For Blockchain Solutions for Cybersecurity
On January 3, 2018, Israel’s largest bank, Bank Hapoalim Ltd., and Israel’s largest aerospace defense company, Israel Aerospace Industries (IAI), announced a collaboration in which they will explore blockchain solutions to cybersecurity and information security problems. According to the Times of Israel, this is the second blockchain-related collaboration announced by Bank Hapoalim, which announced a partnership with Microsoft in September 2017.
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