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Crypto Daily RoundUp - Feb. 7

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Bitcoin price is making a slow recovery after hitting new lows, falling below $6000 on Tuesday. After the U.S. Senate Banking committee heard testimony from the chairmen of Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC), that set a positive tone, the bitcoin price recovered to trade at about $8200.

Here is a wrap up of the main cryptocurrency news over the last 24 hours.

Venezuela President Proposes Oil-backed Cryptocurrency for OPEC

Maduro is floating the idea of oil-backed cryptocurrency for OPEC after introducing the same in Venezuela's economy. The anti-American leader claims petro will help ease the country's economic crisis, and circumvent U.S.-led sanctions. An official petro white paper that Maduro unveiled last week says that the government will issue 100 million oil-backed Petro units, out of which 38.4 million will be available for sale from February 20.

Royal Family of Liechtenstein Interested in Blockchain

Crown Prince Alois of Liechtenstein, the German-speaking microstate in Central Europe, said the royal family is not averse to investing in cryptocurrencies. Speaking to CNBC, he said blockchain will change a lot of things and it could help in better administration. Economically, Liechtenstein has one of the highest GDP per person in the world.

Warren Buffett's BNSF Railway Joins Blockchain in Transport Alliance

BNSF Railway, owned by Warren Buffet's Berkshire Hathaway, has joined the Blockchain in Transport Alliance (BiTA), a forum of 200 freight transportation companies aiming to develop blockchain standards and education for the freight industry. They will work together to set standards for what data goes into the freight transportation blockchain, structure and format of data, and cases where blockchain would be used.

BIS chief Carstens sees gloomy future for Bitcoin

Augustin Carstens, General Manager of the BIS said the digital currency has become a combination of a bubble, Ponzi scheme, and an environmental disaster. He said the authorities had a duty to protect consumers and ensure that cryptocurrencies could not be used to evade tax, launder money or finance criminal activities.

Lino's Blockchain-based Decentralized Video Community

Cupertino, California-based tech startup Lino has raised $20 million in funding to create a video distribution network with blockchain technology. it aims to create a decentralized means of distribution, which will ensures all content value is directly distributed to content creators without going through a privately owned entity as a middleman.

Nouriel Roubini says Bitcoin Price will plummet to zero

"As expected Bitcoin now crashes below $6000. Now the $5K handle is reached.... HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run...," he said. He also claimed that some traders will use a market manipulation tactic known as wash trading to prop up the bitcoin price, and asked if the authorities will look into this practice.

Current Prices

As of this writing, Bitcoin is trading at $8,200 and Ethereum at $817 on Coinbase.

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