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Cryptocurrency News of The Week – Week 37

Bitcoin held a position of approximately $ 6400 last week after a significant decline from $ 7400 at the end of week 36. At the time of writing, Bitcoin is $ 6515. The crypto market’s sentiment has been weak since Wednesday, September 6, after the market lost about $ 40 million of its value in under 24 hours. Most cryptocurrencies have generally followed Bitcoin’s red numbers, and few exceptions have had significant positive price fluctuations.

There has also been a lot of excitement in the crypto market. The Winklevoss brothers have won a patent for a crypto key storage system, Venezuela’s cryptocurrency has begun to take off in user numbers and Bitcoin’s transaction value has surpassed significant players like PayPal and Discover.

Did you read: Crypto Weekly – Week 36?

Here are some of the top news of the week, along with suitable reading material.

Winklevoss Brothers win patent for “Crypto Key Storage System”

The Winklevoss brothers Cameron and Tyler Winklevoss, founders of the cryptocurrency exchange Gemini, have won a patent describing how it can use air-gapped computers to protect crypto keys from theft. As part of a security measure, the computers will be isolated, except when it is necessary to transfer assets, primarily as storage devices. Read more about it here!

Meet David Schwartz, Ripple’s new CTO, who drives innovation in the future

Schwartz joined Ripple as co-founder, but with time he has entered into a role in technology, science, research and development (CTO), which will lead him to pursue new ways of developing a disruptive technology that can surpass SWIFT, the ultimate intermediary of the banks. Read more about this here!

Venezuela breaks Bitcoin’s trade record with its new Petro token

After a weak start, Venezuela’s national cryptocurrency increases greatly. Last week, the cryptocurrency broke over 500 million weekly transactions, despite the fact that the currency was criticized for the lack of transparency and excessive government control. Learn more about this here!

After Goldman withdraws BTC trading plans, the crypto market crashes

Goldman Sachs has announced that they would scale back their plans to open a dedicated trading platform for crypto. The reaction in the crypto market led to one of the steepest declines over a day of several months. Read more about it here!

Bitcoins transaction value has bumped over $ 1.3 trillion, thus exceeding PayPal and Discover

Despite concerns about scalability, Bitcoin has grown to be one of the largest transaction value platforms in the world, and it is now behind industry heavyweights such as Visa and UnionPay. Read more about this here!

This is why centralized “Proof of Stake” is one of Vitalik Buterins’ 7 Deadly Crypto Sins”

As Ethereum continues to scale the platform, the creator of Ethereum, Vitalik Buterin, wants to stay away from a centralized “Proof of Stake” model, as it has significant vulnerabilities that can be exploited by hackers. Read more about it here!